Second-Generation Restaurant
For Sale
$1,550,000
2175 Cornell Road, Cleveland, OH 44106
Restaurant property with dining, bar, private-event space, and an equipped kitchen with a large hood system.
Property Size5,051 SF
Days on Market37
Property Features for 2175 Cornell Road
General Information
Standard status
Active
Size
5,051 SF
Property subtype
Retail
Restaurant
Commercial Hood
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Building Details
Building Size
5,051 SF
Year Built
2026
Listing Agency:
Cresco Real Estate | Cleveland
Listed By:
Rico Pietro
(216) 525-1473
Source:
Cushmanwakefield
Added: Jul 30
Changed: Sep 4
Last Checked: Sep 2 at 1:27PM
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 Cresco Real Estate | Cleveland
Investment Insights
Based on property information with market context.
This 5,051-square-foot second-generation restaurant space includes a main dining area, a king-size bar area, and a second-floor intimate space for private parties and events. Existing furniture remains with the property, and a liquor license is included.
The spacious kitchen is equipped with standard equipment described as being in above-par condition, with a large hood system in place. A property condition report is available upon request and describes the building’s condition.
The spacious kitchen is equipped with standard equipment described as being in above-par condition, with a large hood system in place. A property condition report is available upon request and describes the building’s condition.
Key Highlights
- 5,051‑square‑foot second‑generation restaurant space
- Main dining area with king‑size bar area
- Second‑floor intimate space for private parties and events
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
$63,415
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
4.09%
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%
$1,268,300
$1.3M
Cap Rate 7%
$905,929
$905.9K
Cap Rate 9%
$704,611
$704.6K
Market Conditions
NOI Build-Up for 5,051 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
$90.9K $18.00/SF
− Vacancy
−$6.4K −$1.26/SF
EGI
$84.6K $16.74/SF
− OpEx
−$21.1K −$4.19/SF
NOI
$63.4K $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%
$1,268,300
Cap Rate 7%
$905,929
Cap Rate 9%
$704,611
Alternative Uses
Best Use
Specialty Retail
$905.9K
$792.7K – $1.06M
NOI $63,415 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,282 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,910
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44106, OH
26,608
Population
13,287
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
6,188
Density / Sq Mi
$42,869
Median Household Income
$27,056
Median Earnings
$1,024
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Retail in Cleveland, OH
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with dining, bar, private-event space, and an equipped kitchen with a large hood system.
Where is this conventional restaurant located?
The property is located at 2175 Cornell Road Cleveland, OH.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 5,051‑square‑foot second‑generation restaurant space; Main dining area with king‑size bar area; Second‑floor intimate space for private parties and events
