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    3420 Meijer Dr Toledo, OH 43617
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    Property profile & analytics

    3420 Meijer Dr, Toledo, OH 43617

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    • Office Spaces
    • 34,000 SF
    • 2.12 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 3420 Meijer Dr

    Lot size
    2.12 lot acres
    Property type
    Office Spaces
    Property subtype
    Office Units

    Description

    This exceptional West Toledo office campus, located at 3420 Meijer Drive, offers a unique build-to-suit opportunity. The 2.12-acre site allows for a total reimagination of the proposed development, encompassing three buildings, each approximately 10,000 to 12,000 square feet, for a total of 34,000 square feet. The property is zoned C-4 and boasts a Class A designation. Flexible space options are available, ranging from a minimum of 5,000 contiguous square feet up to the entire 34,000 square feet. Ceiling heights vary from 8'6" to 12'0", catering to diverse office needs. The property is ideally suited for medical, creative, executive, or traditional office uses. A generous improvement allowance is included for qualified tenants. Ownership of the entire 2.12-acre site is also available. This prime location in Sylvania Twp., easily accessible from Granite Circle, presents an unparalleled opportunity for businesses seeking a modern and adaptable workspace. The property currently has three suites, but the build-to-suit option allows for significant customization. This is a rare chance to secure a prominent presence in a thriving West Toledo submarket.

    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
    -83.7153
    Latitude
    41.6746

    Comparable in this City

    • Value Estimation
      $1,165,000
      9,126 SF

      3348 Meijer Dr

      MEDICAL BUILDING
      3348 Meijer Dr, Toledo, OH 43617
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    • Value Estimation
      $4,625,000
      36,153 SF

      3330 Meijer Dr

      MEDICAL BUILDING
      3330 Meijer Dr, Toledo, OH 43617-3103
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    • Value Estimation
      $940,000
      7,339 SF

      7519 Covert Rd

      MEDICAL BUILDING
      7519 Covert Rd, Toledo, OH 43617
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    • Value Estimation by Request
      0.98 Acres

      3300 Meijer Dr

      MEDICAL BUILDING
      3300 Meijer Dr, Toledo, OH 43617-3103
      View Details
    • Value Estimation
      $725,000
      6,681 SF

      7053 Central Ave

      MEDICAL BUILDING
      7053 Central Ave, Toledo, OH 43617-1114
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    • Value Estimation by Request
      0.44 Acres

      7061 Central Ave

      MEDICAL BUILDING
      7061 Central Ave, Toledo, OH 43617-1114
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Office or Medical Build-to-Suit

      Office or medical space available for rent or purchase.
      3420-3460 Meijer Dr, Toledo, OH 43617
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      2,094 SF

      Sylvania Township Office For Sale

      2,094 SF office condo in Kings Pointe business park.
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      Corner Lot Building For Sale

      1,690 SF building on 1.38 acre corner lot.
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    • $3,738,937

      Class A Office Building

      Net leased office building in desirable business park.
      7311 Crossleigh Ct, Toledo, OH 43617
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    Similar Nearby for Lease

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      8,120 SF

      Office or Medical Space Available

      Up to 8,120 SF office or medical space for rent.
      3130 Central Park W, Toledo, OH 43617
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      Former Aquatic Therapy Clinic Space

      9,701 SF space suitable for medical or office use.
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      4,140 SF

      Professional Office Space Available

      Office space with multiple offices, conference rooms, and kitchen.
      3231 Central Park West, Toledo, OH 43617
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    • Contact for pricing

      Office Space Available For Rent

      Office space for rent at 7205 W. Central Avenue.
      7205 W Central Ave, Toledo, OH 43617
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    • Contact for pricing
      6,237 SF

      Raw Office Space For Rent

      5,391 SF unfinished office space with private entrance.
      3439 Granite Cir, Toledo, OH 43617
      View Details
    • Contact for pricing
      480 SF

      Sylvania Twp Office For Rent

      Office space available for rent in Sylvania Township.
      3230 Central Park West, Toledo, OH 43617
      View Details
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    Toledo, OH 43617
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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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