Six-Property NNN Commercial
For Sale
$4,900,000
319 South Detroit Avenue, Toledo, OH 43609
Fully occupied Midwest portfolio with single- and multi-tenant commercial buildings across Ohio and Michigan.
Property Size21,618 SF
Price / SF$226.56
Days on Market69
Property Features for 319 South Detroit Avenue
General Information
Standard status
Active
Size
21,618 SF
Property subtype
Retail - Street Retail
Occupancy
100%
Building Details
Building Size
21,618 SF
Buildings
6
Tenancy
Multi
Listing Agency:
SVN | Ascension Commercial Realty
(419) 351-4918
Listed By:
Mike Scannell · License #292744
Source:
Commercialcafe
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 30 at 1:14PM
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 SVN | Ascension Commercial Realty
Investment Insights
Based on property information with market context.
This six-building commercial portfolio totals 21,628 SF across Ohio and Michigan. The assets include five single-tenant buildings and one multi-tenant building, with all properties leased under NNN structures. PT Link is the primary tenant throughout the portfolio, and the leases include rent increases every two years.
The properties are distributed among Toledo, Fostoria, Carey, and New Carlisle in Ohio, plus Tecumseh and Monroe in Michigan. The portfolio includes assets in both primary and secondary markets, providing a multi-market ownership structure across Northwest Ohio and Southeast Michigan. One property is located at 319 South Detroit Avenue in Toledo, OH 43609.
The properties are distributed among Toledo, Fostoria, Carey, and New Carlisle in Ohio, plus Tecumseh and Monroe in Michigan. The portfolio includes assets in both primary and secondary markets, providing a multi-market ownership structure across Northwest Ohio and Southeast Michigan. One property is located at 319 South Detroit Avenue in Toledo, OH 43609.
Key Highlights
- Six‑property commercial portfolio totaling 21,628 SF
- 100% occupied across five single‑tenant and one multi‑tenant building
- All properties carry NNN lease structures
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
$141,009
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
2.88%
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%
$2,820,180
$2.8M
Cap Rate 7%
$2,014,414
$2.0M
Cap Rate 9%
$1,566,767
$1.6M
Market Conditions
NOI Build-Up for 21,628 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
$218.0K $10.08/SF
− Vacancy
−$16.6K −$0.77/SF
EGI
$201.4K $9.31/SF
− OpEx
−$60.4K −$2.79/SF
NOI
$141.0K $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%
$2,820,180
Cap Rate 7%
$2,014,414
Cap Rate 9%
$1,566,767
Alternative Uses
Best Use
Retail
$2.01M
$1.76M – $2.35M
NOI $141,009 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $251,958 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 43609, OH
20,519
Population
10,272
Households
2
Avg Household Size
34
Median Age
11%
College-Educated
79%
High-School Grad
4.8 sq mi
ZIP Area
4,275
Density / Sq Mi
$42,510
Median Household Income
$32,819
Median Earnings
$913
Median Rent
$58,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fully occupied Midwest portfolio with single- and multi-tenant commercial buildings across Ohio and Michigan.
Where is this nnn property located?
The property is located at 319 South Detroit Avenue Toledo, OH.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Six‑property commercial portfolio totaling 21,628 SF; 100% occupied across five single‑tenant and one multi‑tenant building; All properties carry NNN lease structures
