Corner Lot Building For
For Sale
$295,000
7651 Central Avenue, Toledo, OH 43617
1,690 SF building on 1.38 acre corner lot.
Property Size1,690 SF
Lot Size1.38 Acres
Price / SF$174.56
Days on Market114
Property Features for 7651 Central Avenue
General Information
Standard status
Active
Size
1,690 SF
Lot size
1.38 Acres
Property subtype
Land
Listing Agency:
Miller Diversified
Listed By:
Chris Murphy · License #SAL.2022006382
(803) 477-2809
Source:
Millerdiversified
Added: May 14
Changed: Sep 4
Last Checked: Jun 26 at 8:01PM
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 Miller Diversified
Investment Insights
Based on property information with market context.
A 1,690 square foot building is available for sale on a 1.38 acre lot. The property is situated on a corner lot of Central Avenue, a busy four-lane highway with a center turn lane. Currently zoned residential, it falls within the Central Avenue Overlay District (20-MX), which permits a variety of residential and commercial uses. The location is 1.5 miles east of the I-475 entrance.
Key Highlights
- 1.38 acre corner lot on Central Ave
- Located in Central Avenue Overlay District (20‑MX) allowing for a variety of residential and commercial uses
- 1,690 SF building 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
$15,381
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
5.21%
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%
$307,620
$307.6K
Cap Rate 7%
$219,729
$219.7K
Cap Rate 9%
$170,900
$170.9K
Market Conditions
NOI Build-Up for 1,690 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
$25.4K $15.00/SF
− Vacancy
−$4.8K −$2.87/SF
EGI
$20.5K $12.14/SF
− OpEx
−$5.1K −$3.03/SF
NOI
$15.4K $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%
$307,620
Cap Rate 7%
$219,729
Cap Rate 9%
$170,900
Alternative Uses
Best Use
Office B
$219.7K
$192.3K – $256.4K
NOI $15,381 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$281.3K
$246.1K – $328.1K
NOI $19,688 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
371
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 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?
Office building - 1,690 SF building on 1.38 acre corner lot.
Where is this office building located?
The property is located at 7651 Central Avenue Toledo, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1.38 acre corner lot on Central Ave; Located in Central Avenue Overlay District (20‑MX) allowing for a variety of residential and commercial uses; 1,690 SF building included
