West Toledo Retail/Office
For Sale
$3,000,000
4217 Talmadge Rd, Toledo, OH 43623
Two buildings on 2.18 acres in high-traffic retail corridor.
Property Size30,880 SF
Lot Size2.18 Acres
Price / SF$163.04
Days on Market156
Property Features for 4217 Talmadge Rd
General Information
Standard status
Active
Size
30,880 SF
Class
C
Lot size
2.18 Acres
Property subtype
Retail
Building Details
Building Size
30,880 SF
Year Built
1967
Listing Agency:
(419) 276-1236
Listed By:
Doug Wright, CCIM · License #OH #BRKA.2001001738
(419) 276-1236
Source:
Svn
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 Doug Wright, CCIM
Investment Insights
Based on property information with market context.
This commercial real estate offering features three parcels totaling 2.18 acres, improved with a 12,480 square foot retail/office building and an 18,400 square foot office building. The property is located in West Toledo, along the Talmadge Road retail corridor, a four-lane thoroughfare with a center turning lane situated between Monroe Street and West Sylvania Avenue. The location benefits from strong traffic flow and connectivity, with 16,517 vehicles per day on Talmadge Road, 27,438 VPD on Monroe Street, 18,910 VPD on West Sylvania Avenue, and 78,027 VPD on I-475. The property is located less than half a mile north of the I-475 entrance and across the street from the 1,326,000 square foot Franklin Park Mall, anchored by Dillard’s, JCPenney, and Dick’s Sporting Goods, which attracts over 7,000,000 annual visitors. The property has 629 feet of prime corner frontage, excellent visibility, monument signs, fascia signage, and ample on-site parking. All utilities are on site. The property is located within a Community Reinvestment Area, allowing for potential property tax exemptions on increased assessed value from renovation or new construction. The rear parcel has mixed zoning, CR & RS9 (Single dwelling residential).
Key Highlights
- Prime location in Talmadge Road retail corridor, offering high visibility.
- Two buildings totaling 30,880 SF on 2.18 acres.
- Directly across from Franklin Park Mall with over 7,000,000 annual visitors.
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
$167,463
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
5.58%
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%
$3,349,260
$3.3M
Cap Rate 7%
$2,392,329
$2.4M
Cap Rate 9%
$1,860,700
$1.9M
Market Conditions
NOI Build-Up for 18,400 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
$276.0K $15.00/SF
− Vacancy
−$52.7K −$2.87/SF
EGI
$223.3K $12.14/SF
− OpEx
−$55.8K −$3.03/SF
NOI
$167.5K $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%
$3,349,260
Cap Rate 7%
$2,392,329
Cap Rate 9%
$1,860,700
Alternative Uses
Best Use
Office B
$2.39M
$2.09M – $2.79M
NOI $167,463 @ 7.0% cap · market cap 5.58%
Second Best
Retail
$1.71M
$1.50M – $2.00M
NOI $119,963 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,353 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 43623, OH
20,320
Population
10,056
Households
2
Avg Household Size
43
Median Age
31%
College-Educated
93%
High-School Grad
6.7 sq mi
ZIP Area
3,033
Density / Sq Mi
$65,908
Median Household Income
$40,496
Median Earnings
$933
Median Rent
$167,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Retail space - Two buildings on 2.18 acres in high-traffic retail corridor.
Where is this retail space located?
The property is located at 4217 Talmadge Rd Toledo, OH.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Prime location in Talmadge Road retail corridor, offering high visibility.; Two buildings totaling 30,880 SF on 2.18 acres.; Directly across from Franklin Park Mall with over 7,000,000 annual visitors.
