Former Brewery with Bar/Event
For Sale
$685,000
3135 Sackett Avenue, Cleveland, OH 44109
10,662 SF property near Ohio City, Tremont, and downtown.
Property Size10,662 SF
Lot Size0.60 Acres
Price / SF$64.25
Days on Market141
Property Features for 3135 Sackett Avenue
General Information
Standard status
Active
Size
10,662 SF
Lot size
0.60 Acres
Property subtype
Industrial
Properties For Sale
at 3135 Sackett Avenue Contact us- Size
- 10,662 SF
- Type
- Retail
- Availability
- Available
Unique Event Space / Warehouse
Listing Agency:
CBRE | Cleveland
Listed By:
Joseph Khouri · License #2008000837
(216) 658-6120
Source:
Cbre
Added: Apr 15
Changed: Aug 25
Last Checked: Sep 1 at 4:18PM
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 CBRE | Cleveland
Investment Insights
Based on property information with market context.
This 10,662 square foot property, formerly a brewery, features a bar and event center. Situated on a 0.60-acre parcel (269’ x 97’), the property, identified by parcel number 015-10-189, is partially built-out as a high-end design bar and tasting room, complemented by warehouse and production space. A large outdoor area provides space for a patio. The parking lot accommodates approximately 16 spaces. The property is located minutes from Ohio City, Tremont, and downtown Cleveland, and is within walking distance of Metro Hospital's billion-dollar redevelopment. Located in an Opportunity Zone, the site benefits from a dense population of 137,775 people within a 3-mile radius. The existing building and site offer endless possibilities for redevelopment.
Key Highlights
- High‑end design bar/tasting room with warehouse/production space and large outdoor patio.
- Located minutes from Ohio City, Tremont, and downtown Cleveland.
- Walking distance to Metro Hospital billion dollar redevelopment.
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
$43,803
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
6.39%
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%
$876,060
$876.1K
Cap Rate 7%
$625,757
$625.8K
Cap Rate 9%
$486,700
$486.7K
Market Conditions
NOI Build-Up for 10,662 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
$65.3K $6.12/SF
− Vacancy
−$2.7K −$0.25/SF
EGI
$62.6K $5.87/SF
− OpEx
−$18.8K −$1.76/SF
NOI
$43.8K $4.11/SF
Area
Cleveland, OH
Vacancy
4.10%
Lease Rate
$6.12 /SF/Yr
Expense Ratio
30.00%
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%
$876,060
Cap Rate 7%
$625,757
Cap Rate 9%
$486,700
Alternative Uses
Best Use
Industrial
$625.8K
$547.5K – $730.1K
NOI $43,803 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,131 @ 7.0% cap · market cap 26.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 44109, OH
39,121
Population
19,588
Households
2
Avg Household Size
36
Median Age
17%
College-Educated
81%
High-School Grad
7.1 sq mi
ZIP Area
5,510
Density / Sq Mi
$43,130
Median Household Income
$34,050
Median Earnings
$861
Median Rent
$112,700
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Brewery - 10,662 SF property near Ohio City, Tremont, and downtown.
Where is this brewery located?
The property is located at 3135 Sackett Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: High‑end design bar/tasting room with warehouse/production space and large outdoor patio.; Located minutes from Ohio City, Tremont, and downtown Cleveland.; Walking distance to Metro Hospital billion dollar redevelopment.
