Commercial Land Redevelopment
For Sale
$225,000
246 E Alexis Rd, Toledo, OH 43612
Former gas station site with a petroleum deed restriction and documented No Further Action status.
Property Size1,216 SF
Price / SF$185.03
Days on Market1189
Property Features for 246 E Alexis Rd
General Information
Standard status
Active
Size
1,216 SF
Property subtype
Retail
Zoning
CR
Building Details
Building Size
1,216 SF
Year Built
1982
Buildings
1
Stories
1
Listing Agency:
Signature Associates - Toledo
(419) 343-3650
Listed By:
Joe Francis
(419) 343-3650
Source:
Cpix.resimplifi
Added: May 30, 2023
Changed: Aug 29
Last Checked: Aug 29 at 2:57PM
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 commercial land offering is a former Speedway gas station site with a petroleum deed restriction in place. A No Further Action (NFA) is on file, providing an important environmental record for redevelopment review.
The property is positioned across from the new Toledo Trade Center, formerly Northtowne Mall, and approximately 2 miles from I-75. Its prior automotive fuel-service use and established commercial setting support consideration for future redevelopment, subject to applicable approvals and deed restrictions.
The property is positioned across from the new Toledo Trade Center, formerly Northtowne Mall, and approximately 2 miles from I-75. Its prior automotive fuel-service use and established commercial setting support consideration for future redevelopment, subject to applicable approvals and deed restrictions.
Key Highlights
- Former Speedway gas station redevelopment site
- Petroleum deed restriction remains in place
- No Further Action (NFA) on file
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
$9,259
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
4.12%
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%
$185,180
$185.2K
Cap Rate 7%
$132,271
$132.3K
Cap Rate 9%
$102,878
$102.9K
Market Conditions
NOI Build-Up for 1,216 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
$13.1K $10.80/SF
− Vacancy
−$788 −$0.65/SF
EGI
$12.3K $10.15/SF
− OpEx
−$3.1K −$2.54/SF
NOI
$9.3K $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%
$185,180
Cap Rate 7%
$132,271
Cap Rate 9%
$102,878
Alternative Uses
Best Use
Specialty Retail
$132.3K
$115.7K – $154.3K
NOI $9,259 @ 7.0% cap · market cap 4.12%
Second Best
Retail
$113.3K
$99.1K – $132.1K
NOI $7,928 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$202.4K
$177.1K – $236.1K
NOI $14,166 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
46k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 30%
Home Improvements & Furnishings 3%
Hotels & Casinos 2%
BP
Shops & Services
9,740 visits/mo
0.4 miles
Applebee's
Dining
8,539 visits/mo
0.1 miles
Sunoco
Shops & Services
7,118 visits/mo
0.5 miles
Dollar General
Shops & Services
3,887 visits/mo
0.1 miles
SUBWAY
Dining
3,761 visits/mo
0.1 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
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Frequently Asked Questions
What type of property is this?
Commercial land - Former gas station site with a petroleum deed restriction and documented No Further Action status.
Where is this commercial land located?
The property is located at 246 E Alexis Rd Toledo, OH.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Former Speedway gas station redevelopment site; Petroleum deed restriction remains in place; No Further Action (NFA) on file
