Brick Quadplex with
For Sale
Contact for pricing
3965 Hillandale Road, Toledo, OH 43606
The apartment layout combines two-bedroom homes, dens, and secured basement storage.
Property Size9,432 SF
Price / SF$98.07
Days on Market17
Property Features for 3965 Hillandale Road
General Information
Standard status
Active
Size
9,432 SF
Property subtype
Multifamily
Zoning
B-2 Multiple Dwelling District Village of Ottawa Hills
Investment Type
Owner/User
Units
Unit Mix
4 x 2BR/2BA with den
Multifamily Units
4
Amenities
secured storage
Building Details
Year Built
1967
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Construction
brick
Listing Agency:
Reichle | Klein Group
Listed By:
Tony Plath · License #OH 0000277590
Source:
Crexi
Added: Aug 19
Changed: Sep 2
Last Checked: Sep 3 at 8:43AM
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 9,432-square-foot quadplex contains four two-bedroom, two-bath apartments, each with a den. The all-brick building was completed in 1967 for its original owner by Cavalear Building Co. Each residence is paired with a 2+ car garage, while the clean, dry basement provides additional secured storage.
Located at 3965 Hillandale Road in Toledo, Ohio, the property carries B-2 Multiple Dwelling District zoning in the Village of Ottawa Hills. The configuration supports both owner-occupancy and multifamily investment use, with four similarly configured apartments and dedicated garage accommodations.
Located at 3965 Hillandale Road in Toledo, Ohio, the property carries B-2 Multiple Dwelling District zoning in the Village of Ottawa Hills. The configuration supports both owner-occupancy and multifamily investment use, with four similarly configured apartments and dedicated garage accommodations.
Key Highlights
- 9,432‑square‑foot all‑brick quadplex completed in 1967
- Four 2‑bedroom, 2‑bath apartments, each with a den
- Each tenant has a 2+ car garage
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
$79,482
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
8.59%
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%
$1,589,640
$1.6M
Cap Rate 7%
$1,135,457
$1.1M
Cap Rate 9%
$883,133
$883.1K
Market Conditions
NOI Build-Up for 9,432 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
$150.5K $15.96/SF
− Vacancy
−$6.0K −$0.64/SF
EGI
$144.5K $15.32/SF
− OpEx
−$65.0K −$6.89/SF
NOI
$79.5K $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%
$1,589,640
Cap Rate 7%
$1,135,457
Cap Rate 9%
$883,133
Alternative Uses
Best Use
Multifamily LT 5
$1.23M
$1.08M – $1.44M
NOI $86,126 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$1.14M
$993.5K – $1.32M
NOI $79,482 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,879 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
91
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?
Quadplex - The apartment layout combines two-bedroom homes, dens, and secured basement storage.
Where is this quadplex located?
The property is located at 3965 Hillandale Road Toledo, OH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 9,432‑square‑foot all‑brick quadplex completed in 1967; Four 2‑bedroom, 2‑bath apartments, each with a den; Each tenant has a 2+ car garage
