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11219 Detroit Avenue

Cleveland, OH 44102
  • $900,000
  • STATUS: Active
  • ON SITE: 142 Days
  • MLS #: 5019547
UPDATED: 32 min ago
$900,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1920
County:
Area:

School Ratings & Info

School District:
Listing courtesy of Keller Williams Greater Metropolitan.
Listing information © 2024 YES-MLS.

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.

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Listing information © 2024 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Kennen & Kennen Realtors are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2024-07-15T18:08:49.693.
www.kennenrealtors.com/homes/147890124
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11219 Detroit Avenue Cleveland, OH 44102

  • Price: $900,000
  • Status: Active
  • On Site: 142 Days
  • Updated: 32 min ago
  • MLS #: 5019547
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1920
Built
Neighborhood:
Leonardo Schilling
County:
Cuyahoga
Area:
Cleveland
School District:
Cleveland Municipal
Property 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.
Exterior Features

Attached Garage YN No Parking Features Outside Paved Parking Total 12 Roof Asphalt Fiberglass

Interior Features

Basement Common Basement Basement YN Yes Building Area Total 5708 Cooling Central Air Window Units Cooling YN Yes Heating Gas Hot Water Radiators Steam Heating YN Yes Main Level Bathrooms 0

Property Features

Elementary School District Cleveland Municipal - 1809 Middle Or Junior School District Cleveland Municipal - 1809 Net Operating Income 59800 Operating Expense 27812 Property Sub Type Mixed Use Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 6200 Township Cleveland Water Sewer Expense 9776 Water Source Public

Listing information © 2024 YES-MLS.
Listing provided courtesy of Keller Williams Greater Metropolitan: 216-839-5500.
Listing information © 2024 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Kennen & Kennen Realtors are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2024-07-15T18:08:49.693.
 
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Kennen & Kennen Realtors
2241 Chapline St.
Wheeling WV, 26003
Listing courtesy of Keller Williams Greater Metropolitan.
Listing information © 2024 YES-MLS.