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

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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