Neighborhood Shopping Center
For Sale
Contact for pricing
309-337 W Alexis Rd, Toledo, OH 43612
Established shopping center offered for sale with 100% occupancy and prominent frontage on W. Alexis Rd.
Property Size19,190 SF
Price / SF$83.12
Days on Market276
Property Features for 309-337 W Alexis Rd
General Information
Standard status
Active
Size
19,190 SF
Property subtype
RETAIL
Occupancy
100%
Site & Location
Traffic Count
20,377 vehicles/day
Road Access
Yes
Additional Details
Cap Rate
10%
Building Details
Tenancy
Multi
Listing Agency:
Reichle | Klein Group
(419) 861-1100
Listed By:
Joe Belinske · License #0000320016
(419) 367-1001
Source:
Moodyscre
Added: Dec 11, 2025
Changed: Sep 3
Last Checked: Sep 13 at 7:31AM
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 Reichle | Klein Group
Investment Insights
Based on property information with market context.
This established neighborhood shopping center is offered for sale with 100% occupancy. The property features multiple curb cuts for accessible site ingress and egress, along with strong street presence supported by 228' of frontage on W. Alexis Rd. and three pylon signs. According to the provided materials, actual NOI is $158,996 at a 10% cap rate.
The center is located on W. Alexis Rd., just east of Bennet Rd. and west of Telegraph Rd. Traffic counts are cited at 20,377 vpd on Alexis Rd., supporting ongoing retail visibility to passing vehicles. The ownership and unit-level improvements noted include new AC units in most units and a roof replacement completed in 2011.
Overall, the asset combines fully leased status with maintained building components and marked roadway exposure for a long-term neighborhood retail use.
The center is located on W. Alexis Rd., just east of Bennet Rd. and west of Telegraph Rd. Traffic counts are cited at 20,377 vpd on Alexis Rd., supporting ongoing retail visibility to passing vehicles. The ownership and unit-level improvements noted include new AC units in most units and a roof replacement completed in 2011.
Overall, the asset combines fully leased status with maintained building components and marked roadway exposure for a long-term neighborhood retail use.
Key Highlights
- Established neighborhood shopping center with 100% occupancy
- Actual NOI of $158,996 with a 10% cap rate
- Prominent W. Alexis Rd. frontage: 228' plus 3 pylon signs at the street
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
$125,114
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
7.84%
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%
$2,502,280
$2.5M
Cap Rate 7%
$1,787,343
$1.8M
Cap Rate 9%
$1,390,156
$1.4M
Market Conditions
NOI Build-Up for 19,190 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
$193.4K $10.08/SF
− Vacancy
−$14.7K −$0.77/SF
EGI
$178.7K $9.31/SF
− OpEx
−$53.6K −$2.79/SF
NOI
$125.1K $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%
$2,502,280
Cap Rate 7%
$1,787,343
Cap Rate 9%
$1,390,156
Alternative Uses
Best Use
Retail
$1.79M
$1.56M – $2.09M
NOI $125,114 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.73M
NOI $223,556 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
20,377 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
199k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 35%
Groceries 24%
Dining 20%
Shops & Services 16%
Target
Superstores
69,162 visits/mo
0.3 miles
Kroger
Groceries
46,982 visits/mo
0.5 miles
McDonald's
Dining
28,773 visits/mo
0.4 miles
Kroger Fuel Center
Shops & Services
17,481 visits/mo
0.5 miles
GameStop
Electronics
7,547 visits/mo
0.4 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Established shopping center offered for sale with 100% occupancy and prominent frontage on W. Alexis Rd.
Where is this shopping center located?
The property is located at 309-337 W Alexis Rd Toledo, OH.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Established neighborhood shopping center with 100% occupancy; Actual NOI of $158,996 with a 10% cap rate; Prominent W. Alexis Rd. frontage: 228' plus 3 pylon signs at the street
