Building Details

Year Renovated 2021

Buildings 1

Stories 2

Listing Agency: Reichle | Klein Group Show Phone

Listed By: Ryan Miller · License #2011003129 Show Phone

Source: Moodyscre

Added: Dec 16, 2025 Changed: Oct 6 Last Checked: Oct 16 at 10:29AM

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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

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Investment Insights

Based on property information with market context.

This 4,600-square-foot mixed-use corner building places office space on the first floor and residential space above. The property includes a full basement and underwent renovations in 2019 and 2021. It is currently fully leased, providing an established occupancy profile for an owner-user or investor evaluating a mixed-use asset.

The building is located at 624 Adams Street in downtown Toledo, with both on-street parking and nearby surface-lot parking available. Financial information and a rent roll may be provided upon qualified request.

Key Highlights

• 4,600 square feet of mixed‑use space
• First‑floor office with second‑floor residential layout
• Full basement included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$41,866

Cap Rate

8.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$837,320 $837.3K

Cap Rate 7%

$598,086 $598.1K

Cap Rate 9%

$465,178 $465.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,600 SF

Gross rent

$69.0K $15.00/SF

− Vacancy

−$13.2K −$2.87/SF

EGI

$55.8K $12.14/SF

− OpEx

−$14.0K −$3.03/SF

NOI

$41.9K $9.10/SF

Area

Toledo, OH

Vacancy

19.10%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$837,320

Cap Rate 7%

$598,086

Cap Rate 9%

$465,178

Alternative Uses

Best Use

Office B

$598.1K

$523.3K – $697.8K (±1% cap)

NOI $41,866 @ 7.0% cap · market cap 8.39%

Second Best

Mixed Use

$576.6K

$504.6K – $672.8K (±1% cap)

NOI $40,365 @ 7.0% cap · market cap 8.09%

Theoretical Best

Office A

$765.5K

$669.9K – $893.1K (±1% cap)

NOI $53,588 @ 7.0% cap · market cap 10.74%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Ackerman Court Reporting ... Law Firm T-Bonds Llc Law Firm Ape Forge (Bike/Boat/Book/etc) Store Charles A Mc Kinney ... Law Firm Allstrado Group, LLC Marketing & Advertising

Suggested Use

Top Pick Real Estate Agency Building Supply Skin Care Clinic Spa & Massage Center Nail Salon Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

2,889

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully leased two-story property combines office and residential space with a full basement.

Where is this mixed-use property located?

The property is located at 624 Adams Street Toledo, OH.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: 4,600 square feet of mixed‑use space; First‑floor office with second‑floor residential layout; Full basement included