Fully Leased Apartment
For Sale
$462,500
1114 N Superior Street, Toledo, OH 43604
Eight-unit apartment building with updated units and high cap rate.
Property Size4,416 SF
Lot Size0.21 Acres
Days on Market284
Property Features for 1114 N Superior Street
General Information
Standard status
Active
Size
4,416 SF
Lot size
0.21 Acres
Property subtype
Apartment
Amenities
Cable Ready
Ceiling Fan(s)
Boiler
Gas Range
Gas Range Connection
Refrigerator
Patio, Porch, Electricity Available, Natural Gas Available, Water Connected, Electricity Connected, Sewer Connected, Cable Available, Natural Gas Connected, Water Available, Sewer Available, Shingles
Building Details
Building Size
4,416 SF
Year Built
1927
Stories
3
Listing Agency:
Key Realty LTD
(419) 343-7680
Listed By:
Paula Francine Nowicki
(419) 343-7680
Source:
Kw
Added: Nov 11, 2025
Changed: Aug 10
Last Checked: Aug 21 at 2:18PM
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 = 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
$37,213
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
8.05%
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%
$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
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
$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 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%
$744,260
Cap Rate 7%
$531,614
Cap Rate 9%
$413,478
Alternative Uses
Best Use
Apartment 5plus
$531.6K
$465.2K – $620.2K
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
NOI $51,445 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
