Akron, Ohio, is a city with a rich history and diverse economy, making it an attractive location for investing in restaurants. With a population of around 220,000, Akron offers a stable customer base for restaurant owners. Restaurants in Akron can represent a variety of investments, from casual eateries to fine dining establishments, and can cater to different demographics and tastes. The city's strong infrastructure, including the METRO Regional Transit Authority system and the Akron Innerbelt, makes it easy for customers to access restaurants. Additionally, Akron's educational institutions, such as the University of Akron, and major employers like Goodyear and FirstEnergy, contribute to a steady flow of customers. The city's amenities, including Lock 3 Park and the Akron Art Museum, also make it an attractive location for restaurants.
Akron's restaurant scene is characterized by its diversity and accessibility. With 9 restaurants for sale, investors have a range of options to choose from. In addition to restaurants, Akron also offers other investment opportunities, such as apartment buildings, shopping centers, specialty properties, and hotels. For example, apartment buildings in Akron can provide a steady income stream, while shopping centers can offer a mix of retail and dining options. Specialty properties, like those in the historic district, can offer unique investment opportunities, and hotels can cater to the city's growing tourism industry. Overall, Akron's diverse economy and infrastructure make it an attractive location for investors looking to capitalize on the city's growth.
What is the average cost per square foot for a restaurant in Akron?
The average cost per square foot for a restaurant in Akron is $360 USD per square feet, with an average size of 7,865 square feet and a largest size of 24,678 square feet, making it an attractive option for entrepreneurs looking to establish a food business in this city, which is home to a diverse economy, rich architectural history, and various attractions like the Akron Art Museum, Stan Hywet Hall and Gardens, and the Akron Zoo.
What factors determine the value of a restaurant for sale in Akron?
When evaluating the value of a restaurant for sale in Akron, several key factors come into play, including:
- Location, with proximity to major transportation hubs like the Akron Innerbelt and Ohio State Route 8, as well as popular attractions like the Akron Art Museum and Stan Hywet Hall and Gardens, being highly desirable;
- The restaurant's size, with an average size of 7,865 square feet, and a maximum size of 24,678 square feet, impacting its capacity and potential revenue;
- The restaurant's financial performance, including its average cap rate of 5.6%, and its sale price per square foot, averaging $360 USD, which can be influenced by the local economy and competition.
