Full-Brick Duplex with
For Sale
$224,900
3203 Goddard Rd, Toledo, OH 43606
Separate utilities, basement amenities, and a detached garage support practical operation for both residential units.
Property Size2,218 SF
Price / SF$101.40
Days on Market24
Property Features for 3203 Goddard Rd
General Information
Standard status
Active
Size
2,218 SF
Property subtype
Residential Income
Listing Agency:
The Danberry Co.
(419) 283-7779
Listed By:
Rick S. Popiolek
(419) 283-7779
Source:
Exprealty
Added: Jul 29
Changed: Aug 21
Last Checked: Aug 21 at 1:02PM
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 The Danberry Co.
Investment Insights
Based on property information with market context.
Located at 3203 Goddard Rd in Toledo, this 2,218-square-foot full-brick duplex includes two residential units with separate front and rear entrances. Each unit has dedicated storage in the basement, while the lower unit also includes laundry access and kitchen appliances, a washer, dryer, and freezer. Separate utilities serve the units.
The property combines updated and well-maintained interior features, including new windows throughout, newer mechanical systems, new carpet in the lower unit, and hardwood flooring in the upper unit. A rear patio and detached 2-car garage add functional outdoor and parking-related amenities, with each unit assigned one side of the garage. The property is near a city park, university, hospital, schools, and expressway access.
The property combines updated and well-maintained interior features, including new windows throughout, newer mechanical systems, new carpet in the lower unit, and hardwood flooring in the upper unit. A rear patio and detached 2-car garage add functional outdoor and parking-related amenities, with each unit assigned one side of the garage. The property is near a city park, university, hospital, schools, and expressway access.
Key Highlights
- 2,218‑square‑foot full‑brick duplex
- Separate utilities for each unit
- Basement storage for both units with laundry facilities
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
$20,253
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
9.01%
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%
$405,060
$405.1K
Cap Rate 7%
$289,329
$289.3K
Cap Rate 9%
$225,033
$225.0K
Market Conditions
NOI Build-Up for 2,218 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
$30.1K $13.56/SF
− Vacancy
−$1.1K −$0.52/SF
EGI
$28.9K $13.04/SF
− OpEx
−$8.7K −$3.91/SF
NOI
$20.3K $9.13/SF
Area
Toledo, OH
Vacancy
3.80%
Lease Rate
$13.56 /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%
$405,060
Cap Rate 7%
$289,329
Cap Rate 9%
$225,033
Alternative Uses
Best Use
Multifamily LT 5
$289.3K
$253.2K – $337.6K
NOI $20,253 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$267.0K
$233.6K – $311.5K
NOI $18,691 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$369.1K
$323.0K – $430.7K
NOI $25,839 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
894
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?
Duplex - Separate utilities, basement amenities, and a detached garage support practical operation for both residential units.
Where is this duplex located?
The property is located at 3203 Goddard Rd Toledo, OH.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 2,218‑square‑foot full‑brick duplex; Separate utilities for each unit; Basement storage for both units with laundry facilities
