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 Market110
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: Aug 8
Last Checked: Aug 29 at 12:39AM
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 = 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
$115,966
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
7.05%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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).
