Warehouse with Expansion
For Sale
Contact for pricing
5240 Heatherdowns Blvd, Toledo, OH 43614
Warehouse with high ceilings, partial mezzanine, and additional land for future expansion.
Property Size7,760 SF
Price / SF$110
Days on Market272
Property Features for 5240 Heatherdowns Blvd
General Information
Standard status
Active
Size
7,760 SF
Listing Agency:
Reichle | Klein Group
(419) 861-1100
Listed By:
Peter Shawaker · License #SAL.2020002257
(419) 794-3969
Source:
Moodyscre
Added: Dec 5, 2025
Changed: Aug 30
Last Checked: Sep 2 at 12:19AM
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 Reichle | Klein Group
Investment Insights
Based on property information with market context.
This 7,760-square-foot warehouse sits on a 1.19-acre parcel measuring 158 x 329 feet. The building offers 17-foot clearance to the joists and 19 feet to the ceiling, along with a partial mezzanine and a 10-foot overhead door. Electrical service is rated at 250 Amps, and the property includes 48 parking spaces.
The rear half of the parcel remains undeveloped, providing an expansion area within the existing property. The site is located one minute from the I-80/I-90 Turnpike and near Maumee's Arrowhead Park, which is associated with approximately 25,000 nearby white-collar jobs. The surrounding area has a dense population within a 3-mile radius and high traffic volume.
The rear half of the parcel remains undeveloped, providing an expansion area within the existing property. The site is located one minute from the I-80/I-90 Turnpike and near Maumee's Arrowhead Park, which is associated with approximately 25,000 nearby white-collar jobs. The surrounding area has a dense population within a 3-mile radius and high traffic volume.
Key Highlights
- 7,760‑square‑foot warehouse on 1.19 acres
- 17‑foot joist clearance and 19‑foot ceiling height
- Rear half of parcel remains undeveloped for expansion
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
$57,162
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
6.70%
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%
$1,143,240
$1.1M
Cap Rate 7%
$816,600
$816.6K
Cap Rate 9%
$635,133
$635.1K
Market Conditions
NOI Build-Up for 7,760 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
$69.8K $9.00/SF
− Vacancy
−$2.6K −$0.33/SF
EGI
$67.2K $8.67/SF
− OpEx
−$10.1K −$1.30/SF
NOI
$57.2K $7.37/SF
Area
Toledo, OH
Vacancy
3.71%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,143,240
Cap Rate 7%
$816,600
Cap Rate 9%
$635,133
Alternative Uses
Best Use
Warehouse
$816.6K
$714.5K – $952.7K
NOI $57,162 @ 7.0% cap · market cap 6.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,401 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 43614, OH
29,866
Population
14,651
Households
2
Avg Household Size
42
Median Age
32%
College-Educated
94%
High-School Grad
9.0 sq mi
ZIP Area
3,318
Density / Sq Mi
$57,253
Median Household Income
$38,463
Median Earnings
$887
Median Rent
$160,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse with high ceilings, partial mezzanine, and additional land for future expansion.
Where is this warehouse located?
The property is located at 5240 Heatherdowns Blvd Toledo, OH.
What is the asking price?
The asking price for this property is $853,600.
What are key features of this property?
This property features: 7,760‑square‑foot warehouse on 1.19 acres; 17‑foot joist clearance and 19‑foot ceiling height; Rear half of parcel remains undeveloped for expansion
