Mixed-Use Office and Restaurant
For Sale
$4,900,000
2814 Detroit Avenue, Cleveland, OH 44113
Office and restaurant improvements provide a combined owner-user or leasing configuration with dedicated surface parking.
Property Size13,700 SF
Price / SF$357.66
Days on Market9
Property Features for 2814 Detroit Avenue
General Information
Standard status
Active
Size
13,700 SF
Property subtype
General Commercial
Restaurant
Patio
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$94,629
Listing Agency:
(614) 327-3744
Listed By:
Keller Williams Capital Ptnrs
(614) 327-3744
Source:
Xome
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 12:44PM
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 Keller Williams Capital Ptnrs
Investment Insights
Based on property information with market context.
This mixed-use property combines 13,700 SF of office space with a 4,300 SF restaurant improvement. The office component is described as move-in-ready, while the restaurant includes a complete kitchen, bar, and a 917 SF outdoor patio. The restaurant was renovated as a second-generation space and can support immediate operation or lease-up.
Dedicated surface parking is included with the site. The property is located at 2814 Detroit Avenue in Cleveland’s Hingetown area, within the Ohio City context. Its combination of office, restaurant, outdoor patio, and on-site parking creates a flexible configuration for an owner-user or separate occupancy arrangements.
Dedicated surface parking is included with the site. The property is located at 2814 Detroit Avenue in Cleveland’s Hingetown area, within the Ohio City context. Its combination of office, restaurant, outdoor patio, and on-site parking creates a flexible configuration for an owner-user or separate occupancy arrangements.
Key Highlights
- 13,700 SF of move‑in‑ready office space
- 4,300 SF renovated second‑generation restaurant
- Complete restaurant kitchen and bar included
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
$186,430
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
3.80%
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%
$3,728,600
$3.7M
Cap Rate 7%
$2,663,286
$2.7M
Cap Rate 9%
$2,071,444
$2.1M
Market Conditions
NOI Build-Up for 13,700 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
$310.7K $22.68/SF
− Vacancy
−$62.1K −$4.54/SF
EGI
$248.6K $18.14/SF
− OpEx
−$62.1K −$4.54/SF
NOI
$186.4K $13.61/SF
Area
Cleveland, OH
Vacancy
20.00%
Lease Rate
$22.68 /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%
$3,728,600
Cap Rate 7%
$2,663,286
Cap Rate 9%
$2,071,444
Alternative Uses
Best Use
Office B
$2.66M
$2.33M – $3.11M
NOI $186,430 @ 7.0% cap · market cap 3.80%
Second Best
Specialty Retail
$2.46M
$2.15M – $2.87M
NOI $172,004 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$3.34M
$2.93M – $3.90M
NOI $234,027 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 44113, OH
20,291
Population
12,554
Households
1.6
Avg Household Size
33
Median Age
54%
College-Educated
89%
High-School Grad
3.8 sq mi
ZIP Area
5,340
Density / Sq Mi
$70,140
Median Household Income
$61,204
Median Earnings
$1,374
Median Rent
$295,400
Median Home Value
Market
Vacancy Rate% for Office in Cleveland, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and restaurant improvements provide a combined owner-user or leasing configuration with dedicated surface parking.
Where is this mixed-use property located?
The property is located at 2814 Detroit Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 13,700 SF of move‑in‑ready office space; 4,300 SF renovated second‑generation restaurant; Complete restaurant kitchen and bar included
