Corner Lot Restaurant with
For Sale
$160,000
1700 E 31st St, Lorain, OH 44055
Retail restaurant with apartment and full basement on corner lot.
Property Size1,464 SF
Price / SF$109.29
Days on Market376
Property Features for 1700 E 31st St
General Information
Standard status
Active
Size
1,464 SF
Taxes and HOA fees
Annual Taxes
$2,658
Listing Agency:
Howard Hanna - Amherst
(440) 320-6700
Listed By:
Doug George · License #OHIO2012002401
(440) 320-6700
Source:
Exprealty
Added: Aug 14, 2025
Changed: Aug 23
Last Checked: Aug 23 at 2:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna - Amherst
Investment Insights
Based on property information with market context.
This property features a retail restaurant operating on a month-to-month basis on the first floor, designed in a Spanish style and equipped for carry-out service. A full basement is located beneath the restaurant. The upper level contains a four-bedroom apartment with one bathroom, and includes new electric baseboard heating and a balcony. Situated on a large corner lot, the property also includes a partially fenced area and a garage. The building is positioned at the corner of East 31st Street and Globe Avenue, with a North/South orientation on Pearl Avenue and West orientation on East 31st Street. The total property size is 2928 square feet. The property is currently used as a restaurant and residential income property.
Key Highlights
- Retail restaurant business included (carry out).
- Four‑bedroom apartment upstairs.
- Corner lot location.
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
$12,522
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
7.83%
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%
$250,440
$250.4K
Cap Rate 7%
$178,886
$178.9K
Cap Rate 9%
$139,133
$139.1K
Market Conditions
NOI Build-Up for 1,464 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
$23.7K $16.20/SF
− Vacancy
−$949 −$0.65/SF
EGI
$22.8K $15.55/SF
− OpEx
−$10.2K −$7.00/SF
NOI
$12.5K $8.55/SF
Area
Lorain County, OH
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$250,440
Cap Rate 7%
$178,886
Cap Rate 9%
$139,133
Alternative Uses
Best Use
Specialty Retail
$225.4K
$197.2K – $263.0K
NOI $15,778 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$178.9K
$156.5K – $208.7K
NOI $12,522 @ 7.0% cap · market cap 7.83%
Theoretical Best
Office A
$368.9K
$322.8K – $430.4K
NOI $25,825 @ 7.0% cap · market cap 16.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44055, OH
19,331
Population
9,258
Households
2.1
Avg Household Size
36
Median Age
10%
College-Educated
82%
High-School Grad
6.3 sq mi
ZIP Area
3,068
Density / Sq Mi
$36,603
Median Household Income
$30,631
Median Earnings
$848
Median Rent
$95,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Retail restaurant with apartment and full basement on corner lot.
Where is this conventional restaurant located?
The property is located at 1700 E 31st St Lorain, OH.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Retail restaurant business included (carry out).; Four‑bedroom apartment upstairs.; Corner lot location.
