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    Regional Commercial Shell Space Title is generated by Realmo AI

    4221 W Alexis Rd, Toledo, OH 43613

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    New
    For Lease
    $7 SF/Yr $4,500/Mo (calc)

    Refreshed shell space on a high-visibility 4-lane corridor with ample parking and flexible buildout options.

    Type:Office
    Property size:
    7,200 SF
    Lot size:
    0.54 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 1:44 am

    Property Features for 4221 W Alexis Rd

    General Information

    Standard status
    Active
    Size
    7,200 SF
    Lot size
    0.54 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1972

    Spaces For Lease

    at 4221 W Alexis Rd Contact us

    We can help!

    Listing Contact
    Patrick West

    Listing agent Patrick West License #OH #SAL.2023003931

    Listing office SVN Ascension

    Listing date Jun 2, 2026

    Source Svn-acre

    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 SVN Ascension

    HighLights

    • 7,200 SF available for lease as two separate 3,600 SF condominium spaces
    • Refreshed in 2019 shell space built in 1972 with customizable interior for tenant buildout
    • 222 ft of frontage on Alexis Rd, a high‑traffic 4‑lane thoroughfare
    • Ample on‑site parking with 50+ spaces, with access from Malden Ave and Comet Ave
    • Regional Commercial (RC) zoning allowing retail, medical, or mixed‑use ventures
    • 0.538‑acre lot with signage opportunities for fascia and monument signage

    Overview

    This Class C property has been refreshed (2019) and is offered as a 7,200 SF shell space for lease. The layout is split into two 3,600 SF condominiums, providing the option to lease the full footprint or configure space for separate tenants. The exterior features 222 feet of frontage on Alexis Rd, and the property includes ample parking capacity with access points from Malden Ave and Comet Ave. Opportunities for fascia and monument signage are available to support branding.

    The site is positioned on a bustling 4-lane thoroughfare with strong visibility along Alexis Rd. The property is located on a 0.538-acre lot and sits between Talmadge Rd/I-475 and W Alexis Rd/US 23, placing it in a prime West Toledo corridor for prospective customers and patients.

    Zoned Regional Commercial, the space can support a range of concepts, including retail, medical, or mixed-use. For an operator looking to customize their presence, the shell condition and condominium flexibility offer practical control over layout, buildout, and branding elements, making it well suited for tenants seeking immediate occupancy with room to tailor improvements to their business needs.
    Location Intelligence

    Current Use by Public Records

    Magnet Notes Ltd Department Store Bay Accounting Accounting Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Wood
    State
    Ohio
    Longitude
    -83.6441505
    Latitude
    41.7201842

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    FAQs

    What type of property is this?
    Office units - Refreshed shell space on a high-visibility 4-lane corridor with ample parking and flexible buildout options.
    Where is this office units located?
    The property is located at 4221 W Alexis Rd Toledo, OH.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: 7,200 SF available for lease as two separate 3,600 SF condominium spaces; Refreshed in 2019 shell space built in 1972 with customizable interior for tenant buildout; 222 ft of frontage on Alexis Rd, a high‑traffic 4‑lane thoroughfare
    (734) 344-2317
    We can help!
    Listing Contact
    Patrick West
    Real Estate License ID: OH #SAL.2023003931
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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