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    Property profile & analytics

    3310 Secor Rd Toledo, OH 43606

    • Retail properties
    • 21,000 SF
    • 0.97 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 3310 Secor Rd

    Year built
    1965
    Lot size
    0.97 lot acres
    Property size
    21,000 SF
    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    Westgate Towne Center, located at 3310 Secor Rd, Toledo, OH 43606, offers prime office space for lease. This single-story, 21,000 square foot Class B building, renovated in 2023, sits on 0.97 acres and features seven suites, with 5,100 square feet currently available. Units range from a minimum of 1,802 square feet to a maximum contiguous space of 5,100 square feet. The property boasts 108 parking spaces and is conveniently located near Executive Pkwy in the West Toledo submarket, within the Westgate cluster. The building is zoned C-R and has a Lucas County APN of 18-26399. Property taxes are $1.49 per square foot. Built in 1965, the center benefits from its location at a traffic signal in a revitalized area, surrounded by strong anchors including Chick-fil-A, Home Depot, Big Lots, and several restaurants. This is a multi-tenant building with no elevators. The property offers a blend of creative and traditional office space options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.6227
    Latitude
    41.6811

    Comparable in this City

    • Value Estimation by Request
      40,000 SF

      3145 Central Ave

      Restaurants • 40,000 SF
      3145 Central Ave, Toledo, OH 43606
      View Details
    • Value Estimation by Request
      31,234 SF

      3140-3148 Secor Rd

      Neighborhood centers • 31,234 SF
      3140-3148 Secor Rd, Toledo, OH 43606
      View Details
    • Value Estimation by Request
      39,170 SF

      3350 Executive Pkwy

      Individual retail properties • 39,170 SF
      3350 Executive Pkwy, Toledo, OH 43606
      View Details
    • Value Estimation
      $320,000
      6.20 Acres

      3450 Central Ave

      DEPARTMENT STORE • 6.20 Acres
      3450 Central Ave, Toledo, OH 43606-1416
      View Details
    • Value Estimation
      $4,925,000
      142,560 SF

      3311 Secor Rd

      DEPARTMENT STORE • 142,560 SF
      3311 Secor Rd, Toledo, OH 43606-1518
      View Details
    • Value Estimation by Request
      21,750 SF

      3204 Central Ave

      Individual retail properties • 21,750 SF
      3204 Central Ave, Toledo, OH 43606
      View Details

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    • Contact for pricing
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      Retail/Office Suites in Westgate Area

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    Similar Nearby for Lease

    • $15 SF/Yr
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      Toledo Retail Center: Prime Westgate Location

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      Westgate Area Retail/Office Space

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      3130-3156 Secor Rd, Toledo, OH 43606
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      Westgate Meadows Retail Space

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      Executive Building Office Space Available

      Office spaces for lease in Toledo's Westgate area.
      3103 Executive Pkwy, Toledo, OH 43606
      View Details
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    3310 Secor Rd
    Toledo, OH 43606
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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
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