10-Unit Brick Apartment
For Sale
$825,500
6601 Convent Blvd, Sylvania, OH 43560
Ranch-style multifamily property with private entrances and two-bedroom layouts in Sylvania.
Property Size7,527 SF
Price / SF$109.67
Days on Market21
Property Features for 6601 Convent Blvd
General Information
Standard status
Active
Size
7,527 SF
Property subtype
Residential Income
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Building Details
Construction
brick ranch
Listing Agency:
Howard Hanna
(419) 874-7958
Listed By:
Jill M. Perry
(419) 283-4300
Source:
Exprealty
Added: Aug 19
Changed: Sep 7
Last Checked: Sep 7 at 2:49PM
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 Howard Hanna
Investment Insights
Based on property information with market context.
This 10-unit apartment property is a single-story brick ranch with 7,527 square feet of building area. Each residence includes a kitchen with a storage closet, living room, two bedrooms, and one bathroom. Private front and rear entrances serve the units, with mail delivered directly to the doors.
The property is located at 6601 Convent Blvd in Sylvania, Ohio. Capital improvements include a complete roof tear-off completed less than 3 years ago. HVAC systems range from 3 to 8 years old, while water heaters range from 2 to 11 years old. Several units also feature newer flooring and interior updates.
The property is located at 6601 Convent Blvd in Sylvania, Ohio. Capital improvements include a complete roof tear-off completed less than 3 years ago. HVAC systems range from 3 to 8 years old, while water heaters range from 2 to 11 years old. Several units also feature newer flooring and interior updates.
Key Highlights
- 10‑unit apartment complex with 7,527 square feet
- All‑brick ranch‑style construction
- Each unit includes 2 bedrooms, a kitchen, living room, and bathroom
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
$52,959
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
6.42%
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%
$1,059,180
$1.1M
Cap Rate 7%
$756,557
$756.6K
Cap Rate 9%
$588,433
$588.4K
Market Conditions
NOI Build-Up for 7,527 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
$103.9K $13.80/SF
− Vacancy
−$7.6K −$1.01/SF
EGI
$96.3K $12.79/SF
− OpEx
−$43.3K −$5.76/SF
NOI
$53.0K $7.04/SF
Area
Lucas County, OH
Vacancy
7.30%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,059,180
Cap Rate 7%
$756,557
Cap Rate 9%
$588,433
Alternative Uses
Best Use
Apartment 5plus
$756.6K
$662.0K – $882.7K
NOI $52,959 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,432 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
Explore this area
Business Placement
Demographics for 43560, OH
34,204
Population
13,107
Households
2.6
Avg Household Size
42
Median Age
53%
College-Educated
98%
High-School Grad
21.2 sq mi
ZIP Area
1,613
Density / Sq Mi
$104,865
Median Household Income
$59,940
Median Earnings
$1,102
Median Rent
$262,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Ranch-style multifamily property with private entrances and two-bedroom layouts in Sylvania.
Where is this apartment building located?
The property is located at 6601 Convent Blvd Sylvania, OH.
What is the asking price?
The asking price for this property is $825,500.
What are key features of this property?
This property features: 10‑unit apartment complex with 7,527 square feet; All‑brick ranch‑style construction; Each unit includes 2 bedrooms, a kitchen, living room, and bathroom
