Building Details

Year Built 1999

Year Renovated 2020

Buildings 1

Stories 1

Units 3

Listing Agency: Signature Associates Toledo

Listed By: Zack Liber · License #OH-2019006717 Show Phone

Source: Crexi

Added: Sep 30, 2023 Changed: Oct 3 Last Checked: Oct 14 at 7:38PM

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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 Signature Associates Toledo

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Investment Insights

Based on property information with market context.

This commercial real estate offering is an office building available for sale. The property encompasses a total area of 15173 square feet.

Key Highlights

• Built in 1999

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$125,473

Cap Rate

8.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,509,460 $2.5M

Cap Rate 7%

$1,792,471 $1.8M

Cap Rate 9%

$1,394,144 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 15,173 SF

Gross rent

$200.3K $13.20/SF

− Vacancy

−$33.0K −$2.17/SF

EGI

$167.3K $11.03/SF

− OpEx

−$41.8K −$2.76/SF

NOI

$125.5K $8.27/SF

Area

Lucas County, OH

Vacancy

16.47%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,509,460

Cap Rate 7%

$1,792,471

Cap Rate 9%

$1,394,144

Alternative Uses

Best Use

Office B

$1.79M

$1.57M – $2.09M (±1% cap)

NOI $125,473 @ 7.0% cap · market cap 8.99%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.78M

$2.43M – $3.24M (±1% cap)

NOI $194,389 @ 7.0% cap · market cap 13.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Location Intelligence

Trade Area within ½ mile

43

Businesses Nearby

Explore this area Business Placement

Demographics for 43528, OH

16,746

Population

6,946

Households

2.4

Avg Household Size

45

Median Age

35%

College-Educated

92%

High-School Grad

18.7 sq mi

ZIP Area

896

Density / Sq Mi

$92,188

Median Household Income

$44,014

Median Earnings

$1,030

Median Rent

$246,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Office building with 15173 square feet available for sale.

Where is this office building located?

The property is located at 7131 Spring Meadows W Dr Holland, OH.

What is the asking price?

The asking price for this property is $1,395,000.

What are key features of this property?

This property features: Built in 1999