Renovated Mixed-Use Downtown
For Sale
Contact for pricing
123 Erie Street, Toledo, OH 43604
Fully renovated mixed-use property with street-level commercial space and two apartment floors plus a penthouse loft.
Property Size10,560 SF
Price / SF$134.38
Days on Market55
Property Features for 123 Erie Street
General Information
Standard status
Active
Size
10,560 SF
Property subtype
Mixed Use
Zoning
CD
Occupancy
100%
Building Details
Year Built
1888
Year Renovated
2020
Buildings
1
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Reichle | Klein Group
(419) 861-1100
Listed By:
Ryan Miller · License #OH 2011003129
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 8 at 11:55AM
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 Reichle | Klein Group
Investment Insights
Based on property information with market context.
This fully renovated mixed-use building was redeveloped in 2019/2020 and incorporates updated systems and modern finishes while preserving the building’s historic character. The top floor features an expansive 3-bedroom, 2.5-bath penthouse loft. The second floor includes two luxury 2-bedroom, 2-bath apartments. A street-level commercial space is currently occupied by Last Hope Tattoo.
The property is located in Downtown Toledo and is described as being within walking distance of the area’s entertainment, dining, and riverfront destinations. Street-level retail provides direct building access, while the residential units are set above the commercial space.
For tenants, this setup offers dedicated apartment space over active street-level commerce, supporting a mixed live-and-work arrangement within the same asset. For buyers, the building provides an income component through both the apartments and the ground-floor commercial tenancy. Financial information is available upon qualified request.
The property is located in Downtown Toledo and is described as being within walking distance of the area’s entertainment, dining, and riverfront destinations. Street-level retail provides direct building access, while the residential units are set above the commercial space.
For tenants, this setup offers dedicated apartment space over active street-level commerce, supporting a mixed live-and-work arrangement within the same asset. For buyers, the building provides an income component through both the apartments and the ground-floor commercial tenancy. Financial information is available upon qualified request.
Key Highlights
- Fully renovated mixed‑use building built in 1888 with updated systems and modern high‑end finishes
- Street‑level commercial space currently occupied by Last Hope Tattoo
- Top‑floor penthouse loft features a 3‑bedroom and 2.5‑bath layout
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
$96,427
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
6.80%
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%
$1,928,540
$1.9M
Cap Rate 7%
$1,377,529
$1.4M
Cap Rate 9%
$1,071,411
$1.1M
Market Conditions
NOI Build-Up for 10,560 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
$143.2K $13.56/SF
− Vacancy
−$5.4K −$0.52/SF
EGI
$137.8K $13.04/SF
− OpEx
−$41.3K −$3.91/SF
NOI
$96.4K $9.13/SF
Area
Toledo, OH
Vacancy
3.80%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,928,540
Cap Rate 7%
$1,377,529
Cap Rate 9%
$1,071,411
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,427 @ 7.0% cap · market cap 6.80%
Second Best
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,664 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,020 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,839
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?
Mixed-use property - Fully renovated mixed-use property with street-level commercial space and two apartment floors plus a penthouse loft.
Where is this mixed-use property located?
The property is located at 123 Erie Street Toledo, OH.
What is the asking price?
The asking price for this property is $1,419,000.
What are key features of this property?
This property features: Fully renovated mixed‑use building built in 1888 with updated systems and modern high‑end finishes; Street‑level commercial space currently occupied by Last Hope Tattoo; Top‑floor penthouse loft features a 3‑bedroom and 2.5‑bath layout
