Automotive Dealership and Service
For Sale
Contact for pricing
441 Spencer St, Toledo, OH 43609
Portfolio offering two automotive sites with fenced lots and commercial zoning, featuring dealership/showroom, retail, and service shop buildings.
Property Size30,000 SF
Price / SF$150
Days on Market208
Property Features for 441 Spencer St
General Information
Standard status
Active
Size
30,000 SF
Property subtype
RETAIL
Additional Details
Business Included
Yes
Fenced Yard
Yes
Building Details
Buildings
4
Listing Agency:
Hanna Commercial Real Estate | Ann Arbor
(734) 222-0418
Listed By:
David Mrachko · License #SAL.2012003123
(216) 214-1197
Source:
Moodyscre
Added: Feb 16
Changed: Sep 3
Last Checked: Sep 12 at 11:14AM
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 Hanna Commercial Real Estate | Ann Arbor
Investment Insights
Based on property information with market context.
This portfolio includes two separate automotive real estate locations, each comprised of multiple parcels that could not be merged due to differing directions of the parcels. The first site at 1020 N Reynolds Rd, Toledo, OH 43615 includes parcels including 1002 N Reynolds, 1020 N Reynolds, and 1024 N Reynolds, plus parcels at 5145 Ancil and 5141 Ancil. This location has two buildings: a 3,060 SF shop and a 2,644 SF retail building.
The second site at 441 Spencer St, Toledo, OH 43609 includes parcels listed as 441 Spencer St and multiple parcels on South Ave (1338, 1332, 1334, and 1356 South Ave). This site also has two buildings: a 7,680 SF dealership building with showroom/parts/service bays and a 2,663 SF shop. Both locations include fenced lots and are identified as having commercial zoning.
The second site at 441 Spencer St, Toledo, OH 43609 includes parcels listed as 441 Spencer St and multiple parcels on South Ave (1338, 1332, 1334, and 1356 South Ave). This site also has two buildings: a 7,680 SF dealership building with showroom/parts/service bays and a 2,663 SF shop. Both locations include fenced lots and are identified as having commercial zoning.
Key Highlights
- Two automotive locations in Toledo, OH, each with fenced lots and commercial zoning
- 1020 N Reynolds Rd site: 2 buildings totaling 3,060 SF shop and 2,644 SF retail building
- 1020 N Reynolds Rd parcels listed: 1002 N Reynolds, 1020 N Reynolds, 1024 N Reynolds, 5145 Ancil, and 5141 Ancil (approx. 1.2 acres total)
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
$195,592
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
4.35%
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%
$3,911,840
$3.9M
Cap Rate 7%
$2,794,171
$2.8M
Cap Rate 9%
$2,173,244
$2.2M
Market Conditions
NOI Build-Up for 30,000 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
$302.4K $10.08/SF
− Vacancy
−$23.0K −$0.77/SF
EGI
$279.4K $9.31/SF
− OpEx
−$83.8K −$2.79/SF
NOI
$195.6K $6.52/SF
Area
Toledo, OH
Vacancy
7.60%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
30.00%
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%
$3,911,840
Cap Rate 7%
$2,794,171
Cap Rate 9%
$2,173,244
Alternative Uses
Best Use
Retail
$2.79M
$2.44M – $3.26M
NOI $195,592 @ 7.0% cap · market cap 4.35%
Second Best
Industrial
$2.60M
$2.27M – $3.03M
NOI $181,988 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$4.99M
$4.37M – $5.82M
NOI $349,488 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
3k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Marco's Pizza
Dining
2,887 visits/mo
0.3 miles
Demographics for 43609, OH
20,519
Population
10,272
Households
2
Avg Household Size
34
Median Age
11%
College-Educated
79%
High-School Grad
4.8 sq mi
ZIP Area
4,275
Density / Sq Mi
$42,510
Median Household Income
$32,819
Median Earnings
$913
Median Rent
$58,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Auto shop - Portfolio offering two automotive sites with fenced lots and commercial zoning, featuring dealership/showroom, retail, and service shop buildings.
Where is this auto shop located?
The property is located at 441 Spencer St Toledo, OH.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Two automotive locations in Toledo, OH, each with fenced lots and commercial zoning; 1020 N Reynolds Rd site: 2 buildings totaling 3,060 SF shop and 2,644 SF retail building; 1020 N Reynolds Rd parcels listed: 1002 N Reynolds, 1020 N Reynolds, 1024 N Reynolds, 5145 Ancil, and 5141 Ancil (approx. 1.2 acres total)
