503-529 S Reynolds Rd Toledo, OH

This service-oriented retail center features 88% occupancy with long-term, tenured anchor tenants who have recently renewed their leases, offering potential upside with an 8.93% vacancy. Anchored by Safelite (Moody’s “Ba3”/S&P “BB-”) who just renewed for 5 years and a GSA lease for recruitment offices on a rare NNN lease. The property is offered at an attractive 8.00% CAP rate with a low $97/S.F. asking price. Located in a strong market, the area boasts average household incomes of over $93,500 within a 5-mile radius, providing direct access to a large population base of approximately 182,795+ people within 5 miles. The property is situated 3.5 miles from The University of Toledo, which has over 17,000 students, 2,200+ academic staff, and 4,000+ other employees, making it the third-largest employer in the region. Future NOI growth is anticipated through annual rental bumps for many tenants and the conversion of gross leases to NNN leases. The property benefits from convenient access along Reynolds Road, a main thoroughfare to the western part of Toledo, with a signalized intersection, highly visible signage, great frontage, and highway access. It is adjacent to I-475 (85,000+ VPD) and 3 miles from I-80/90. As the 4th largest city in the state, Toledo is positioned to serve commuters from surrounding suburbs and students from the University of Toledo. The service-oriented retailers ensure recession-resistant performance. The property contains 35,850 square feet.