Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    23-Unit Multifamily Property in Maumee Title is generated by Realmo AI

    1624 Michigan Avenue, Maumee, OH 43537

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    23-unit multifamily property with stable rental income in Maumee, Ohio.

    Type:Multifamily
    Property size:
    16,482 SF
    Price / SF:
    $99/SF
    Added:
    May 13, 2026
    Days on Market:
    15
    Last Refresh:
    May 14 at 9:42 pm

    Property Features for 1624 Michigan Avenue

    General Information

    Standard status
    Active
    Size
    16,482 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1963

    We can help!

    Listing Contact
    Bruce Smenner

    Listing agent Bruce Smenner License #OH SAL.0000353617

    Listing office Danberry Realtors

    Listing date May 13, 2026

    Source Crexi

    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

    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).
    • Newer gable roofs across all buildings.
    • Attractive mix of one‑bedroom (17 units) and two‑bedroom (6 units) apartments.
    • Well‑maintained apartment complex.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $1.29M
    NOI $115,966 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.66M
    NOI $115,966 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.32M
    NOI $115,966 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $227.5k $13.80
    − Vacancy −$16.6k −$1.01
    EGI $210.8k $12.79
    − OpEx −$94.9k −$5.76
    NOI $116.0k $7.04
    16,482 SF · lease $13.80/SF/yr · vacancy 7.30% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.66M
    $1.45M – $1.93M (±1% cap)
    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 (±1% cap)
    NOI $211,159 @ 7.0% cap · market cap 12.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Maumee
    County
    Lucas
    State
    Ohio
    Longitude
    -83.6392536
    Latitude
    41.5888734

    Nearby Similar for Sale

    • $7,890,000

      Arrowhead Park Office Opportunity

      Office building on almost 10 acres in Arrowhead Park.
      1740 Indian Wood Cir, Maumee, OH 43537
      View Details
    • $4,728,400
      7,083 SF

      Carrabba's Italian Grill For Sale

      Freestanding restaurant on 3.22 acres with long-term NNN lease.
      3405 Briarfield Blvd, Maumee, OH 43537
      View Details
    • $895,000
      13,990 SF

      Maumee Industrial Property For Sale

      Industrial property with loading docks and overhead doors in Maumee.
      809-821 Ford St, Maumee, OH
      View Details
    • $1,450,000
      16,952 SF

      Freestanding Office Building For Sale

      16,952 SF office building with a 5,000 SF meeting room.
      1691 Woodlands Dr, Maumee, OH
      View Details
    • Contact for pricing
      3,200 SF

      Premier Office Building in Woodlands

      Office building with high-glass entry, wooded location, and parking.
      1701 Woodlands Drive, Maumee, OH 43537
      View Details
    • $975,000
      22,080 SF

      Toledo Office Building For Sale

      22,080 SF office building in Toledo, OH for sale.
      6056 Deer Park Ct, Maumee, OH
      View Details
    • $600,000

      Maumee Office Space Available

      Office space for sale in Maumee, Ohio.
      1615 Holland Rd, Maumee, OH
      View Details
    • $925,000
      12,222 SF

      Redevelopment Opportunity in Toledo, OH

      Spacious building suitable for multifamily redevelopment with scenic views.
      6048 Deer Park Ct, Maumee, OH
      View Details
    • Contact for pricing
      11,280 SF

      Uptown Maumee Mixed-Use Property

      Mixed-use property in Uptown Maumee with modern access.
      122 - 126 W Wayne St, Maumee, OH, 43537
      View Details
    • $3,500,000
      109,598 SF

      Class A Flex/Office Building

      Flex/Office building with multiple possible configurations for sale.
      1740 Indian Wood Circle, Maumee, OH 43537
      View Details
    • Contact for pricing

      Class-A Office Building Available

      Class-A office building with immediate availability in a wooded setting.
      1705 - 1715 Indian Wood Circle, Maumee, OH 43537
      View Details
    • Contact for pricing

      Office Property with Highway Access

      Office property with convenient access to major highways and amenities.
      1684 Woodlands Dr, Maumee, OH 43537
      View Details

    FAQs

    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).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bruce Smenner
    Real Estate License ID: OH SAL.0000353617
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1624 Michigan Avenue, Maumee, OH 43537
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!