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    The Largest CRE Database in the US with Over 1 Million Listings

    3915 Carnegie Ave Cleveland, OH 44115

    Sponsored
    For Lease
    $110 SF/Yr ($1,842 /Mo)

    Prime location, fully equipped, 200 sq ft.

    Lot size:
    200 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    This fully equipped, 200-square-foot commercial kitchen, classified as Class B, is ideally situated near Cleveland Clinic, University Hospitals, Cleveland State University, and Case Western Reserve University. This prime location offers significant delivery demand from hospital staff, visitors, and over 15,000 university students. The space is perfect for a single-tenant operation, such as a ghost kitchen, and is designed for quick setup and efficient operation. Features include order management tablets, a three-compartment sink, prep sink, hand sink, commercial hood, high-power lighting, gas and power outlets, cold and hot water lines, a gas/fire safety system, WiFi, Ethernet connections, and a grease trap. On-site support includes cleaning and maintenance, safety and health inspections, delivery logistics, and extraction and ventilation. The kitchen is ready for immediate occupancy, minimizing investment and maximizing return. This turnkey solution is perfect for startups, personal chefs, caterers, food trucks, single-location operators, and expanding national chains. The 24-hour delivery demand ensures consistent business opportunities.

    Property Features for 3915 Carnegie Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    200 SF
    Class
    B
    Total Rate
    1842

    Unit(s) available at that property

    Space
    Available Space
    Size
    280 SF
    Rate per SF
    $110

    We can help!

    Listing Contact
    KBD Holdings

    Learn more

    Property Insight Report

    HighLights

    • 200 SF Class B retail/restaurant space, single‑tenant occupancy.
    • Fully equipped commercial kitchen, ideal for ghost kitchen operations.
    • Located near Cleveland Clinic, University Hospitals, and major universities, ensuring high delivery demand.
    • Turnkey solution for quick and affordable restaurant expansion, minimizing investment and staffing needs.
    • Includes order management tablets, delivery logistics support, and essential kitchen equipment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Forest City Grub Delivery Service Chennai Caters Caterer Margie Suezo Studio Photography Studio El Arepazo y ... Restaurant Cilantro Thai Express ... Thai Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.657929
    Latitude
    41.501278

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    FAQs

    What type of property is this?
    Restaurant - Prime location, fully equipped, 200 sq ft.
    Where is this restaurant located?
    The property is located at 3915 Carnegie Ave Cleveland, OH.
    What is the lease rate?
    The lease rate is $110 SF/Yr.
    What are key features of this property?
    This property features: 200 SF Class B retail/restaurant space, single-tenant occupancy.; Fully equipped commercial kitchen, ideal for ghost kitchen operations.; Located near Cleveland Clinic, University Hospitals, and major universities, ensuring high delivery demand.
    Request Owner's contact information
    3915 Carnegie Ave Cleveland, OH 44115
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3915 Carnegie Ave Cleveland, OH 44115
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    We can help!
    Listing Contact
    KBD Holdings
    Real Estate License ID: CA FLBO
    Learn more
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