Property profile

3040 Carnegie Ave Cleveland, OH 44115

OFF-MARKET
Drive through restaurants
Property ID
US66-5699099
988 SF 0.68 ac lot Built 2013
Entity Owned 18-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional 988-square-foot retail property, formerly a Rally's restaurant, presents a prime opportunity in Cleveland's vibrant Midtown. Situated on a 0.68-acre lot at 3040 Carnegie Avenue, this QSR (Quick Service Restaurant) space benefits from its high-visibility location and exceptional daily traffic counts. Carnegie Avenue boasts an impressive 29,667 vehicles per day, ensuring significant exposure for any business. The property's strategic location places it in close proximity to Cleveland's bustling downtown core, Cleveland State University, the renowned Cleveland Clinic, and University Circle, guaranteeing a large and diverse customer base. The surrounding area is home to numerous national quick-service restaurant operators, indicating a strong and established market for food service businesses. This property is available for sale or lease and offers an excellent chance to establish or expand a successful food service operation in a prime Cleveland location. The property's existing infrastructure, as a former restaurant, could significantly reduce start-up costs and time. This is a rare opportunity to acquire a well-positioned commercial property in a high-demand area. The property is located in Cuyahoga County, Ohio, with a zip code of 44115.

Property profile

Verified
Property type Drive through restaurants
Use group DRIVE-THRU RESTAURANT, FAST FOOD
Year built 2013
Construction WOOD
Total area 988 SF
Lot 0.68 ac (29,773 SF)
Zoning code SI
APN 103-15-004
UPID US66-5699099

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Restaurant Take-out & Catering

Location

3040 Carnegie Ave Cleveland, OH 44115-2631
Cleveland metro Census 108701 CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$340k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$330k

Owner & transaction history

since 2007
3 recorded transactions
2007
Price N/A
1998
$45,000
1998
Price N/A

Zoning & alternative use

SI · Cleveland, OH

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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