Multi-Level Bar and
For Sale
$1,200,000
244 N Water St, Kent, OH 44240
Multi-level bar with two separate bars, a non-operating kitchen, and a liquor license included with the sale.
Property Size7,840 SF
Price / SF$153.06
Days on Market109
Property Features for 244 N Water St
General Information
Standard status
Active
Size
7,840 SF
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$8,760
Listing Agency:
The Agency Cleveland Northcoast
(216) 415-7080
Listed By:
Mary A Markulis · License #2003017990
(330) 618-2118
Source:
Exprealty
Added: May 20
Changed: Aug 20
Last Checked: Sep 4 at 8:28AM
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 The Agency Cleveland Northcoast
Investment Insights
Based on property information with market context.
This multi-level bar and restaurant property is currently known as Brewhouse and Brew down. The main bar operates on the main level, while a totally separate bar operates on the lower level under the BrewDown name. The interior is being sold with liquor license and all interior contents, with a few memorabilia items potentially held back by the owner. The space currently does not operate with a kitchen, though there is room in the building for a new owner’s layout and concept changes.
The property includes an upstairs area with its own entrance, and the third level was previously semi-finished. Current operating space is approximately 7,840 square feet, with additional third-level space of approximately 3,000+ square feet that may provide roughly 11,000 square feet of entertainment space in total. The business has historically included a Paninis restaurant, and the operator is transitioning after decades of ownership.
The building is described as very large, with opportunities for event rentals or office use depending on the next tenant or owner’s plan.
The property includes an upstairs area with its own entrance, and the third level was previously semi-finished. Current operating space is approximately 7,840 square feet, with additional third-level space of approximately 3,000+ square feet that may provide roughly 11,000 square feet of entertainment space in total. The business has historically included a Paninis restaurant, and the operator is transitioning after decades of ownership.
The building is described as very large, with opportunities for event rentals or office use depending on the next tenant or owner’s plan.
Key Highlights
- Multi‑level bar space in downtown Kent University college town with two separate bars: Brewhouse (main level) and BrewDown (lower level)
- Liquor license included with the sale, plus all interior contents (excluding a few memorabilia items that may be held back)
- Current operating area is approx. 7,840 SF, with an additional third level that was semi‑finished (approx. 3,000+ SF)
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
$102,347
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
8.53%
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%
$2,046,940
$2.0M
Cap Rate 7%
$1,462,100
$1.5M
Cap Rate 9%
$1,137,189
$1.1M
Market Conditions
NOI Build-Up for 7,840 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
$141.1K $18.00/SF
− Vacancy
−$4.7K −$0.59/SF
EGI
$136.5K $17.41/SF
− OpEx
−$34.1K −$4.35/SF
NOI
$102.3K $13.05/SF
Area
Portage County, OH
Vacancy
3.30%
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%
$2,046,940
Cap Rate 7%
$1,462,100
Cap Rate 9%
$1,137,189
Alternative Uses
Best Use
Specialty Retail
$1.46M
$1.28M – $1.71M
NOI $102,347 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,542 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
998
Businesses Nearby
107k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 47%
Sheetz
Shops & Services
38,022 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
16,494 visits/mo
0.4 miles
Dunkin' Donuts
Dining
15,037 visits/mo
0.4 miles
Wendy's
Dining
13,214 visits/mo
0.4 miles
Five Guys
Dining
6,729 visits/mo
0.5 miles
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Starbucks — 475 Terrace Dr, Kent, OH 44240
- The Pub in Kent — 401 Franklin Ave, Kent, OH 44240
- Kent Canadian Club — 112 W College Ave, Kent, OH 44240
- Kent Paninis — 295 S Water St, Kent, OH 44240
- The Kent Stage — 175 E Main St, Kent, OH 44240
Frequently Asked Questions
What type of property is this?
Bar & Pub - Multi-level bar with two separate bars, a non-operating kitchen, and a liquor license included with the sale.
Where is this bar & pub located?
The property is located at 244 N Water St Kent, OH.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Multi‑level bar space in downtown Kent University college town with two separate bars: Brewhouse (main level) and BrewDown (lower level); Liquor license included with the sale, plus all interior contents (excluding a few memorabilia items that may be held back); Current operating area is approx. 7,840 SF, with an additional third level that was semi‑finished (approx. 3,000+ SF)
