Toledo Commercial Opportunity on
For Sale
Contact for pricing
551 Dorr St, Toledo, OH 43604
Highly visible commercial property near downtown and University of Toledo.
Property Size10,424 SF
Price / SF$139.01
Days on Market419
Property Features for 551 Dorr St
General Information
Standard status
Active
Size
10,424 SF
Class
C
Property subtype
Retail
Zoning
CR
Building Details
Year Built
1996
Listing Agency:
NAI Harmon Group
(419) 960-4410
Listed By:
Joshua D. Payzant · License #OH SAL.2016003142
Source:
Crexi
Added: Jun 19, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 NAI Harmon Group
Investment Insights
Based on property information with market context.
This property, situated in Toledo’s urban corridor, presents a commercial opportunity with high visibility. Located minutes from downtown Toledo and the University of Toledo campus, the site benefits from substantial daily traffic and accessibility. Its location near I-75 and I-475 enhances its connectivity. The property is positioned within a commercial and mixed-use zone, surrounded by retail businesses, service providers, and residential neighborhoods. The area is currently undergoing revitalization. The property, with its street frontage, is suitable for various commercial uses, including retail, office, medical, or mixed-use development. The property size is 10424 square feet.
Key Highlights
- Highly visible commercial property in Toledo's urban corridor
- Minutes from downtown Toledo and the University of Toledo
- Strong daily traffic counts and excellent accessibility
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
$96,668
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
6.67%
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%
$1,933,360
$1.9M
Cap Rate 7%
$1,380,971
$1.4M
Cap Rate 9%
$1,074,089
$1.1M
Market Conditions
NOI Build-Up for 10,424 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
$175.1K $16.80/SF
− Vacancy
−$14.0K −$1.34/SF
EGI
$161.1K $15.46/SF
− OpEx
−$64.4K −$6.18/SF
NOI
$96.7K $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%
$1,933,360
Cap Rate 7%
$1,380,971
Cap Rate 9%
$1,074,089
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.21M – $1.61M
NOI $96,668 @ 7.0% cap · market cap 6.67%
Second Best
Office B
$1.36M
$1.19M – $1.58M
NOI $94,871 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$1.73M
$1.52M – $2.02M
NOI $121,435 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 43604, OH
9,248
Population
5,868
Households
1.6
Avg Household Size
35
Median Age
16%
College-Educated
79%
High-School Grad
2.8 sq mi
ZIP Area
3,303
Density / Sq Mi
$18,980
Median Household Income
$27,457
Median Earnings
$499
Median Rent
$59,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Retail space - Highly visible commercial property near downtown and University of Toledo.
Where is this retail space located?
The property is located at 551 Dorr St Toledo, OH.
What is the asking price?
The asking price for this property is $1,449,000.
What are key features of this property?
This property features: Highly visible commercial property in Toledo's urban corridor; Minutes from downtown Toledo and the University of Toledo; Strong daily traffic counts and excellent accessibility
