Two-Story Restaurant
For Sale
$2,800,000
3941 Erie St, Willoughby, OH 44094
Single-tenant restaurant property with a 10-year lease and a fine-dining layout.
Property Size8,700 SF
Price / SF$321.84
Days on Market92
Property Features for 3941 Erie St
General Information
Standard status
Active
Size
8,700 SF
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2016
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Keller Williams Greater Cleveland Northeast
Listed By:
Rick Osborne · License #2010001710
(440) 299-5190
Source:
Theacclaimedrealty
Added: Jul 16
Changed: Oct 11
Last Checked: Oct 15 at 4:31AM
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 Greater Cleveland Northeast
Investment Insights
Based on property information with market context.
Located at 3941 Erie Street in Willoughby, Ohio, this two-story restaurant building contains 8,700 square feet and was completed in 2016. The improvements were designed for fine-dining use, providing a purpose-built setting for restaurant operations. The property is leased to a single tenant under a 10-year lease.
The building sits near the Chagrin River and a high-traffic intersection on Erie Street, with access from Route 20. Its setting is within historic downtown Willoughby, an area identified for restaurants, bars, shopping, and year-round entertainment and activities.
The building sits near the Chagrin River and a high-traffic intersection on Erie Street, with access from Route 20. Its setting is within historic downtown Willoughby, an area identified for restaurants, bars, shopping, and year-round entertainment and activities.
Key Highlights
- 8,700 SF two‑story restaurant building
- Constructed in 2016 for fine‑dining restaurant use
- Single‑tenant asset with a 10‑year lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,373
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,867,460
$1.9M
Cap Rate 7%
$1,333,900
$1.3M
Cap Rate 9%
$1,037,478
$1.0M
Market Conditions
NOI Build-Up for 8,700 SF
Gross rent
$130.5K $15.00/SF
− Vacancy
−$6.0K −$0.69/SF
EGI
$124.5K $14.31/SF
− OpEx
−$31.1K −$3.58/SF
NOI
$93.4K $10.73/SF
Area
Lake County, OH
Vacancy
4.60%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,867,460
Cap Rate 7%
$1,333,900
Cap Rate 9%
$1,037,478
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.17M – $1.56M
NOI $93,373 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,657 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44094, OH
37,634
Population
18,323
Households
2.1
Avg Household Size
46
Median Age
39%
College-Educated
95%
High-School Grad
39.7 sq mi
ZIP Area
948
Density / Sq Mi
$76,125
Median Household Income
$49,393
Median Earnings
$1,155
Median Rent
$247,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single-tenant restaurant property with a 10-year lease and a fine-dining layout.
Where is this conventional restaurant located?
The property is located at 3941 Erie St Willoughby, OH.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 8,700 SF two‑story restaurant building; Constructed in 2016 for fine‑dining restaurant use; Single‑tenant asset with a 10‑year lease
