1500 Race St Cincinnati, OH 45202
- Retail residential properties
- 4,683 SF
- 0.04 lot acres
Current Use by Public Records
- Biscuit Sammies / Restaurant
Property Details for 1500 Race St
- Year built
- 1895
- Lot size
- 0.04 lot acres
- Property size
- 4,683 SF
- Property type
- Retail residential properties
- APN
- 081-0004-0015-00
- APU
- 810004001500
Description
This exceptional Over-the-Rhine restaurant property, located at 1500 Race Street in Cincinnati, Ohio, presents a unique investment opportunity. The property boasts a prime location on the streetcar line, offering phenomenal visibility and high foot traffic. The existing restaurant space totals 3,122-4,124 square feet, encompassing both a first-floor and basement level, each approximately 1561 square feet. A significant advantage is the inclusion of an enclosed private courtyard and promenade seating area, leased from the city. All existing restaurant furniture, fixtures, and equipment (FF&E), along with a D5-D6 liquor license, are included in the sale price of $1,274,000. An existing CRA tax abatement is payable through 2026. Beyond the restaurant space, this listing includes three undeveloped upper floors (totaling approximately 3,000 sq ft) of a four-story building, with a planned HOA to be formed. Zoned CC-P, these upper floors offer significant potential for residential conversion, with existing building plans for 1 studio, 1 one-bedroom, and 2 two-bedroom units available for transfer to the new owner. The building features new Marvin windows and a roof installed in 2016, and the upper floors have rough-ins for plumbing, gas, and electric. The 0.082-acre lot is situated within easy walking distance of Washington Park, Music Hall, Vine Street, TQL Stadium, and Findlay Market, ensuring a diverse customer base and strong potential for future success. The property consists of two units and was built in 1895. This is a truly remarkable opportunity to acquire a turn-key restaurant with significant upside potential in one of Cincinnati's most vibrant neighborhoods.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $950,000
- 6.5%
- $875,000
- 7%
- $815,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $486,000
Market price range: $177k - $486k -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $610,000 Current use
- AUTO REPAIR, GARAGE
- $860,000 Change: +40% Conversion: Difficult
- OFFICE BUILDING
- $615,000 Change: +1% Conversion: Easy
- MEDICAL BUILDING
- $545,000 Change: -11% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- Cincinnati
- County
- Hamilton
- State
- Ohio
- Longitude
- -84.5171
- Latitude
- 39.1117
- CBSA code
- 17140
- CBSA name
- CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA
