23-Unit Multifamily Property in
For Sale
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1624 Michigan Avenue, Maumee, OH 43537
23-unit multifamily property with stable rental income in Maumee, Ohio.
Property Size16,482 SF
Price / SF$99.81
Days on Market156
Property Features for 1624 Michigan Avenue
General Information
Standard status
Active
Size
16,482 SF
Class
B
Property subtype
Multifamily
Investment Type
Stabilized
Building Details
Year Built
1963
Buildings
5
Stories
1
Units
23
Tenancy
Multi
Listing Agency:
Danberry Realtors
Listed By:
Bruce Smenner · License #OH SAL.0000353617
Source:
Crexi
Added: May 13
Changed: Oct 6
Last Checked: Oct 14 at 7:32PM
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 Danberry Realtors
Investment Insights
Based on property information with market context.
This is a 23-unit multifamily property located in Maumee, Ohio, featuring five brick ranch-style buildings constructed in 1963. The property includes 17 one-bedroom units of approximately 600 square feet and 6 two-bedroom units of approximately 800 square feet. All units feature separately metered gas forced air heating and central air conditioning. Stoves and refrigerators are included, and washer/dryer hookups are available in each unit, with some units providing the appliances. The property features newer gable roofs across all buildings. Located on Michigan Avenue with access via Heatherdowns to South on Eastgate, this well-maintained apartment complex offers stable rental income with utility bill-back programs in place. The property size is 16482 square feet.
Key Highlights
- Stable rental income with utility bill‑back programs in place.
- Separately metered gas forced air heating and central air conditioning in each unit.
- Washer/dryer hookups in each unit (some with appliances provided).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$115,966
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,319,320
$2.3M
Cap Rate 7%
$1,656,657
$1.7M
Cap Rate 9%
$1,288,511
$1.3M
Market Conditions
NOI Build-Up for 16,482 SF
Gross rent
$227.5K $13.80/SF
− Vacancy
−$16.6K −$1.01/SF
EGI
$210.8K $12.79/SF
− OpEx
−$94.9K −$5.76/SF
NOI
$116.0K $7.04/SF
Area
Lucas County, OH
Vacancy
7.30%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,319,320
Cap Rate 7%
$1,656,657
Cap Rate 9%
$1,288,511
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.45M – $1.93M
NOI $115,966 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.02M
$2.64M – $3.52M
NOI $211,159 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - 23-unit multifamily property with stable rental income in Maumee, Ohio.
Where is this apartment building located?
The property is located at 1624 Michigan Avenue Maumee, OH.
What is the asking price?
The asking price for this property is $1,645,000.
What are key features of this property?
This property features: Stable rental income with utility bill‑back programs in place.; Separately metered gas forced air heating and central air conditioning in each unit.; Washer/dryer hookups in each unit (some with appliances provided).
