2010 Arlington Ave Toledo, OH 43609-1978
- Apartment buildings
- 16,245 SF
- 0.77 lot acres
Jun 09, 2021
Current Use by Public Records
- Arlington Arms / Apartment Building
Property Details for 2010 Arlington Ave
- Year built
- 1968
- Lot size
- 0.77 lot acres
- Property size
- 16,245 SF
- Zone code
- 10-RM36
- Property type
- Apartment buildings
- APN
- 01-05705
- APU
- 105705
Description
This exceptional value-add multifamily investment opportunity presents a 24-unit apartment building located at 2010 Arlington Ave, Toledo, Ohio, 43609. The property, built in 1968, features a two-story building on a 0.77-acre lot, currently boasting 88% occupancy (as of June 18, 2024). All 24 units are one-bedroom, one-bathroom apartments, each approximately 550 square feet. Recent renovations include new hardwood-style flooring, appliances, boilers, water heaters, windows, and a digital lock system. The property includes on-site laundry facilities. Tenants are responsible for electricity and water, while the owner covers gas expenses. The asking price is $1,190,000, representing a price per unit of $49,583.33, with a current NOI of $90,660 and a pro-forma NOI of $98,986, yielding a 7.62% cap rate and a pro-forma cap rate of 8.32%. The property benefits from its convenient location, approximately five minutes from the University of Toledo campus and medical center, along with various dining options. Nearby amenities include golf courses, Southland Plaza, Toledo Commons, and Woodsdale Park (home to the Toledo Zoo). The property is zoned for multifamily use and offers significant potential for increased profitability through further rent optimization. This fee-simple ownership presents a compelling investment opportunity in a desirable Toledo location.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $580,000
- ML approach
- $490,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,014,000
Market price range: $364k - $1.01M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $685,000 Current use
- MEDICAL BUILDING
- $1,205,000 Change: +75% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $1,170,000 Change: +71% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $1,145,000 Change: +67% Conversion: Difficult
- RETAIL STORES
- $1,055,000 Change: +54% Conversion: Difficult
- OFFICE BUILDING
- $1,030,000 Change: +50% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $990,000 Change: +44% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Toledo
- County
- Lucas
- State
- Ohio
- Longitude
- -83.5918
- Latitude
- 41.6237
- CBSA code
- 45780
- CBSA name
- TOLEDO, OH METROPOLITAN STATISTICAL AREA
