Multi-Tenant Retail
For Sale
Contact for pricing
920 West Alexis Road, Toledo, OH 43612
Multi-tenant retail building anchored by Dollar Tree and Rainbow Shops, with multiple access points and pylon signage.
Property Size27,703 SF
Price / SF$92.95
Days on Market53
Property Features for 920 West Alexis Road
General Information
Standard status
Active
Size
27,703 SF
Property subtype
Retail
Zoning
CR - Regional Commercial
Occupancy
95%
Additional Details
Traffic Count
21,220 vehicles/day
Building Details
Year Built
1968
Year Renovated
2021
Tenancy
Multi
Listing Agency:
Reichle | Klein Group
(419) 861-1100
Listed By:
Duke Wheeler · License #OH 2002018621
Source:
Crexi
Added: Jun 30
Changed: Aug 17
Last Checked: Aug 18 at 9:45PM
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 for-sale retail building is configured as a four-tenant shopping center, currently described as 95% occupied. The property is anchored by Dollar Tree and Rainbow Shops, providing an established retail mix within a single storefront-style development.
The center is located on West Alexis Road, a major retail corridor serving North Toledo and Southeast Michigan. It offers multiple access points and pylon signage on two major roadways, supporting visibility to passing traffic. Traffic counts are provided for Alexis Rd and Lewis Ave (both 2024 figures).
With financial information available upon qualified request, the property is positioned for buyers seeking a retail asset with existing tenant occupancy and prominent road visibility. The surrounding trade area has seen notable recent and ongoing area development, including additions such as Ross Dress for Less, Five Below, Michaels, Hibbett Sports, Smoothie King, Cinnabon (2026), 7 Brew, and Dairy Queen Grill & Chill (2024-2025), along with major employers in the region. This combination of in-place anchors, storefront tenants, and corridor-level access can support a range of retail and service tenant needs consistent with an occupied neighborhood shopping center.
The center is located on West Alexis Road, a major retail corridor serving North Toledo and Southeast Michigan. It offers multiple access points and pylon signage on two major roadways, supporting visibility to passing traffic. Traffic counts are provided for Alexis Rd and Lewis Ave (both 2024 figures).
With financial information available upon qualified request, the property is positioned for buyers seeking a retail asset with existing tenant occupancy and prominent road visibility. The surrounding trade area has seen notable recent and ongoing area development, including additions such as Ross Dress for Less, Five Below, Michaels, Hibbett Sports, Smoothie King, Cinnabon (2026), 7 Brew, and Dairy Queen Grill & Chill (2024-2025), along with major employers in the region. This combination of in-place anchors, storefront tenants, and corridor-level access can support a range of retail and service tenant needs consistent with an occupied neighborhood shopping center.
Key Highlights
- 1968‑built, 4‑tenant retail building anchored by Dollar Tree and Rainbow Shops
- 95% occupied retail property with available units in a multi‑access shopping center
- Pylon signage on 2 major roadways and multiple access points along West Alexis Rd
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
$180,616
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
7.01%
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%
$3,612,320
$3.6M
Cap Rate 7%
$2,580,229
$2.6M
Cap Rate 9%
$2,006,844
$2.0M
Market Conditions
NOI Build-Up for 27,703 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
$279.2K $10.08/SF
− Vacancy
−$21.2K −$0.77/SF
EGI
$258.0K $9.31/SF
− OpEx
−$77.4K −$2.79/SF
NOI
$180.6K $6.52/SF
Area
Toledo, OH
Vacancy
7.60%
Lease Rate
$10.08 /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%
$3,612,320
Cap Rate 7%
$2,580,229
Cap Rate 9%
$2,006,844
Alternative Uses
Best Use
Retail
$2.58M
$2.26M – $3.01M
NOI $180,616 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,729 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,220 VPD
Traffic count
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
404k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 31%
Dining 21%
Superstores 17%
Home Improvements & Furnishings 13%
Target
Superstores
69,162 visits/mo
0.2 miles
Kroger
Groceries
46,982 visits/mo
0.2 miles
Michaels
Shops & Services
31,140 visits/mo
0.2 miles
McDonald's
Dining
28,773 visits/mo
0.1 miles
Lowe's
Home Improvements & Furnishings
26,906 visits/mo
0.3 miles
Demographics for 43612, OH
29,718
Population
13,409
Households
2.2
Avg Household Size
35
Median Age
13%
College-Educated
90%
High-School Grad
11.5 sq mi
ZIP Area
2,584
Density / Sq Mi
$50,484
Median Household Income
$33,770
Median Earnings
$976
Median Rent
$89,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- North Towne Commons — 851 W Alexis Rd, Toledo, OH 43612
- Coinstar Kiosk | Bitcoin ATM — Kroger - Columbus, 833 W Alexis Rd, Toledo, OH 43612
- Alexis Park Shopping Center — 5860 Lewis Ave, Toledo, OH 43612
Frequently Asked Questions
What type of property is this?
Shopping center - Multi-tenant retail building anchored by Dollar Tree and Rainbow Shops, with multiple access points and pylon signage.
Where is this shopping center located?
The property is located at 920 West Alexis Road Toledo, OH.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: 1968‑built, 4‑tenant retail building anchored by Dollar Tree and Rainbow Shops; 95% occupied retail property with available units in a multi‑access shopping center; Pylon signage on 2 major roadways and multiple access points along West Alexis Rd
