Apartment Buildings Near
For Sale
$3,995,000
1119 & 1133 N Byrne Rd, Toledo, OH 43607
Seventeen-unit multifamily property with varied layouts and on-site parking near the University of Toledo.
Property Size43,277 SF
Lot Size3.76 Acres
Price / SF$92.31
Days on Market85
Property Features for 1119 & 1133 N Byrne Rd
General Information
Standard status
Active
Size
43,277 SF
Lot size
3.76 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
17
Amenities
picnic tables
fire pits
grills
on-site parking
security lighting
range
refrigerator
dishwasher
washer
dryer
garbage disposal
alarm system
Building Details
Building Size
43,277 SF
Year Built
2004
Listing Agency:
(419) 276-1236
Listed By:
Doug Wright, CCIM · License #OH #BRKA.2001001738
(419) 276-1236
Source:
Svn
Added: Jun 7
Changed: Aug 30
Last Checked: Aug 30 at 4:21AM
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 Doug Wright, CCIM
Investment Insights
Based on property information with market context.
Forest Creek Town Homes is a 43,277 SF multifamily complex on 3.76 acres, built in 2004. The property includes 17 units with 99 beds, along with a maintenance building. Unit sizes range from 2,600 SF to 2,700 SF, with layouts including three-bedroom/two-bath and six-bedroom configurations with 2.5 or 3.5 baths. Each unit includes a range, refrigerator, dishwasher, washer, dryer, garbage disposal, and alarm system.
The grounds include open green space, landscaped areas, a small creek, picnic tables, fire pits, and grills. On-site parking is supported by security lighting throughout the property. The complex is adjacent to the signalized intersection of N Byrne Rd and Dorr St, between the I-475/Dorr St interchange and downtown Toledo, and within walking distance of the University of Toledo. Reported VPD is 33,750 on Dorr St and 19,792 on N Byrne Rd, both recorded in 2025.
The grounds include open green space, landscaped areas, a small creek, picnic tables, fire pits, and grills. On-site parking is supported by security lighting throughout the property. The complex is adjacent to the signalized intersection of N Byrne Rd and Dorr St, between the I-475/Dorr St interchange and downtown Toledo, and within walking distance of the University of Toledo. Reported VPD is 33,750 on Dorr St and 19,792 on N Byrne Rd, both recorded in 2025.
Key Highlights
- 43,277 SF multifamily complex with 99 beds across 17 units plus a maintenance building
- 3.76‑acre property built in 2004
- Unit sizes range from 2,600 SF to 2,700 SF
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
$364,690
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
9.13%
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%
$7,293,800
$7.3M
Cap Rate 7%
$5,209,857
$5.2M
Cap Rate 9%
$4,052,111
$4.1M
Market Conditions
NOI Build-Up for 43,277 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
$690.7K $15.96/SF
− Vacancy
−$27.6K −$0.64/SF
EGI
$663.1K $15.32/SF
− OpEx
−$298.4K −$6.89/SF
NOI
$364.7K $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%
$7,293,800
Cap Rate 7%
$5,209,857
Cap Rate 9%
$4,052,111
Alternative Uses
Best Use
Apartment 5plus
$5.21M
$4.56M – $6.08M
NOI $364,690 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.20M
$6.30M – $8.40M
NOI $504,160 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 43607, OH
20,494
Population
10,568
Households
1.9
Avg Household Size
34
Median Age
22%
College-Educated
89%
High-School Grad
7.2 sq mi
ZIP Area
2,846
Density / Sq Mi
$37,442
Median Household Income
$23,208
Median Earnings
$881
Median Rent
$73,300
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 - Seventeen-unit multifamily property with varied layouts and on-site parking near the University of Toledo.
Where is this apartment building located?
The property is located at 1119 & 1133 N Byrne Rd Toledo, OH.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 43,277 SF multifamily complex with 99 beds across 17 units plus a maintenance building; 3.76‑acre property built in 2004; Unit sizes range from 2,600 SF to 2,700 SF
