Two-Unit Flex
For Sale
$600,000
1238 Conant St, Maumee, OH 43537
Adaptable commercial building with renovated office, retail, warehouse, and garage components in a two-unit configuration.
Property Size7,176 SF
Price / SF$83.61
Days on Market662
Property Features for 1238 Conant St
General Information
Standard status
Active
Size
7,176 SF
Total Parking Spaces
29
Property subtype
Retail
Zoning
16-c2
Building Details
Building Size
7,176 SF
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
Signature Associates - Toledo
(419) 215-1008
Listed By:
Megan Malczewski
(419) 215-1008
Source:
Cpix.resimplifi
Added: Nov 6, 2024
Changed: Aug 30
Last Checked: Aug 30 at 5:28PM
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 Signature Associates - Toledo
Investment Insights
Based on property information with market context.
This 1950 flex building contains two commercial units totaling the separately described spaces of 3,512 square feet and 3,300 square feet, along with a seller-occupied 622-square-foot garage bay. The renovated unit includes updated plumbing and electrical systems, a security system, reception and waiting areas, multiple offices, a break room, IT room with supplemental mini-split, two restrooms, cabinetry and counters, and a garage bay with a 9'11" x 9' overhead door. Storefront walls were removed to improve retail exposure and bring natural light into the space, while a rear wall was removed to open the warehouse bay.
The second unit includes a sales counter, office, restroom, and garage with two overhead doors measuring 8' x 14' and 9' x 10'. Ridge Engine & High Performance LLC occupies 3,300 square feet under an NNN lease structure, with its second renewal option expiring April 30, 2028, plus one additional renewal option. The property is zoned 16-c2 and sits 0.54 miles from US-24 and 2.19 miles from I-475/US-23.
The second unit includes a sales counter, office, restroom, and garage with two overhead doors measuring 8' x 14' and 9' x 10'. Ridge Engine & High Performance LLC occupies 3,300 square feet under an NNN lease structure, with its second renewal option expiring April 30, 2028, plus one additional renewal option. The property is zoned 16-c2 and sits 0.54 miles from US-24 and 2.19 miles from I-475/US-23.
Key Highlights
- 3,512‑square‑foot renovated unit with offices, reception, restrooms, IT room, break room, and garage bay
- 3,300‑square‑foot unit occupied by Ridge Engine & High Performance LLC
- Seller‑occupied 622‑square‑foot garage bay adjacent to the Ridge leased unit
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
$51,126
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
8.52%
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%
$1,022,520
$1.0M
Cap Rate 7%
$730,371
$730.4K
Cap Rate 9%
$568,067
$568.1K
Market Conditions
NOI Build-Up for 7,176 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
$80.1K $11.16/SF
− Vacancy
−$7.0K −$0.98/SF
EGI
$73.0K $10.18/SF
− OpEx
−$21.9K −$3.05/SF
NOI
$51.1K $7.12/SF
Area
Lucas County, OH
Vacancy
8.80%
Lease Rate
$11.16 /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%
$1,022,520
Cap Rate 7%
$730,371
Cap Rate 9%
$568,067
Alternative Uses
Best Use
Retail
$730.4K
$639.1K – $852.1K
NOI $51,126 @ 7.0% cap · market cap 8.52%
Second Best
Warehouse
$662.3K
$579.6K – $772.7K
NOI $46,364 @ 7.0% cap · market cap 7.73%
Theoretical Best
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $91,935 @ 7.0% cap · market cap 15.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43537, OH
29,075
Population
13,071
Households
2.2
Avg Household Size
44
Median Age
42%
College-Educated
97%
High-School Grad
18.6 sq mi
ZIP Area
1,563
Density / Sq Mi
$85,919
Median Household Income
$49,020
Median Earnings
$1,017
Median Rent
$235,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Social Rind Co. — 112 E Indiana Ave, Maumee, OH 43537
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with renovated office, retail, warehouse, and garage components in a two-unit configuration.
Where is this flex space located?
The property is located at 1238 Conant St Maumee, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,512‑square‑foot renovated unit with offices, reception, restrooms, IT room, break room, and garage bay; 3,300‑square‑foot unit occupied by Ridge Engine & High Performance LLC; Seller‑occupied 622‑square‑foot garage bay adjacent to the Ridge leased unit
