Mixed-Use Property with Licensed
For Sale
$999,999
5612 Harvard Avenue, Cleveland, OH 44105
The commercial space includes a bar with liquor and adult entertainment licenses, plus an adjoining former pizza shop.
Property Size5,544 SF
Days on Market9
Property Features for 5612 Harvard Avenue
General Information
Standard status
Active
Size
5,544 SF
Zoning
Commercial
Site & Location
Neighborhood
South Broadway
Highway Access
Yes
Mixed-Use Components
retail, residential
Additional Details
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$2,639
Amenities
Partial
true
Public
0.1091
false
Public Records
Paved,Parking Lot
Basement
5544
1
Building Details
Building Size
5,544 SF
Year Built
1890
Listing Agency:
Russell Real Estate Services
(304) 501-5212
Listed By:
Karen Ullom
Source:
Karenullomrealty
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:31PM
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 Russell Real Estate Services
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Investment Insights
Based on property information with market context.
This mixed-use property combines a licensed bar with an adjoining commercial space formerly used as a pizza shop. The bar includes a liquor license and an adult entertainment license. Two two-bedroom apartments sit above the commercial space. The property was built in 1890 and has a basement and paved parking lot. The listing data identifies 5,544 square feet of building area on a 0.1091-acre lot, with Commercial zoning.
The property is on Harvard Avenue in Cleveland, one street from Newburgh Heights and minutes from I-77.
The property is on Harvard Avenue in Cleveland, one street from Newburgh Heights and minutes from I-77.
Key Highlights
- Bar includes liquor and adult entertainment licenses
- Two 2‑bedroom apartments above the commercial space
- Adjoining commercial space formerly operated as a pizza shop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,605
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,392,100
$1.4M
Cap Rate 7%
$994,357
$994.4K
Cap Rate 9%
$773,389
$773.4K
Market Conditions
NOI Build-Up for 5,544 SF
Gross rent
$99.8K $18.00/SF
− Vacancy
−$7.0K −$1.26/SF
EGI
$92.8K $16.74/SF
− OpEx
−$23.2K −$4.19/SF
NOI
$69.6K $12.56/SF
Area
Cleveland, OH
Vacancy
7.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,392,100
Cap Rate 7%
$994,357
Cap Rate 9%
$773,389
Alternative Uses
Best Use
Specialty Retail
$994.4K
$870.1K – $1.16M
NOI $69,605 @ 7.0% cap · market cap 6.96%
Second Best
Mixed Use
$668.3K
$584.7K – $779.6K
NOI $46,778 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,704 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
376
Businesses Nearby
Explore this area
Business Placement
Demographics for 44105, OH
34,100
Population
17,528
Households
1.9
Avg Household Size
38
Median Age
11%
College-Educated
83%
High-School Grad
8.9 sq mi
ZIP Area
3,831
Density / Sq Mi
$38,294
Median Household Income
$32,389
Median Earnings
$888
Median Rent
$56,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Cleveland, OH
Frequently Asked Questions
What type of property is this?
Mixed-use property - The commercial space includes a bar with liquor and adult entertainment licenses, plus an adjoining former pizza shop.
Where is this mixed-use property located?
The property is located at 5612 Harvard Avenue Cleveland, OH.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Bar includes liquor and adult entertainment licenses; Two 2‑bedroom apartments above the commercial space; Adjoining commercial space formerly operated as a pizza shop
