Historic Restaurant and
New
For Sale
$620,000
8148 Main St, Garrettsville, OH 44231
Operating restaurant, bar, ice cream shop, and craft brewery in a renovated mill with indoor and outdoor dining areas.
Property Size9,170 SF
Price / SF$67.61
Days on Market3
Property Features for 8148 Main St
General Information
Standard status
Active
Size
9,170 SF
Financials
Asking Price
$620,000
Business Included
Yes
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Building Details
Year Built
1804
Year Renovated
2019
Listing Agency:
Vincent Patrick Realty
Listed By:
Lauren Patrick · License #2019004431
(330) 577-3546
Source:
Theacclaimedrealty
Added: Sep 20
Last Checked: Sep 21 at 9:18AM
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 Vincent Patrick Realty
Investment Insights
Based on property information with market context.
Built in 1804 as a water-powered flour mill, this approximately 9,170-square-foot property combines an operating restaurant, bar, ice cream shop, and 3.5-barrel craft brewery. Renovated in 2019, the building retains original beams and other mill features. The restaurant includes a front bar, commercial kitchen with a full fire suppression system, and a rear dining room oriented toward Eagle Creek and the falls.
Outdoor seating includes a rear deck facing the waterfall and a front patio with views toward downtown Garrettsville, Main Street, and the Buckeye Block amphitheater. The walkout lower level has a private entrance, access to the rear deck, historic mill artifacts, and a viewing area into the mill workings. An additional approximately 1,420-square-foot attic provides storage or future improvement area. The offering includes restaurant and brewery equipment, furnishings, applicable non-leased equipment, and three Ohio liquor licenses identified as A1A, A1C, and D6, subject to verification and transfer approval.
Outdoor seating includes a rear deck facing the waterfall and a front patio with views toward downtown Garrettsville, Main Street, and the Buckeye Block amphitheater. The walkout lower level has a private entrance, access to the rear deck, historic mill artifacts, and a viewing area into the mill workings. An additional approximately 1,420-square-foot attic provides storage or future improvement area. The offering includes restaurant and brewery equipment, furnishings, applicable non-leased equipment, and three Ohio liquor licenses identified as A1A, A1C, and D6, subject to verification and transfer approval.
Key Highlights
- Approximately 9,170 SF historic mill property built in 1804
- Operating restaurant, bar, ice cream shop, and 3.5‑barrel craft brewery
- 2019 renovation with original beams and historic mill features retained
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
$36,044
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
5.81%
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%
$720,880
$720.9K
Cap Rate 7%
$514,914
$514.9K
Cap Rate 9%
$400,489
$400.5K
Market Conditions
NOI Build-Up for 9,170 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
$54.8K $5.98/SF
− Vacancy
−$3.3K −$0.36/SF
EGI
$51.5K $5.62/SF
− OpEx
−$15.4K −$1.68/SF
NOI
$36.0K $3.93/SF
Area
Portage County, OH
Vacancy
6.10%
Lease Rate
$5.98 /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%
$720,880
Cap Rate 7%
$514,914
Cap Rate 9%
$400,489
Alternative Uses
Best Use
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,710 @ 7.0% cap · market cap 19.31%
Second Best
Industrial
$514.9K
$450.6K – $600.7K
NOI $36,044 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$1.85M
$1.62M – $2.15M
NOI $129,295 @ 7.0% cap · market cap 20.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44231, OH
8,398
Population
3,253
Households
2.6
Avg Household Size
41
Median Age
21%
College-Educated
86%
High-School Grad
48.9 sq mi
ZIP Area
172
Density / Sq Mi
$85,455
Median Household Income
$39,434
Median Earnings
$909
Median Rent
$204,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant, bar, ice cream shop, and craft brewery in a renovated mill with indoor and outdoor dining areas.
Where is this conventional restaurant located?
The property is located at 8148 Main St Garrettsville, OH.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Approximately 9,170 SF historic mill property built in 1804; Operating restaurant, bar, ice cream shop, and 3.5‑barrel craft brewery; 2019 renovation with original beams and historic mill features retained
