1500 Race StCincinnati, OH 45202

Property Details for 1500 Race St

Year built

1895

Lot size

0.04 AC

Property size (Sq ft)

4,683 SF

Property type

Mixed-use properties

Property subtype

Retail residential properties

APN

081-0004-0015-00

APU

810004001500

Description

This exceptional Over-the-Rhine restaurant property, located at 1500 Race Street in Cincinnati, Ohio, presents a unique investment opportunity. The property boasts a prime location on the streetcar line, offering phenomenal visibility and high foot traffic. The existing restaurant space totals 3,122-4,124 square feet, encompassing both a first-floor and basement level, each approximately 1561 square feet. A significant advantage is the inclusion of an enclosed private courtyard and promenade seating area, leased from the city. All existing restaurant furniture, fixtures, and equipment (FF&E), along with a D5-D6 liquor license, are included in the sale price of $1,274,000. An existing CRA tax abatement is payable through 2026. Beyond the restaurant space, this listing includes three undeveloped upper floors (totaling approximately 3,000 sq ft) of a four-story building, with a planned HOA to be formed. Zoned CC-P, these upper floors offer significant potential for residential conversion, with existing building plans for 1 studio, 1 one-bedroom, and 2 two-bedroom units available for transfer to the new owner. The building features new Marvin windows and a roof installed in 2016, and the upper floors have rough-ins for plumbing, gas, and electric. The 0.082-acre lot is situated within easy walking distance of Washington Park, Music Hall, Vine Street, TQL Stadium, and Findlay Market, ensuring a diverse customer base and strong potential for future success. The property consists of two units and was built in 1895. This is a truly remarkable opportunity to acquire a turn-key restaurant with significant upside potential in one of Cincinnati's most vibrant neighborhoods.

• CAP approach

  CAP return

  Valuation

  6%

  $527,926

  6.5%

  $487,316

  7%

  $452,508

• Comparable approach

  Method

  Valuation

  Relative Method

  $901,452

  Geo Method

  $901,452

• Alternative Use

  Use

  Valuation

  Residential

  $487,316

  Hospitality

  $446,379

  Educational

  $371,382

  Medical

  $384,154

  Retail

  $577,705

Location Insight

City

Cincinnati

County

Hamilton

State

Ohio

Latitude

39.1117

Longitude

-84.5171

CBSA code

17140

CBSA name

CINCINNATI-MIDDLETOWN, OH-KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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