Multi-Tenant Strip
For Sale
$975,000
2112 - 2134 N Reynolds Rd, Toledo, OH 43615
Retail property with established tenants and frontage along Reynolds Road.
Property Size11,200 SF
Price / SF$87.05
Days on Market40
Property Features for 2112 - 2134 N Reynolds Rd
General Information
Standard status
Active
Size
11,200 SF
Total Parking Spaces
28
Property subtype
Investment
Zoning
CR
Building Details
Building Size
11,200 SF
Year Built
1971
Stories
1
Tenancy
Multiple Tenants
Listing Agency:
Signature Associates - Toledo
(419) 367-4331
Listed By:
Zachary Liber
(419) 367-4331
Source:
Cpix.resimplifi
Added: Jul 10
Changed: Aug 16
Last Checked: Aug 18 at 4:19AM
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 Signature Associates - Toledo
Investment Insights
Based on property information with market context.
This strip mall contains 11,200 square feet of retail space and was constructed in 1971. The property is occupied by long-term tenants and is zoned CR, providing an established commercial configuration for retail use.
Located on N. Reynolds Road in Toledo, the center benefits from direct roadway exposure. Additional building specifications, a rent roll, and financial information are available to qualified parties subject to a completed confidentiality agreement.
Located on N. Reynolds Road in Toledo, the center benefits from direct roadway exposure. Additional building specifications, a rent roll, and financial information are available to qualified parties subject to a completed confidentiality agreement.
Key Highlights
- 11,200 SF strip mall property
- Long‑term tenant occupancy
- Located along N. Reynolds Road in Toledo, OH 43615
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
$73,021
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
7.49%
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%
$1,460,420
$1.5M
Cap Rate 7%
$1,043,157
$1.0M
Cap Rate 9%
$811,344
$811.3K
Market Conditions
NOI Build-Up for 11,200 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
$112.9K $10.08/SF
− Vacancy
−$8.6K −$0.77/SF
EGI
$104.3K $9.31/SF
− OpEx
−$31.3K −$2.79/SF
NOI
$73.0K $6.52/SF
Area
Toledo, OH
Vacancy
7.60%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
30.00%
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%
$1,460,420
Cap Rate 7%
$1,043,157
Cap Rate 9%
$811,344
Alternative Uses
Best Use
Retail
$1.04M
$912.8K – $1.22M
NOI $73,021 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,476 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 86%
Apparel 14%
Little Caesars Pizza
Dining
3,671 visits/mo
0.1 miles
Vito's Pizza & Subs
Dining
1,144 visits/mo
0.0 miles
Red Wing
Apparel
768 visits/mo
0.1 miles
Demographics for 43615, OH
39,449
Population
19,620
Households
2
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
16.5 sq mi
ZIP Area
2,391
Density / Sq Mi
$58,466
Median Household Income
$38,196
Median Earnings
$1,014
Median Rent
$137,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Retail property with established tenants and frontage along Reynolds Road.
Where is this strip mall located?
The property is located at 2112 - 2134 N Reynolds Rd Toledo, OH.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 11,200 SF strip mall property; Long‑term tenant occupancy; Located along N. Reynolds Road in Toledo, OH 43615
