Building Details

Building Size 2,369 SF

Year Built 1970

Buildings 1

Stories 1

Listing Agency: Signature Associates - Toledo

Listed By: Joe Francis Show Phone

Source: Cpix.resimplifi

Added: May 30, 2023 Changed: Oct 8 Last Checked: Oct 20 at 5:21PM

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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.

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 / Yr

$18,038

Cap Rate

6.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$360,760 $360.8K

Cap Rate 7%

$257,686 $257.7K

Cap Rate 9%

$200,422 $200.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,369 SF

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 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 (±1% cap)

NOI $18,038 @ 7.0% cap · market cap 6.11%

Second Best

Retail

$220.6K

$193.1K – $257.4K (±1% cap)

NOI $15,445 @ 7.0% cap · market cap 5.24%

Theoretical Best

Office A

$394.3K

$345.0K – $460.0K (±1% cap)

NOI $27,598 @ 7.0% cap · market cap 9.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Taco Bell Restaurant

Suggested Use

Top Pick Law Firm Real Estate Agency Dental Office Hair Salon Spa & Massage Center Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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)