Waterfront Dining & Entertainment
530 & 562 Portage Lakes Dr. Akron, OH 44319
530 & 562 Portage Lakes Dr., Akron, OH, 44319
$5,850,000
For Sale
$5,850,000
Two historic waterfront landmarks with dining, entertainment, and mixed-use potential.
Property Size26,938 SF
Lot Size3.40 Acres
Price / SF$217.17
Days on Market147
Property Features for 530 & 562 Portage Lakes Dr.
General Information
- Standard status
- Active
- Size
- 26,938 SF
- Lot size
- 3.40 Acres
- Property subtype
- Retail
Listing agency
SVN Summit Commercial Real Estate Advisors
(330) 475-5500
Listed by
Nichole Booker, PhD · License #SAL.2018004350
(330) 475-5500
Source
Svnsummitcommercial
Added: Feb 25 Updated: Jul 10 at 3:56PM Checked: Jul 10 at 3:56PM
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 SVN Summit Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This offering presents an opportunity to acquire two historic waterfront landmarks that have shaped the Portage Lakes waterfront dining and entertainment scene. The properties, formerly known as Pick's and Old Harbor Inn, are offered together as a premier waterfront dining, entertainment, and mixed-use portfolio. The combined properties encompass approximately 26,938 square feet across 3.4 acres with frontage on the West Reservoir in the heart of the Portage Lakes community. The properties feature over 650 feet of continuous lake frontage across two sites, along with 20 exclusive docks and multi-level outdoor areas. The flexible zoning supports dining, entertainment, retail, and mixed-use concepts. Significant recent capital improvements have been made to the buildings and site infrastructure. A newly constructed, state-of-the-art dock system with full seawall reinforcement and custom waterfront decks is planned for 2025. The location offers visibility from both land and water, with regional demand for experiential waterfront destinations and deep local brand recognition.
Key Highlights
- Premier waterfront dining, entertainment, and mixed‑use portfolio opportunity.
- Irreplaceable 650+ feet of continuous lake frontage on the West Reservoir.
- Substantial size: ±26,938 SF across ±3.4 acres.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $449.3k | $16.68 |
| − Vacancy | −$14.8k | −$0.55 |
| EGI | $434.5k | $16.13 |
| − OpEx | −$108.6k | −$4.03 |
| NOI | $325.9k | $12.10 |
26,938 SF · lease $16.68/SF/yr · vacancy 3.30% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$4.66M
$4.07M – $5.43M
NOI $325,874 @ 7.0% cap · market cap 5.57%
Second Best
Retail
$4.34M
$3.80M – $5.07M
NOI $304,149 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$6.61M
$5.78M – $7.71M
NOI $462,758 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Lagos- at Portage Lakes
Restaurant
Pick's At PLX
Bar & Pub
Similar For Sale Nearby
FAQs
What type of property is this?
Retail property - Two historic waterfront landmarks with dining, entertainment, and mixed-use potential.
Where is this retail property located?
The property is located at 530 & 562 Portage Lakes Dr. Akron, OH.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: Premier waterfront dining, entertainment, and mixed‑use portfolio opportunity.; Irreplaceable 650+ feet of continuous lake frontage on the West Reservoir.; Substantial size: **±26,938 SF across ±3.4 acres.**
