Former Gas Station
For Sale
$295,000
1525 W Alexis Rd, Toledo, OH 43612
Former Speedway gas station offering redevelopment potential with a petroleum deed restriction.
Property Size2,369 SF
Price / SF$124.53
Days on Market1196
Property Features for 1525 W Alexis Rd
General Information
Standard status
Active
Size
2,369 SF
Property subtype
Retail
Zoning
CR
Building Details
Building Size
2,369 SF
Year Built
1970
Buildings
1
Stories
1
Listing Agency:
Signature Associates - Toledo
Listed By:
Joe Francis
(419) 343-3650
Source:
Cpix.resimplifi
Added: May 30, 2023
Changed: Aug 8
Last Checked: Sep 5 at 3:40AM
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 property is a former Speedway gas station, positioned as a redevelopment site. The site is subject to a petroleum deed restriction. No Further Action (NFA) is on file.
The location provides easy access and good visibility. The property is adjacent to GM Toledo Propulsion Systems (formerly GM Powertrain).
Given the existing petroleum deed restriction, the property should be reviewed for compatibility with intended redevelopment plans and requirements.
The location provides easy access and good visibility. The property is adjacent to GM Toledo Propulsion Systems (formerly GM Powertrain).
Given the existing petroleum deed restriction, the property should be reviewed for compatibility with intended redevelopment plans and requirements.
Key Highlights
- Former Speedway gas station built in 1970
- Petroleum deed restriction in place (buyer to review deed restriction terms)
- Adjacent to GM Toledo Propulsion Systems (formerly GM Powertrain)
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
$18,038
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
6.11%
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%
$360,760
$360.8K
Cap Rate 7%
$257,686
$257.7K
Cap Rate 9%
$200,422
$200.4K
Market Conditions
NOI Build-Up for 2,369 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
$25.6K $10.80/SF
− Vacancy
−$1.5K −$0.65/SF
EGI
$24.1K $10.15/SF
− OpEx
−$6.0K −$2.54/SF
NOI
$18.0K $7.61/SF
Area
Toledo, OH
Vacancy
6.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
25.00%
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%
$360,760
Cap Rate 7%
$257,686
Cap Rate 9%
$200,422
Alternative Uses
Best Use
Specialty Retail
$257.7K
$225.5K – $300.6K
NOI $18,038 @ 7.0% cap · market cap 6.11%
Second Best
Retail
$220.6K
$193.1K – $257.4K
NOI $15,445 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$394.3K
$345.0K – $460.0K
NOI $27,598 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
39k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Circle K
Shops & Services
14,252 visits/mo
0.2 miles
Sunoco
Shops & Services
7,885 visits/mo
0.1 miles
Dollar General
Shops & Services
5,625 visits/mo
0.1 miles
Long John Silver's
Dining
5,526 visits/mo
0.3 miles
U-Haul Moving & Storage of North Toledo
Shops & Services
2,911 visits/mo
0.3 miles
Demographics for 43612, OH
29,718
Population
13,409
Households
2.2
Avg Household Size
35
Median Age
13%
College-Educated
90%
High-School Grad
11.5 sq mi
ZIP Area
2,584
Density / Sq Mi
$50,484
Median Household Income
$33,770
Median Earnings
$976
Median Rent
$89,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Former Speedway gas station offering redevelopment potential with a petroleum deed restriction.
Where is this gas station located?
The property is located at 1525 W Alexis Rd Toledo, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Former Speedway gas station built in 1970; Petroleum deed restriction in place (buyer to review deed restriction terms); Adjacent to GM Toledo Propulsion Systems (formerly GM Powertrain)
