1820 30Th StCleveland, OH 44114

Property Details for 1820 30Th St

Year built

1934

Construction

TYPE NOT SPECIFIED

Lot size

0.65 AC

Property size (Sq ft)

46,502 SF

Zone code

SI

Property type

Bowling alleys

APN

102-34-022

APU

10234022

Description

Prime Cleveland location, this exceptional 46,502 sq ft, two-story building boasts a thriving restaurant and 16-lane bowling alley. Recently renovated (2022 & 2023), the property includes a full-service bar, spacious kitchen, ample seating, and a stage. The second floor, formerly a bowling alley, offers significant expansion potential, perhaps as additional entertainment space, restaurant expansion, or apartments. A parking easement provides convenient parking. The sale includes the liquor license and all operating businesses with inventory. The 0.65-acre lot is situated near Cleveland State University, ensuring a steady stream of customers. With a 2023 NOI of nearly $300,000 and a 16.46% cap rate, this is a lucrative investment opportunity. The asking price is $1,690,000, or $845,000 per unit. The property's Class B designation reflects its well-maintained condition and recent upgrades. The building's history dates back to 1934, showcasing its enduring presence in the Cleveland community. This turnkey operation presents a unique chance to acquire a well-established and profitable business in a vibrant urban setting. The property's size and versatility offer considerable upside potential for future growth and development.

• CAP approach

  CAP return

  Valuation

  6%

  $4,371,900

  6.5%

  $4,035,600

  7%

  $3,747,350

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,305,850

  Geo Method

  $3,305,850

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $19,447,200

  Retail / Commercial

  $9,538,430

  Mixed-Use / Specialty

  $9,162,450

  Hospitality / Lodging

  $6,276,950

  Office

  $8,751,820

  Institutional / Educational

  $9,403,030

  Residential Income

  $11,001,500

  Multifamily

  $15,090,500

  Automotive / Energy

  $8,059,740

  Parking / Income-Based Land

  $3,119,190

  Restaurant / Food Service

  $4,035,600

  Healthcare / Senior Housing

  $9,746,610

Location Insight

City

Cleveland

County

Cuyahoga

State

Ohio

Latitude

41.5054

Longitude

-81.6683

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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