Duplex With Detached
For Sale
$287,000
6823 Woodlake Dr, Toledo, OH 43617
Townhouse-style units offer private rear decks, basement laundry hookups, and separate detached garages.
Property Size1,960 SF
Price / SF$146.43
Days on Market14
Property Features for 6823 Woodlake Dr
General Information
Standard status
Active
Size
1,960 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
rear deck
washer/dryer hook-ups
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Rylan Realty Group Ltd
(419) 704-4389
Listed By:
Ryan Phillips
(419) 704-4389
Source:
Exprealty
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 11 at 6:31AM
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 Rylan Realty Group Ltd
Investment Insights
Based on property information with market context.
This 1,960-square-foot duplex in Toledo includes two townhouse-style residences with distinct layouts. One unit has three bedrooms and two bathrooms, while the other provides two bedrooms and two bathrooms. Interior finishes include carpet and laminate flooring; one residence has a dining room and the other features an eat-in kitchen. Each unit also includes basement washer and dryer hookups and access to a large rear deck.
The property includes detached two-car garages for both units and received a new roof in 2025. Both residences are currently tenant occupied. The duplex is located in the Sylvania Schools district at 6823 Woodlake Dr.
The property includes detached two-car garages for both units and received a new roof in 2025. Both residences are currently tenant occupied. The duplex is located in the Sylvania Schools district at 6823 Woodlake Dr.
Key Highlights
- Two‑unit duplex with one 3 bed 2 bath residence and one 2 bed 2 bath residence
- Detached 2 car garage assigned to each unit
- New roof installed in 2025
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
$17,897
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
6.24%
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%
$357,940
$357.9K
Cap Rate 7%
$255,671
$255.7K
Cap Rate 9%
$198,856
$198.9K
Market Conditions
NOI Build-Up for 1,960 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
$26.6K $13.56/SF
− Vacancy
−$1.0K −$0.52/SF
EGI
$25.6K $13.04/SF
− OpEx
−$7.7K −$3.91/SF
NOI
$17.9K $9.13/SF
Area
Toledo, OH
Vacancy
3.80%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$357,940
Cap Rate 7%
$255,671
Cap Rate 9%
$198,856
Alternative Uses
Best Use
Multifamily LT 5
$255.7K
$223.7K – $298.3K
NOI $17,897 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$236.0K
$206.5K – $275.3K
NOI $16,517 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$326.2K
$285.4K – $380.6K
NOI $22,833 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 43617, OH
7,659
Population
3,248
Households
2.4
Avg Household Size
44
Median Age
51%
College-Educated
97%
High-School Grad
5.2 sq mi
ZIP Area
1,473
Density / Sq Mi
$131,935
Median Household Income
$61,927
Median Earnings
$1,145
Median Rent
$271,900
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?
Duplex - Townhouse-style units offer private rear decks, basement laundry hookups, and separate detached garages.
Where is this duplex located?
The property is located at 6823 Woodlake Dr Toledo, OH.
What is the asking price?
The asking price for this property is $287,000.
What are key features of this property?
This property features: Two‑unit duplex with one 3 bed 2 bath residence and one 2 bed 2 bath residence; Detached 2 car garage assigned to each unit; New roof installed in 2025
