Top-Floor Office Condo with
For Sale
$700,000
401 Adams St, Toledo, OH 43604
Pristine top-floor office condominium includes a rooftop terrace and secured entry with newer elevator and temperature control.
Property Size6,870 SF
Price / SF$101.89
Days on Market91
Property Features for 401 Adams St
General Information
Standard status
Active
Size
6,870 SF
Total Parking Spaces
5
Property subtype
Office
Zoning
CD
Building Details
Building Size
6,870 SF
Year Built
1920
Stories
3
Listing Agency:
Signature Associates - Toledo
Listed By:
Robert Mack
(419) 466-6225
Source:
Cpix.resimplifi
Added: Jun 5
Changed: Aug 8
Last Checked: Sep 2 at 1:24PM
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 Signature Associates - Toledo
Investment Insights
Based on property information with market context.
This pristine top-floor condominium presents as an office unit with a beautiful outside rooftop terrace. The property includes coded door entry and a secured bridge walkway with a video doorbell system. Major upgrades noted include a newer elevator car and a temperature-controlled elevator room, waterproofed windows for exterior areas, and newer sinks and countertops. The outside terrace features a newer wood plank floor. On the interior, the first-floor lobby area is exclusive to the third-floor condominium.
The unit was formerly used as a childcare center, and the declarations, bylaws, and related easement agreements are on file. The seller has also granted the adjacent condominium owner a Right of First Refusal on the sale of “Condo Unit 3.” That adjacent owner has 10 days upon receiving a bona fide third-party offer to either agree to purchase under the same terms or refuse to purchase the unit.
For reference, the property is located at 401 Adams St, Toledo, OH 43604.
The unit was formerly used as a childcare center, and the declarations, bylaws, and related easement agreements are on file. The seller has also granted the adjacent condominium owner a Right of First Refusal on the sale of “Condo Unit 3.” That adjacent owner has 10 days upon receiving a bona fide third-party offer to either agree to purchase under the same terms or refuse to purchase the unit.
For reference, the property is located at 401 Adams St, Toledo, OH 43604.
Key Highlights
- Top‑floor office condominium in a 1920‑built building with an outside rooftop terrace
- Coded door entry system plus secured bridge walkway with video doorbell system
- Newer elevator car and temperature control within the elevator room
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
$62,526
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
8.93%
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%
$1,250,520
$1.3M
Cap Rate 7%
$893,229
$893.2K
Cap Rate 9%
$694,733
$694.7K
Market Conditions
NOI Build-Up for 6,870 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
$103.1K $15.00/SF
− Vacancy
−$19.7K −$2.87/SF
EGI
$83.4K $12.14/SF
− OpEx
−$20.8K −$3.03/SF
NOI
$62.5K $9.10/SF
Area
Toledo, OH
Vacancy
19.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,250,520
Cap Rate 7%
$893,229
Cap Rate 9%
$694,733
Alternative Uses
Best Use
Office B
$893.2K
$781.6K – $1.04M
NOI $62,526 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$1.00M – $1.33M
NOI $80,033 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 43604, OH
9,248
Population
5,868
Households
1.6
Avg Household Size
35
Median Age
16%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
3,303
Density / Sq Mi
$18,980
Median Household Income
$27,457
Median Earnings
$499
Median Rent
$59,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Pristine top-floor office condominium includes a rooftop terrace and secured entry with newer elevator and temperature control.
Where is this office units located?
The property is located at 401 Adams St Toledo, OH.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Top‑floor office condominium in a 1920‑built building with an outside rooftop terrace; Coded door entry system plus secured bridge walkway with video doorbell system; Newer elevator car and temperature control within the elevator room
