6-Unit Apartment
For Sale
$319,900
4857 Lewis Ave, Toledo, OH 43612
Multifamily property with updated plumbing, renovated kitchens, and tenant storage lockers.
Property Size2,880 SF
Price / SF$111.08
Days on Market114
Property Features for 4857 Lewis Ave
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Residential Income
Listing Agency:
The Danberry Co
(419) 872-2410
Listed By:
Alexander Friesner
(419) 356-7406
Source:
Exprealty
Added: May 18
Changed: Sep 8
Last Checked: Sep 7 at 7:32PM
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 The Danberry Co
Investment Insights
Based on property information with market context.
This 6-unit apartment property at 4857 Lewis Avenue in Toledo was built in 1929 and includes several long-term tenants. Improvements include updated plumbing, renovated kitchens, and attic storage lockers designated for tenant use.
The property has a boiler and window unit air conditioning, with appliances including gas ovens, gas ranges, refrigerators, washers, and dryers. Connected natural gas, electricity, water, and sewer services support the building, which also features a porch and asphalt exterior areas.
The property has a boiler and window unit air conditioning, with appliances including gas ovens, gas ranges, refrigerators, washers, and dryers. Connected natural gas, electricity, water, and sewer services support the building, which also features a porch and asphalt exterior areas.
Key Highlights
- 6‑unit multifamily property built in 1929
- Updated plumbing and multiple renovated kitchens
- Attic storage lockers available for tenant use
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
$24,269
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
7.59%
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%
$485,380
$485.4K
Cap Rate 7%
$346,700
$346.7K
Cap Rate 9%
$269,656
$269.7K
Market Conditions
NOI Build-Up for 2,880 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
$46.0K $15.96/SF
− Vacancy
−$1.8K −$0.64/SF
EGI
$44.1K $15.32/SF
− OpEx
−$19.9K −$6.89/SF
NOI
$24.3K $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%
$485,380
Cap Rate 7%
$346,700
Cap Rate 9%
$269,656
Alternative Uses
Best Use
Apartment 5plus
$346.7K
$303.4K – $404.5K
NOI $24,269 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.3K
$419.4K – $559.2K
NOI $33,551 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 43612, OH
29,718
Population
13,409
Households
2.2
Avg Household Size
35
Median Age
13%
College-Educated
90%
High-School Grad
11.5 sq mi
ZIP Area
2,584
Density / Sq Mi
$50,484
Median Household Income
$33,770
Median Earnings
$976
Median Rent
$89,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with updated plumbing, renovated kitchens, and tenant storage lockers.
Where is this apartment building located?
The property is located at 4857 Lewis Ave Toledo, OH.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 6‑unit multifamily property built in 1929; Updated plumbing and multiple renovated kitchens; Attic storage lockers available for tenant use
