Renovated Mixed-Use Corner
For Sale
Contact for pricing
624 Adams Street, Toledo, OH 43604
Fully leased two-story property combines office and residential space with a full basement.
Property Size4,600 SF
Price / SF$112.83
Days on Market258
Property Features for 624 Adams Street
General Information
Standard status
Active
Size
4,600 SF
Property subtype
OFFICE
Occupancy
100%
Building Details
Year Renovated
2021
Buildings
1
Stories
2
Listing Agency:
Reichle | Klein Group
(419) 794-3961
Listed By:
Ryan Miller · License #2011003129
Source:
Moodyscre
Added: Dec 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:47AM
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 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.
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 = 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
$41,866
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
8.07%
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%
$837,320
$837.3K
Cap Rate 7%
$598,086
$598.1K
Cap Rate 9%
$465,178
$465.2K
Market Conditions
NOI Build-Up for 4,600 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
$69.0K $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 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%
$837,320
Cap Rate 7%
$598,086
Cap Rate 9%
$465,178
Alternative Uses
Best Use
Office B
$598.1K
$523.3K – $697.8K
NOI $41,866 @ 7.0% cap · market cap 8.07%
Second Best
Mixed Use
$576.6K
$504.6K – $672.8K
NOI $40,365 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$765.5K
$669.9K – $893.1K
NOI $53,588 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $519,000.
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
