Building Details

Building Size 1,216 SF

Year Built 1982

Buildings 1

Stories 1

Listing Agency: Signature Associates - Toledo

Listed By: Joe Francis Show Phone

Source: Cpix.resimplifi

Added: May 30, 2023 Changed: Oct 9 Last Checked: Oct 12 at 4:46PM

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Investment Insights

Based on property information with market context.

This commercial land offering is a former Speedway gas station site with a petroleum deed restriction in place. A No Further Action (NFA) is on file, providing an important environmental record for redevelopment review.

The property is positioned across from the new Toledo Trade Center, formerly Northtowne Mall, and approximately 2 miles from I-75. Its prior automotive fuel-service use and established commercial setting support consideration for future redevelopment, subject to applicable approvals and deed restrictions.

Key Highlights

• Former Speedway gas station redevelopment site
• Petroleum deed restriction remains in place
• No Further Action (NFA) on file

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,259

Cap Rate

4.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$185,180 $185.2K

Cap Rate 7%

$132,271 $132.3K

Cap Rate 9%

$102,878 $102.9K

Market Conditions

NOI Build-Up for 1,216 SF

Gross rent

$13.1K $10.80/SF

− Vacancy

−$788 −$0.65/SF

EGI

$12.3K $10.15/SF

− OpEx

−$3.1K −$2.54/SF

NOI

$9.3K $7.61/SF

Area

Toledo, OH

Vacancy

6.00%

Lease Rate

$10.80 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$185,180

Cap Rate 7%

$132,271

Cap Rate 9%

$102,878

Alternative Uses

Best Use

Specialty Retail

$132.3K

$115.7K – $154.3K (±1% cap)

NOI $9,259 @ 7.0% cap · market cap 4.12%

Second Best

Retail

$113.3K

$99.1K – $132.1K (±1% cap)

NOI $7,928 @ 7.0% cap · market cap 3.52%

Theoretical Best

Office A

$202.4K

$177.1K – $236.1K (±1% cap)

NOI $14,166 @ 7.0% cap · market cap 6.30%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Commercial land

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Dental Office Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

308

Businesses Nearby

46k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 64% Dining 30% Home Improvements & Furnishings 3% Hotels & Casinos 2%

BP Shops & Services

9,740 visits/mo 0.4 miles

Applebee's Dining

8,539 visits/mo 0.1 miles

Sunoco Shops & Services

7,118 visits/mo 0.5 miles

Dollar General Shops & Services

3,887 visits/mo 0.1 miles

SUBWAY Dining

3,761 visits/mo 0.1 miles

Demographics for 43612, OH

29,718

Population

13,409

Households

2.2

Avg Household Size

35

Median Age

13%

College-Educated

90%

High-School Grad

11.5 sq mi

ZIP Area

2,584

Density / Sq Mi

$50,484

Median Household Income

$33,770

Median Earnings

$976

Median Rent

$89,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this commercial land located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Commercial land - Former gas station site with a petroleum deed restriction and documented No Further Action status.

Where is this commercial land located?

The property is located at 246 E Alexis Rd Toledo, OH.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: Former Speedway gas station redevelopment site; Petroleum deed restriction remains in place; No Further Action (NFA) on file