Mixed-Use Building With
New
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 Market2
Property Features for 23 N Summit St
General Information
Standard status
Active
Size
41,610 SF
Property subtype
Special Purpose
Zoning
Downtown Commercial
Additional Details
Utilities to Site
Yes
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
Last Checked: Sep 13 at 8:17AM
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
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 = 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
$350,642
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
9.00%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,412
Businesses Nearby
Explore this area
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
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?
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
