Drive-Through Restaurant with Ice Cream
For Sale
$198,000
15753 Puritas Avenue, Cleveland, OH 44135
COMMERCIAL - Cleveland, OH
Property Size770 SF
Lot Size0.24 Acres
Price / SF$257.14
Days on Market349
Property Features for 15753 Puritas Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
20
Parking features
Parking Lot, Off Street
Subdivision
Lynhurst Allotment
Elementary school district
Cleveland Municipal - 1809
Middle school district
Cleveland Municipal - 1809
High school district
Cleveland Municipal - 1809
Directions
West of W150 st and Puritas on left.
Standard status
Active
APN
028-28-009
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
2 EST .12A 0003 NP
Tax Annual Amount
3349
Legal Description
2 EST .12A 0003 NP
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1951
Roof type
Flat, Rubber
Listing Agency:
Ohio Property Group, LLC
(419) 790-3106
Listed By:
Glen G Whitten · License #2002023149
(419) 790-3106
Added: Sep 4, 2025
Changed: Aug 5
Last Checked: Aug 18 at 8:06AM
MLS# 5154010
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Drive-through restaurant built for efficient service, currently operating as a seasonal ice cream store with on-site drive-thru convenience. The property includes a renovated building of about 770 SF on a 0.24-acre lot, with a food-grade interior including a food-grade drop ceiling, wall tiles for easy cleaning, and tile flooring. The employees’ restroom has been renovated, and the operating setup includes included ice cream and commercial kitchen equipment.
Work and updates include full renovation in 2013 through health department codes, HVAC new in 2013, and a new water heater in 2015. The roof was re-coated with two layers of white rubber membrane completed in 10/2021. Parking is available via an on-site parking lot with off-street spaces for 12 vehicles.
Operations have been May through mid-September and typically 5pm to 9pm based on current owner scheduling. The listing notes a current food license that can be transferred, and an existing kitchen capable of supporting expanded offerings with adjusted hours.
Work and updates include full renovation in 2013 through health department codes, HVAC new in 2013, and a new water heater in 2015. The roof was re-coated with two layers of white rubber membrane completed in 10/2021. Parking is available via an on-site parking lot with off-street spaces for 12 vehicles.
Operations have been May through mid-September and typically 5pm to 9pm based on current owner scheduling. The listing notes a current food license that can be transferred, and an existing kitchen capable of supporting expanded offerings with adjusted hours.
Key Highlights
- 0.24‑acre lot with a building of about 770 SF
- Drive‑thru ice cream restaurant setup with included ice cream and commercial kitchen equipment
- Full renovation completed in 2013 through health department codes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,667
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$193,340
$193.3K
Cap Rate 7%
$138,100
$138.1K
Cap Rate 9%
$107,411
$107.4K
Market Conditions
NOI Build-Up for 770 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$13.9K $18.00/SF
− Vacancy
−$970 −$1.26/SF
EGI
$12.9K $16.74/SF
− OpEx
−$3.2K −$4.19/SF
NOI
$9.7K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$193,340
Cap Rate 7%
$138,100
Cap Rate 9%
$107,411
Alternative Uses
Best Use
Specialty Retail
$138.1K
$120.8K – $161.1K
NOI $9,667 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$187.9K
$164.4K – $219.2K
NOI $13,153 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 44135, OH
26,684
Population
12,035
Households
2.2
Avg Household Size
39
Median Age
18%
College-Educated
84%
High-School Grad
10.2 sq mi
ZIP Area
2,616
Density / Sq Mi
$48,930
Median Household Income
$36,444
Median Earnings
$935
Median Rent
$119,100
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Seasonal drive-thru ice cream restaurant with a renovated kitchen, included equipment, and off-street parking for 12.
Where is this drive through restaurant located?
The property is located at 15753 Puritas Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: 0.24‑acre lot with a building of about 770 SF; Drive‑thru ice cream restaurant setup with included ice cream and commercial kitchen equipment; Full renovation completed in 2013 through health department codes
