Building Details

Building Size 4,416 SF

Year Built 1927

Stories 3

Listing Agency: Key Realty LTD

Listed By: Paula Francine Nowicki Show Phone

Source: Kw

Added: Nov 11, 2025 Changed: Sep 27 Last Checked: Oct 5 at 4:28PM

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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 Key Realty LTD

Investment Insights

Based on property information with market context.

This fully leased, eight-unit apartment building presents a lucrative investment opportunity with a 10.76% cap rate. Six of the units have been beautifully updated, featuring new flooring throughout, new ceiling fans in all rooms, new kitchen counters, cabinets, sinks, and fixtures, as well as new bath fixtures. Some units also include new shower units. The entire building has been freshly painted, including ceilings, walls, and trims. A new boiler was installed in 2024, and a new electric panel and sub panel are planned for 2025. Each unit is equipped with a breaker box. The property is ideally located close to the Toledo Pickle Ball Club, Toledo Spirits, and the future Riverfront Park along the Maumee River. Situated in a historic district, the area has been listed on the National Register of Historic Places since 1978. This property also offers a great opportunity to buy-in at the early stages of the new Gateway Vistula Project.

Key Highlights

• Fully leased with a 10.76% CAP‑RATE, offering immediate income.
• Opportunity to invest early in the NEW Gateway Vistula Project.
• Six of eight units are beautifully updated with new flooring, ceiling fans, kitchens, bath fixtures, and fresh paint.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,213

Cap Rate

8.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$744,260 $744.3K

Cap Rate 7%

$531,614 $531.6K

Cap Rate 9%

$413,478 $413.5K

Market Conditions

NOI Build-Up for 4,416 SF

Gross rent

$70.5K $15.96/SF

− Vacancy

−$2.8K −$0.64/SF

EGI

$67.7K $15.32/SF

− OpEx

−$30.4K −$6.89/SF

NOI

$37.2K $8.43/SF

Area

Toledo, OH

Vacancy

4.00%

Lease Rate

$15.96 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$744,260

Cap Rate 7%

$531,614

Cap Rate 9%

$413,478

Alternative Uses

Best Use

Apartment 5plus

$531.6K

$465.2K – $620.2K (±1% cap)

NOI $37,213 @ 7.0% cap · market cap 8.05%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$734.9K

$643.1K – $857.4K (±1% cap)

NOI $51,445 @ 7.0% cap · market cap 11.12%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office Electrical Service (Bike/Boat/Book/etc) Store Bakery Barber Shop Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,271

Businesses Nearby

Explore this area Business Placement

Demographics for 43604, OH

9,248

Population

5,868

Households

1.6

Avg Household Size

35

Median Age

16%

College-Educated

79%

High-School Grad

2.8 sq mi

ZIP Area

3,303

Density / Sq Mi

$18,980

Median Household Income

$27,457

Median Earnings

$499

Median Rent

$59,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Eight-unit apartment building with updated units and high cap rate.

Where is this apartment building located?

The property is located at 1114 N Superior Street Toledo, OH.

What is the asking price?

The asking price for this property is $462,500.

What are key features of this property?

This property features: Fully leased with a **10.76% CAP‑RATE**, offering immediate income.; Opportunity to invest early in the **NEW Gateway Vistula Project**.; Six of eight units are beautifully updated with new flooring, ceiling fans, kitchens, bath fixtures, and fresh paint.