Cleveland, Ohio, is a prime location for investing in restaurants, with 10 listings available for sale. Restaurants in Cleveland offer a unique opportunity to tap into the city's diverse economy, which is driven by key sectors such as healthcare, manufacturing, financial services, and higher education. As a restaurant owner, you can capitalize on the city's cultural institutions, such as the Cleveland Museum of Art, the Cleveland Orchestra, and the Rock and Roll Hall of Fame, which attract visitors from across the country. Cleveland's amenities, including the Cleveland Clinic, University Hospitals, and MetroHealth, as well as its infrastructure, featuring a road system, freeways, and airports, make it an attractive location for businesses. The city's geography, situated along the southern shore of Lake Erie, provides a unique setting for restaurants, with opportunities to offer waterfront dining experiences.
Cleveland's restaurants are an integral part of the city's fabric, offering a range of cuisines to suit diverse tastes. With nearby institutions like Case Western Reserve University, Cleveland State University, and Cuyahoga Community College, restaurants can cater to a student population and faculty. Additionally, the city's arts and culture scene, featuring events like the Cleveland International Film Festival and the Cleveland Thyagaraja Festival, provides a rich backdrop for restaurants to thrive. If you're looking to invest in other property types, Cleveland also offers opportunities in apartment buildings, with its growing population of around 390,000 people; shopping centers, which can benefit from the city's strong retail sector; specialty properties, such as those catering to the healthcare industry; and hotels, which can capitalize on the city's tourism attractions, including the Rock and Roll Hall of Fame and Progressive Field.
What is the average cost per square foot for a restaurant in Cleveland?
The average cost per square foot for a restaurant in Cleveland is $320 USD per square feet, with an average size of 4,667 square feet, and a largest size of 17,624 square feet, among the 10 available listings of restaurants for sale in the city.
What factors determine the value of a restaurant for sale in Cleveland?
When evaluating the value of a restaurant for sale in Cleveland, several key factors come into play, including:
- Location, with proximity to major attractions, public transportation, and high-traffic areas like Downtown Cleveland, University Circle, and Ohio City influencing foot traffic and customer base;
- Financial performance, such as annual sales, profit margins, and cash flow, which can impact the restaurant's ability to attract and retain customers, as well as its overall profitability;
- Physical assets, including the size and condition of the property, with an average size of 4,667 square feet and an average price per square foot of $320 USD, as well as the presence of amenities like outdoor seating, parking, and kitchen equipment.
