Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1231 Main Ave Cleveland, OH 44113-2306

    • Bars & Pubs
    • 118,368 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimations
    $1,555,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0488425
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Emerald Auto Transport / Trucking Company
    • Brite Winter / Music Venue
    • McCarthy's Downtown / Nightclub / Music Venue
    • The Colin Scheetz Family Foundation / Charitable Organization / Social Service Agency

    Property Details for 1231 Main Ave

    Year built
    1924
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.56 lot acres
    Property size
    118,368 SF
    Zone code
    GR
    Property type
    Bars & Pubs
    Property subtype
    Pubs
    APN
    003-18-004
    APU
    318004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.7063
    Latitude
    41.4956
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $139,688
    $121,840
    $1,276,840
    $1,398,680
    -
    $348,100
    $3,648,100
    $3,996,200

    Comparable in this City

    • Value Estimation by Request
      13,700 SF

      1296 6th St

      BAR, TAVERN • 13,700 SF
      1296 6th St, Cleveland, OH 44113-1351
      View Details
    • Value Estimation by Request
      3,594 SF

      2572 Scranton Rd

      BAR, TAVERN • 3,594 SF
      2572 Scranton Rd, Cleveland, OH 44113-4315
      View Details
    • Value Estimation by Request
      3,884 SF

      1646 Columbus Rd

      BAR, TAVERN • 3,884 SF
      1646 Columbus Rd, Cleveland, OH 44113-2409
      View Details
    • Value Estimation by Request
      6,501 SF

      1114 Ctr St

      BAR, TAVERN • 6,501 SF
      1114 Ctr St, Cleveland, OH 44113-2406
      View Details
    • Value Estimation by Request
      21,600 SF

      1852 Columbus Rd

      BAR, TAVERN • 21,600 SF
      1852 Columbus Rd, Cleveland, OH 44113-2412
      View Details
    • Value Estimation
      $930,000
      25,684 SF

      1880 25th St

      BAR, TAVERN • 25,684 SF
      1880 25th St, Cleveland, OH 44113
      View Details

    Similar Nearby for Sale

    • $3,500,000
      17,624 SF

      Turnkey Restaurant in Warehouse District

      17,624 SF building with 3,780 SF turnkey restaurant.
      1293 West 9Th St, Cleveland, OH 44113
      View Details
    • Contact for pricing
      46,000 SF

      Prime Retail Opportunity Near Downtown

      Retail property with highway access near downtown Cleveland.
      2338 Canal Rd, Cleveland, OH 44113
      View Details
    • Contact for pricing
      5,218 SF

      Mixed-Use Multifamily Building For Sale

      Income-producing mixed-use building in excellent location near Ohio City.
      3085 W 25Th St, Cleveland, OH 44113
      View Details
    • Contact for pricing
      3,536 SF

      Tremont Redevelopment Opportunity Near Park

      3,536 SF blank canvas in Tremont for redevelopment.
      2448 W 14Th St, Cleveland, OH 44113
      View Details
    • $699,900
      2,206 SF

      Tremont Mixed-Use Investment Opportunity

      Versatile Tremont property for live, work, and investment.
      2280 W 10Th St, Cleveland, OH 44113
      View Details
    • $500,000
      2,868 SF

      Mixed-Use Building in Ohio City

      2,868 SF mixed-use building with redevelopment potential.
      1990 Fulton Rd, Cleveland, OH 44113
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,790 SF

      Riverfront Rooftop Retail/Office Space

      Multi-level 4,790 SF retail/office space with riverfront rooftop.
      1050 Old River Rd, Cleveland, OH 44113
      View Details
    • Contact for pricing
      9,936 SF

      Historic Warehouse District Creative Space

      Unique creative space in lively nightlife district, near upcoming HQ.
      1299 W 9Th St, Cleveland, OH 44113
      View Details
    • Contact for pricing
      4,662 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces in vibrant Hingetown neighborhood.
      2875 Church Ave, Cleveland, OH 44113
      View Details
    • Contact for pricing
      4,344 SF

      Retail and Restaurant Space Available

      Retail and restaurant spaces in mixed-use development, high-traffic area.
      2885 Detroit Ave, Cleveland, OH 44113
      View Details
    • Contact for pricing
      1,195 SF

      Prime Retail Space in Cleveland

      Exceptional retail spaces available in historic downtown Cleveland location.
      24 Public Sq, Cleveland, OH 44113
      View Details
    • Contact for pricing
      2,650 SF

      Equipped Restaurant Space in Ohio

      2,650 SF restaurant space with liquor license available.
      3221 Lorain Ave, Cleveland, OH 44113
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1231 Main Ave
    Cleveland, OH 44113-2306
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!