Medical Office
For Sale
$1,467,735
111 S Byrne Rd, Toledo, OH 43615
Toledo medical office property positioned within a market connected by I-75 and the Ohio Turnpike.
Property Size10,840 SF
Days on Market69
Property Features for 111 S Byrne Rd
General Information
Standard status
Active
Size
10,840 SF
Class
C
Property subtype
Office - Medical Office
Building Details
Building Size
10,840 SF
Year Built
1973
Listing Agency:
Encore Real Estate Investment Services
(248) 702-0280
Listed By:
Kaleb Rupp · License #174455
Source:
Commercialcafe
Added: Jun 23
Changed: Aug 29
Last Checked: Aug 30 at 1:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Encore Real Estate Investment Services
Investment Insights
Based on property information with market context.
This medical office property is located at 111 S Byrne Rd in Toledo, Ohio. The building was constructed in 1973, providing an established commercial setting for medical office use.
Toledo serves as a regional center for healthcare, manufacturing, logistics, education, and technology. The market benefits from connections to I-75 and the Ohio Turnpike, with regional reach toward Detroit, Cleveland, Chicago, and Indianapolis. Major healthcare institutions in the area include ProMedica and Mercy Health, while The University of Toledo contributes to the region’s institutional base.
Toledo serves as a regional center for healthcare, manufacturing, logistics, education, and technology. The market benefits from connections to I-75 and the Ohio Turnpike, with regional reach toward Detroit, Cleveland, Chicago, and Indianapolis. Major healthcare institutions in the area include ProMedica and Mercy Health, while The University of Toledo contributes to the region’s institutional base.
Key Highlights
- Medical office space at 111 S Byrne Rd, Toledo, OH 43615
- Building constructed in 1973
- Toledo market connected by Interstate 75 and the Ohio Turnpike
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$100,526
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,010,520
$2.0M
Cap Rate 7%
$1,436,086
$1.4M
Cap Rate 9%
$1,116,956
$1.1M
Market Conditions
NOI Build-Up for 10,840 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$182.1K $16.80/SF
− Vacancy
−$14.6K −$1.34/SF
EGI
$167.5K $15.46/SF
− OpEx
−$67.0K −$6.18/SF
NOI
$100.5K $9.27/SF
Area
Toledo, OH
Vacancy
8.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,010,520
Cap Rate 7%
$1,436,086
Cap Rate 9%
$1,116,956
Alternative Uses
Best Use
Healthcare Medical
$1.44M
$1.26M – $1.68M
NOI $100,526 @ 7.0% cap · market cap 6.85%
Second Best
Office B
$1.41M
$1.23M – $1.64M
NOI $98,658 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,282 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43615, OH
39,449
Population
19,620
Households
2
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
16.5 sq mi
ZIP Area
2,391
Density / Sq Mi
$58,466
Median Household Income
$38,196
Median Earnings
$1,014
Median Rent
$137,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Toledo medical office property positioned within a market connected by I-75 and the Ohio Turnpike.
Where is this medical office space located?
The property is located at 111 S Byrne Rd Toledo, OH.
What is the asking price?
The asking price for this property is $1,467,735.
What are key features of this property?
This property features: Medical office space at 111 S Byrne Rd, Toledo, OH 43615; Building constructed in 1973; Toledo market connected by Interstate 75 and the Ohio Turnpike
