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    151 Michigan St Toledo, OH 43604

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    For Lease
    Contact for pricing

    Prime Downtown Toledo Office Space

    Lot size:
    60,269 SF

    Property Features for 151 Michigan St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    60,269 SF
    Total Rate
    47712.96

    Building Details

    Year Built
    1897
    Stories
    3

    Spaces For Lease

    at 151 Michigan St, Toledo, OH 43604 Contact us
    Unit Available Space 3

    $9 /Mo

    Size
    500 SF
    Contact us
    Unit Available Space 2

    $9 /Mo

    Size
    10,000 SF
    Contact us
    Unit Available Space 1

    $14 /Mo

    Size
    1,800 SF
    Contact us

    We can help!

    Listing Contact
    Aaron Wiens
    Aaron Wiens

    Listing Agent: Aaron Wiens

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    The Davis Building, a three-story, 60,269 square foot mixed-use property at 151 N Michigan St, Toledo, OH 43604, offers a unique blend of creative, traditional, and medical office spaces, along with retail and restaurant opportunities. Built in 1897, this historic building boasts a prime location in Toledo's Central Business District, equidistant from uptown and downtown, ensuring easy access for customers citywide. The building features 103 parking spaces—a rare amenity in this area—and elevators for convenient access to all three floors. With a maximum contiguous space of 5,000 square feet, the building currently houses a diverse mix of tenants including MidWest Kids, iDance Adaptive Performing Arts Center, Belle Amour Bridal, Salon Onyx, Erie Laser Ink, WS Design, and Leaf and Seed Cafe. Its CD zoning allows for a variety of uses. The building's central location provides excellent visibility and accessibility, with convenient access to I-75 and the Anthony Wayne Trail, ensuring high traffic exposure. This is an exceptional opportunity to secure a prominent presence in Toledo's vibrant arts and entertainment hub.
    Property Profile Location Intelligence

    Current Use by Public Records

    Audiomatrix Recording Studios Recording Studio Mike Shepherd Voiceover Media Distribution The Nail Boss Nail Salon City Forest of Toledo Apartment Building The Davis Building Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.5411876
    Latitude
    41.6521836

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    FAQs

    What type of property is this?
    Restaurant - Prime Downtown Toledo Office Space
    Where is this restaurant located?
    The property is located at 151 Michigan St Toledo, OH.
    What is the lease rate?
    The lease rate is $9-$14 SF/Yr.
    What are key features of this property?
    This property features: Three-story, 60,269 square foot mixed-use building in Toledo, OH.; Prime location in Toledo's Central Business District, equidistant from uptown and downtown.; 103 parking spaces and elevators.
    (734) 777-0490 Call to check price and availability
    Request Owner's contact information
    151 Michigan St Toledo, OH 43604
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    Toledo, OH 43604
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    151 Michigan St Toledo, OH 43604
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    Contact for Pricing
    Please call us for current price
    and status of this listing Aaron Wiens
    Aaron Wiens
    Real Estate License ID: 6504386409
    (734) 777-0490
    Learn more
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