Turn-Key Bar/Lounge/Restaurant
For Sale
$435,000
8741 Ridge, Elyria, OH 44035
Stand-alone bar/lounge/restaurant ready for a new owner.
Property Size2,652 SF
Price / SF$164.03
Days on Market1159
Property Features for 8741 Ridge
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$5,741
Amenities
Central Air, Gas
3
Asphalt, Fiberglass
Parking.
80 Parking Spaces. Paved Driveway, Lot.
Building Details
Year Built
1964
Listing Agency:
Northern Ohio Realty
Listed By:
Michael Hignett · License #2014000042
(440) 366-0099
Source:
Xome
Added: Jul 3, 2023
Changed: Sep 1
Last Checked: Sep 2 at 4:31PM
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 Northern Ohio Realty
Investment Insights
Based on property information with market context.
This stand-alone neighborhood bar/lounge/restaurant, known as "The Pub", presents a turn-key opportunity for a new owner. The property features a recently replaced roof and an 80-space parking lot that has been redone, along with new landscaping. Much of the kitchen equipment has been updated, including freezers, a flat top, broiler, and grill. The 2,652 square foot building offers various possibilities, including two handicap-accessible ramps, updated bathrooms, and a finished basement with outside access suitable for private parties. "The Pub" was a popular venue known for its Karaoke and dart leagues. Situated in a diverse neighborhood, the property is surrounded by two new developments, multiple condos, and hundreds of apartments. The property is for sale only.
Key Highlights
- Turn‑key bar/lounge/restaurant opportunity, ready for new ownership.
- Recently replaced roof and redone 80‑space parking lot with new landscaping.
- Updated kitchen equipment including freezers, flat top, broiler, and grill.
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
$28,582
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
6.57%
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%
$571,640
$571.6K
Cap Rate 7%
$408,314
$408.3K
Cap Rate 9%
$317,578
$317.6K
Market Conditions
NOI Build-Up for 2,652 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
$39.8K $15.00/SF
− Vacancy
−$1.7K −$0.63/SF
EGI
$38.1K $14.37/SF
− OpEx
−$9.5K −$3.59/SF
NOI
$28.6K $10.78/SF
Area
Lorain County, OH
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$571,640
Cap Rate 7%
$408,314
Cap Rate 9%
$317,578
Alternative Uses
Best Use
Specialty Retail
$408.3K
$357.3K – $476.4K
NOI $28,582 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$668.3K
$584.8K – $779.7K
NOI $46,781 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
884
Businesses Nearby
40k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 72%
Dining 17%
Groceries 11%
Dollar General
Shops & Services
8,112 visits/mo
0.4 miles
Dollar General
Shops & Services
6,368 visits/mo
0.3 miles
GetGo Gas Station
Shops & Services
5,779 visits/mo
0.2 miles
Little Caesars Pizza
Dining
4,866 visits/mo
0.4 miles
Circle K
Shops & Services
4,759 visits/mo
0.4 miles
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Stand-alone bar/lounge/restaurant ready for a new owner.
Where is this bar & pub located?
The property is located at 8741 Ridge Elyria, OH.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Turn‑key bar/lounge/restaurant opportunity, ready for new ownership.; Recently replaced roof and redone 80‑space parking lot with new landscaping.; Updated kitchen equipment including freezers, flat top, broiler, and grill.
