$157.67 Per Sq Foot $5,988 est/mo Sourced by Back At You

11219 Detroit Avenue,Cleveland, OH 44102

Cleveland OH, 44102

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Description

17.7% Cap Rate when including the $100,000 in W2 income the owners receive for eight hours per week operating the bar. The Bar had 2022 gross receipts of $534,000, confirmed by the Clover POS. 2023 was even better. The building will not be sold separately. Based on a $900,000 valuation, the cap rate is calculated by dividing the NOI of $159,800 by $900,000. The rent and expenses are actual. The Hawk, as well is the head shop, tattoo parlor and four apartments (one 1BR and three 2BR), are in pristine condition, so the new owner can start serving drinks and collecting rent with no additional investment. All bar employees are excited to stay on with new ownership. The same owners have maintained this property located a few blocks from Lakewood for 27 years. Improvements over the past ten years include new roof, sky lights, windows, electrical service, water tanks, AC in bar and retail, and rhino shield. Since 2019, investments include Clover POS, ice machine, bar sink, coolers and asphalt parking lot. The new boiler was installed in 2024.

Details

MLS#5019547
Listing TypeFor Sale
StyleMixed Use
Sub-TypeResale
StatusActive
Year1920
Days On Site149
Listing Provided ByKeller Williams Greater Metropolitan | Teri G Chmielewski

Features

SQ Feet5,708
BasementY
Story(s)2
Units7
Acreage0.17

Market Activity 44102

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Listings Checked: 1 minute ago
StateOH
CountyCuyahoga
CityCleveland
Zip Code44102
Community NameLeonardo Schilling
Listing VS Median (in Leonardo Schilling)
Price:
$900,000
low | high
Med:
$900,000
50% of Average
SqFt:
5,708
low | high
Med:
5,708
50% of Average
$ / SqFt:
$158
low | high
Med:
$158
50% of Average
On Site:
149
low | high
Med:
149.000000
100% of Average
Sourced by Back At You
Listing Updated: June 17, 2024 at 11:26:07 PM PDT