Toledo Retail Center For
503-529 S Reynolds Rd, Toledo, OH
Service-oriented retail center with long-term tenants and upside potential.
Type:RETAIL
Property size:
35,850 SFLot size:
1.57 AcresPrice / SF:
$97/SF- Added:
- Oct 7, 2025
- Days on Market:
- 222
- Last Refresh:
- Apr 5 at 9:25 pm
Property Features for 503-529 S Reynolds Rd
General Information
- Standard status
- Active
- Size
- 35,850 SF
- Lot size
- 1.57 Acres
- Property subtype
- RETAIL
Listing agent Bob Havasi License #OH SAL.2006007277
Listing office Cooper Commercial Investment Group (216) 562-1981
Listing date Oct 7, 2025
Source Moodyscre
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 Cooper Commercial Investment Group
HighLights
- Anchored by Safelite (Moody’s “Ba3”/S&P “BB-”) with recent 5‑year renewal and GSA lease on NNN terms.
- Attractive 8.00% CAP rate with a low $97/S.F. asking price.
- High 88% occupancy rate with long‑term, tenured anchor tenants.
- Strong market demographics: Average household incomes over $93,500 and a large population base (182,795+) within 5 miles.
- Strategic location: Convenient access to Reynolds Road, adjacent to I‑475 (85,000+ VPD), and near I‑80/90.
- Proximity to the University of Toledo (17,000+ students) provides a consistent customer base.
Overview
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.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$2.60M
NOI $233,733 @ 9.00% cap · cautious / downside scenario
Moderate
$3.34M
NOI $233,733 @ 7.00% cap · market / base-case scenario
Aggressive
$4.67M
NOI $233,733 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $361.4k | $10.08 |
| − Vacancy | −$27.5k | −$0.77 |
| EGI | $333.9k | $9.31 |
| − OpEx | −$100.2k | −$2.79 |
| NOI | $233.7k | $6.52 |
35,850 SF · lease $10.08/SF/yr · vacancy 7.60% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$3.34M
$2.92M – $3.90M
NOI $233,733 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.97M
$5.22M – $6.96M
NOI $417,638 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Shopping centers
Similar Places Nearby
- Jesse James Plaza — Jesse James Plaza Shopping Center, 515 S Reynolds Rd, Toledo, OH 43615
- Coin Cloud Bitcoin ATM — 5255 Hill Ave, Toledo, OH 43615
- Reynolds and Hill Plaza — 5151 Hill Ave, Toledo, OH 43615
- Reynolds Shoppes — 538 S Reynolds Rd, Toledo, OH 43615
- Meadowbrook Plaza Shopping Center — Toledo, OH 43615
Location Insight
- Map
- Local Demand
- City
- Toledo
- County
- Wood
- State
- Ohio
- Longitude
- -83.664
- Latitude
- 41.631
Nearby Similar for Sale
FAQs
What type of property is this?
Shopping center - Service-oriented retail center with long-term tenants and upside potential.
Where is this shopping center located?
The property is located at 503-529 S Reynolds Rd Toledo, OH.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Anchored by Safelite (Moody’s “Ba3”/S&P “BB-”) with recent 5‑year renewal and GSA lease on NNN terms.; Attractive 8.00% CAP rate with a low $97/S.F. asking price.; High 88% occupancy rate with long‑term, tenured anchor tenants.
