1500 Race StCincinnati, OH 45202

  • Mixed-use properties
  • 4,683 SF
For Sale
$1,274,000 View listing

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
1500 Race St, Cincinnati, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$9,934
$59,447
$147,059
$206,506
-
$169,850
$420,170
$590,020

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