Active
11219 Detroit Avenue
Cleveland OH, 44102
$900,000
$157.67 per sqft
Active
5,708 sqft
Commercial
Built in 1920
The Bar is offered separately at $350,000 based on 2022 gross receipts of $534,000, confirmed by the Clover POS. The building will not be sold separately. Based on a $550,000 valuation, the cap rate is 8.5%, calculated by dividing the NOI of $46,588 by $550,000. The rent and expenses are actual from 2022, not proforma. As is obvious, there is room to raise rents, for all tenants are MTM. The Hawk, as well is the head shop, record store and four apartments (two 1BR and two 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.
5019547
MLSⓇ ID
February 23, 2024
Listed
May 9, 2024
Updated
Map
11219 Detroit Avenue
Cleveland OH, 44102
Interior Features
Total Stories
2
Fireplace
No
Cooling
Yes
Cooling Description
Central Air, Window Unit(s)
Heating
Yes
Heating Description
Gas, Hot Water, Radiator(s), Steam
Exterior/Building Features
Lot Size
0.17 Acres
Roof
Asphalt, Fiberglass
Sewer
Public Sewer
School Information
School District
Cleveland Municipal - 1809
Other Property Details
Taxes
$6,200
Tax Frequency
Annually
Days on Market
6
Garage
No
Parking
Outside, Paved
Parking Total
12
View
No
County
Cuyahoga
Municipality
Cleveland
Water Source
Public
Pool
No
Buyer Agency Compensation
2.25%
Listing History
Date | Event | Price |
---|---|---|
2/27/2024 | Active | — |
Courtesy of Keller Williams Greater Metropolitan
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