Westgate Condo with Prime
For Sale
$94,000
3010 W Central Avenue, Toledo, OH 43606
Desirable 2-bed, 2-bath condo with parking and amenities.
Property Size1,026 SF
Days on Market292
Property Features for 3010 W Central Avenue
General Information
Standard status
Active
Size
1,026 SF
Property subtype
Condominium
Amenities
Boiler
Central Air
Radiant
Dishwasher
Disposal
Dryer
Electric Oven
Electric Range
Electric Range Connection
Refrigerator
Washer
Pool, Sewer Connected, Electricity Connected, Natural Gas Connected, Shingles
Building Details
Building Size
1,026 SF
Year Built
1965
Stories
1
Listing Agency:
RE/MAX Masters
(419) 215-7474
Listed By:
Richard L. Snider · License #412689
(419) 215-7474
Source:
Kw
Added: Oct 22, 2025
Changed: Aug 8
Last Checked: Aug 8 at 11:16AM
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 RE/MAX Masters
Investment Insights
Based on property information with market context.
This desirable main-level corner unit is a 2-bed, 2-bath condo located in Carriage House West. The unit includes secure underground parking, an in-ground pool, separate storage, and in-unit laundry. Water and HVAC are included in the condo fee. The primary bedroom features a walk-in closet. All appliances are included. The property is situated in a Westgate location, close to the library, expressway, University of Toledo, ProMedica, parks, shopping, entertainment, and schools. The building includes a common meeting area and an elevator. The end unit offers natural light.
Key Highlights
- Desirable main level corner unit with abundant natural light
- Secure underground parking and in‑unit laundry
- Water and HVAC included in condo fee
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
$8,646
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
9.20%
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%
$172,920
$172.9K
Cap Rate 7%
$123,514
$123.5K
Cap Rate 9%
$96,067
$96.1K
Market Conditions
NOI Build-Up for 1,026 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
$16.4K $15.96/SF
− Vacancy
−$655 −$0.64/SF
EGI
$15.7K $15.32/SF
− OpEx
−$7.1K −$6.89/SF
NOI
$8.6K $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%
$172,920
Cap Rate 7%
$123,514
Cap Rate 9%
$96,067
Alternative Uses
Best Use
Apartment 5plus
$123.5K
$108.1K – $144.1K
NOI $8,646 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$170.7K
$149.4K – $199.2K
NOI $11,952 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 43606, OH
25,671
Population
11,700
Households
2.2
Avg Household Size
31
Median Age
42%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
3,949
Density / Sq Mi
$60,308
Median Household Income
$32,997
Median Earnings
$938
Median Rent
$165,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Desirable 2-bed, 2-bath condo with parking and amenities.
Where is this apartment building located?
The property is located at 3010 W Central Avenue Toledo, OH.
What is the asking price?
The asking price for this property is $94,000.
What are key features of this property?
This property features: Desirable main level corner unit with abundant natural light; Secure underground parking and in‑unit laundry; Water and HVAC included in condo fee
