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Listed by Teri G Chmielewski of Keller Williams Greater Metropolitan (tchmielewski@kw.com 216-407-7249)
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.

Property Details of 11219 Detroit Avenue

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Based on information submitted to MLS Now as of June 20, 2024 12:07 PM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. Listing information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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