Leased Medical Office
For Sale
Contact for pricing
4646 Nantuckett Drive, Toledo, OH 43623
20,371 SF medical/professional office building is 100% leased to four tenants with a long weighted average lease term.
Property Size20,371 SF
Price / SF$281.04
Days on Market68
Property Features for 4646 Nantuckett Drive
General Information
Standard status
Active
Size
20,371 SF
Class
A
Total Parking Spaces
110
Property subtype
Office
Zoning
C-R
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$419,978
Building Details
Year Built
2004
Year Renovated
2026
Buildings
1
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Equity Mill Real Estate
Listed By:
Jeremy Miller · License #OH BRKP.2016000379
(419) 450-6854
Source:
Crexi
Added: Jul 7
Changed: Sep 9
Last Checked: Sep 12 at 6:59AM
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 Equity Mill Real Estate
Investment Insights
Based on property information with market context.
Nantuckett Professional Plaza is a 20,371-square-foot, well-maintained medical/professional office property built between 2003 and 2014 and configured with approximately 92% medical office space. The tenant roster is comprised of four established medical and professional tenants, providing 100% occupancy. Harbor Light Oral & Maxillofacial Surgeons anchors the building with approximately 57% of the space under a recently executed 10-year triple-net lease extending through 2036.
Recent capital improvements include a new roof completed in 2026, along with ongoing maintenance and updates intended to support operating efficiency. The property also includes approximately 110 parking spaces on 2.72 acres.
The current lease profile reflects an approximately 7.9-year weighted average lease term, with limited near-term rollover exposure, as approximately 10% of rentable area expires prior to 2030. Additional tenants include The Toledo Clinic, Dental365, and Edward Jones, creating a diversified rent roll supported by long-term healthcare tenancy.
Recent capital improvements include a new roof completed in 2026, along with ongoing maintenance and updates intended to support operating efficiency. The property also includes approximately 110 parking spaces on 2.72 acres.
The current lease profile reflects an approximately 7.9-year weighted average lease term, with limited near-term rollover exposure, as approximately 10% of rentable area expires prior to 2030. Additional tenants include The Toledo Clinic, Dental365, and Edward Jones, creating a diversified rent roll supported by long-term healthcare tenancy.
Key Highlights
- 20,371 SF Class A medical/professional office building on 2.72 acres in a 100% leased, four‑tenant setup
- Approximately 7.9‑year weighted average lease term (WALT) with limited near‑term rollover—about 10% of rentable area expiring prior to 2030
- Harbor Light Oral & Maxillofacial Surgeons leases about 57% of the building under a new 10‑year triple‑net (NNN) lease through 2036
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
$188,913
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
3.30%
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%
$3,778,260
$3.8M
Cap Rate 7%
$2,698,757
$2.7M
Cap Rate 9%
$2,099,033
$2.1M
Market Conditions
NOI Build-Up for 20,371 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
$342.2K $16.80/SF
− Vacancy
−$27.4K −$1.34/SF
EGI
$314.9K $15.46/SF
− OpEx
−$125.9K −$6.18/SF
NOI
$188.9K $9.27/SF
Area
Toledo, OH
Vacancy
8.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
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%
$3,778,260
Cap Rate 7%
$2,698,757
Cap Rate 9%
$2,099,033
Alternative Uses
Best Use
Healthcare Medical
$2.70M
$2.36M – $3.15M
NOI $188,913 @ 7.0% cap · market cap 3.30%
Second Best
Office B
$2.65M
$2.32M – $3.09M
NOI $185,402 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$3.39M
$2.97M – $3.96M
NOI $237,314 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,076
Businesses Nearby
Balanced
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 20,371 SF medical/professional office building is 100% leased to four tenants with a long weighted average lease term.
Where is this medical office space located?
The property is located at 4646 Nantuckett Drive Toledo, OH.
What is the asking price?
The asking price for this property is $5,725,000.
What are key features of this property?
This property features: 20,371 SF Class A medical/professional office building on 2.72 acres in a 100% leased, four‑tenant setup; Approximately 7.9‑year weighted average lease term (WALT) with limited near‑term rollover—about 10% of rentable area expiring prior to 2030; Harbor Light Oral & Maxillofacial Surgeons leases about 57% of the building under a new 10‑year triple‑net (NNN) lease through 2036
