Mixed-Use Building With
For Sale
$3,895,000
23 N Summit St, Toledo, OH 43604
Four-level property combines event, office, and apartment space with separately metered utilities.
Property Size41,610 SF
Price / SF$93.61
Days on Market48
Property Features for 23 N Summit St
General Information
Standard status
Active
Size
41,610 SF
Property subtype
Special Purpose
Zoning
Downtown Commercial
Site & Location
Neighborhood
Joe Marck
Utilities to Site
Yes
Additional Details
Multifamily Units
14
Amenities
in-suite washer/dryer
key fob entrance
camera security
Building Details
Building Size
41,610 SF
Year Built
1917
Buildings
1
Listed By:
Doug Wright, CCIM · License #OH #BRKA.2001001738
(419) 276-1236
Source:
Svn-acre
Added: Sep 12
Changed: Oct 25
Last Checked: Oct 28 at 5:05AM
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 Doug Wright, CCIM
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Investment Insights
Based on property information with market context.
Built in 1917, this 41,610-square-foot downtown mixed-use property includes storage in the basement and four levels of commercial and residential space. The 8,322-square-foot first floor is configured as an event center with a commercial-grade kitchen, stage, and built-in service bar. The second floor contains nine offices with shared-space options. Floors three and four provide 14 apartments ranging from 805 to 1,182 square feet, each equipped with a refrigerator, stove, dishwasher, and in-suite washer/dryer. Apartment utilities are separately metered.
The property at 23 N Summit St is in Hensville, Toledo’s downtown entertainment district, near 5/3rd Field, Hensville Park, the Maumee River, and Toledo Metroparks. Huntington Center, Glass City Center, Promenade Park, restaurants, retail, apartments, and hotels are within walking distance. Downtown Commercial zoning supports a variety of uses, and the property is within the Downtown Toledo DORA. Tenants receive one municipal-lot parking space along Summit St, with key-fob entry and camera security.
The property at 23 N Summit St is in Hensville, Toledo’s downtown entertainment district, near 5/3rd Field, Hensville Park, the Maumee River, and Toledo Metroparks. Huntington Center, Glass City Center, Promenade Park, restaurants, retail, apartments, and hotels are within walking distance. Downtown Commercial zoning supports a variety of uses, and the property is within the Downtown Toledo DORA. Tenants receive one municipal-lot parking space along Summit St, with key-fob entry and camera security.
Key Highlights
- 41,610 SF mixed‑use building at 23 N Summit St, built in 1917
- 8,322 SF event center with commercial‑grade kitchen, stage, and built‑in service bar
- Second floor includes 9 offices with shared‑space options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$350,642
Cap Rate
9.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,012,840
$7.0M
Cap Rate 7%
$5,009,171
$5.0M
Cap Rate 9%
$3,896,022
$3.9M
Market Conditions
NOI Build-Up for 41,610 SF
Gross rent
$664.1K $15.96/SF
− Vacancy
−$26.6K −$0.64/SF
EGI
$637.5K $15.32/SF
− OpEx
−$286.9K −$6.89/SF
NOI
$350.6K $8.43/SF
Area
Toledo, OH
Vacancy
4.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,012,840
Cap Rate 7%
$5,009,171
Cap Rate 9%
$3,896,022
Alternative Uses
Best Use
Mixed Use
$5.22M
$4.56M – $6.09M
NOI $365,128 @ 7.0% cap · market cap 9.37%
Second Best
Apartment 5plus
$5.01M
$4.38M – $5.84M
NOI $350,642 @ 7.0% cap · market cap 9.00%
Theoretical Best
Office A
$6.92M
$6.06M – $8.08M
NOI $484,740 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,412
Businesses Nearby
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Business Placement
Demographics for 43604, OH
9,248
Population
5,868
Households
1.6
Avg Household Size
35
Median Age
16%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
3,303
Density / Sq Mi
$18,980
Median Household Income
$27,457
Median Earnings
$499
Median Rent
$59,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-level property combines event, office, and apartment space with separately metered utilities.
Where is this mixed-use property located?
The property is located at 23 N Summit St Toledo, OH.
What is the asking price?
The asking price for this property is $3,895,000.
What are key features of this property?
This property features: 41,610 SF mixed‑use building at 23 N Summit St, built in 1917; 8,322 SF event center with commercial‑grade kitchen, stage, and built‑in service bar; Second floor includes 9 offices with shared‑space options
