Office Building For
For Sale
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7131 Spring Meadows W Dr, Holland, OH 43528
Office building with 15173 square feet available for sale.
Property Size15,173 SF
Price / SF$91.94
Days on Market1068
Property Features for 7131 Spring Meadows W Dr
General Information
Standard status
Active
Size
15,173 SF
Class
B
Total Parking Spaces
100
Property subtype
Office
Zoning
C-2
Building Details
Year Built
1999
Year Renovated
2020
Buildings
1
Stories
1
Units
3
Listing Agency:
Signature Associates Toledo
(419) 249-6323
Listed By:
Zack Liber · License #OH-2019006717
Source:
Crexi
Added: Sep 30, 2023
Changed: Aug 26
Last Checked: Aug 31 at 4:12AM
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
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 = 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
$125,473
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
8.99%
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%
$2,509,460
$2.5M
Cap Rate 7%
$1,792,471
$1.8M
Cap Rate 9%
$1,394,144
$1.4M
Market Conditions
NOI Build-Up for 15,173 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
$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 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%
$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
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
NOI $194,389 @ 7.0% cap · market cap 13.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
