Updated Condo with Garage
For Sale
$188,500
4057 Hillandale Road Ottawa, Toledo, OH 43606
Move-in ready 3-bed, 2-bath condo with updated kitchen.
Property Size1,883 SF
Days on Market329
Property Features for 4057 Hillandale Road Ottawa
General Information
Standard status
Active
Size
1,883 SF
Property subtype
Condominium
Amenities
Fireplace
Central Air
Forced Air
Natural Gas
Dishwasher
Water Heater
Dryer
Electric Range
Refrigerator
Washer
Shingles
Building Details
Building Size
1,883 SF
Year Built
1961
Stories
1
Listing Agency:
Citywide
(419) 865-8233
Listed By:
Colleen Shanahan · License #2015005657
(419) 865-8233
Source:
Kw
Added: Sep 15, 2025
Changed: Aug 8
Last Checked: Aug 8 at 11:27AM
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 Citywide
Investment Insights
Based on property information with market context.
This upper-level condo features tree-top views and offers character and space. The 3-bed, 2-bath unit is move-in ready, showcasing kitchen updates and new appliances. The living room includes a decorative fireplace, and there is a fully enclosed porch. The property includes two dedicated, private garage bays. A new furnace was installed in 2025, and the roof and attic insulation were updated in 2018. Additional storage is available in the basement. Water and cable are included in the fees. The location provides convenient access to shopping, dining, and metro parks.
Key Highlights
- 3‑bed, 2‑bath condo with tree‑top views
- Move‑in ready with updated kitchen and new appliances
- Two dedicated, private garage bays
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
$15,868
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
8.42%
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%
$317,360
$317.4K
Cap Rate 7%
$226,686
$226.7K
Cap Rate 9%
$176,311
$176.3K
Market Conditions
NOI Build-Up for 1,883 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 $15.96/SF
− Vacancy
−$1.2K −$0.64/SF
EGI
$28.9K $15.32/SF
− OpEx
−$13.0K −$6.89/SF
NOI
$15.9K $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%
$317,360
Cap Rate 7%
$226,686
Cap Rate 9%
$176,311
Alternative Uses
Best Use
Apartment 5plus
$226.7K
$198.4K – $264.5K
NOI $15,868 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$313.4K
$274.2K – $365.6K
NOI $21,936 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
98
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Move-in ready 3-bed, 2-bath condo with updated kitchen.
Where is this apartment building located?
The property is located at 4057 Hillandale Road Ottawa Toledo, OH.
What is the asking price?
The asking price for this property is $188,500.
What are key features of this property?
This property features: 3‑bed, 2‑bath condo with tree‑top views; Move‑in ready with updated kitchen and new appliances; Two dedicated, private garage bays
