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    Property profile & analytics

    2040 Ottawa River Rd Toledo, OH 43611

    • Strip malls
    • 11,372 SF
    • 1.19 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0131993
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Marco's Pizza / Restaurant
    • Verizon / Mobile Phone Store / Electronics & Wireless Store
    • Margie's Store / Home Decor Store / Department Store

    Property Details for 2040 Ottawa River Rd

    Year built
    1973
    Lot size
    1.19 lot acres
    Property size
    11,372 SF
    Zone code
    10-CR
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    22-78071
    APU
    2278071

    Description

    This 11,116 square foot retail shopping center presents a compelling investment opportunity in Toledo, Ohio. Located at 2040 Ottawa River Rd, 43611, this Class C, single-story building sits on a one-acre lot and boasts a strong tenant mix including Verizon Wireless, Marco's Pizza, and River Diner. The property currently enjoys 75% occupancy with three tenants and one vacant 6,000 square foot unit, offering significant value-add potential. The asking price is $1,250,000, translating to $112.45 per square foot. The Net Operating Income (NOI) is $34,814. Lease terms vary, with Verizon's lease expiring 10/31/2025 (with a 3-year option and 10% increase), Marco's Pizza's lease expiring 8/31/2026 (with two 5-year options and 2% annual increases), and River Diner's lease expiring 12/31/2027. The property benefits from high traffic counts (11,000+ vehicles daily) and strong demographics, with over 33,000 residents and 21,000 daytime employees within a three-mile radius. Average household income within one mile exceeds $64,000. The roof was replaced in 2021 and includes a transferable 20-year warranty. HVAC systems are relatively new or recently updated in Marco's Pizza and River Diner, and Verizon's HVAC was installed 4-5 years ago. Seller financing is available at 75% Loan-to-Value (LTV). This property offers a blend of stable income and significant upside potential for a savvy investor.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,165,000
      Market price range: $327k - $1.20M
      AI Estimate
      $629,000
      Market price range: $228k - $752k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $800,000
      Current use
      MEDICAL BUILDING
      $840,000
      Change: +5% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $820,000
      Change: +2% Conversion: Difficult
      RETAIL STORES
      $740,000
      Change: -8% Conversion: Easy
      OFFICE BUILDING
      $720,000
      Change: -10% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $695,000
      Change: -14% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.498
    Latitude
    41.708
    CBSA code
    45780
    CBSA name
    TOLEDO, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $24,255
    $19,355
    $232,155
    $251,510
    -
    $55,300
    $663,300
    $718,600

    Comparable in this City

    • Value Estimation
      $1,425,000
      17,868 SF

      Suder Ave

      SHOPPING CENTER, STRIP CENTER • 17,868 SF
      Suder Ave, Toledo, OH 43611
      View Details
    • Value Estimation by Request
      4,590 SF

      5105 Smt St

      SHOPPING CENTER, STRIP CENTER • 4,590 SF
      5105 Smt St, Toledo, OH 43611-2733
      View Details
    • Value Estimation by Request
      13,920 SF

      5017 Smt St

      SHOPPING CENTER, STRIP CENTER • 13,920 SF
      5017 Smt St, Toledo, OH 43611-2743
      View Details
    • Value Estimation by Request
      3,052 SF

      4872 Smt St

      SHOPPING CENTER, STRIP CENTER • 3,052 SF
      4872 Smt St, Toledo, OH 43611
      View Details
    • Value Estimation
      $780,000
      20,454 SF

      5235 Smt St

      SHOPPING CENTER, STRIP CENTER • 20,454 SF
      5235 Smt St, Toledo, OH 43611-2215
      View Details
    • Value Estimation
      $835,000
      32,656 SF

      5109 Suder Ave

      SHOPPING CENTER, STRIP CENTER • 32,656 SF
      5109 Suder Ave, Toledo, OH 43611
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,116 SF

      Toledo Retail Property For Sale

      Multi-tenant retail property in Toledo, OH with seller financing.
      2040 Ottawa River Rd, Toledo, OH 43611
      View Details
    • Contact for pricing
      8,800 SF

      Former Mechanic Shop in Toledo

      Freestanding retail space with showroom, storage, and service area.
      4852 N Summit St, Toledo, OH 43611
      View Details
    • $245,000
      0.68 Acres

      Finley Towne Center: Retail Opportunity

      Prime Finleyville Retail Space Available
      5962 Edgewater Dr, Toledo, OH 43611
      View Details
    • $1,345,000

      North Point Commons Apartments For Sale

      Multifamily apartment complex with renovated units and high traffic exposure.
      2929 N Summit St, Toledo, OH 43611
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Retail Space Near Kroger

      Retail space for lease in shadow retail center.
      4747 Suder Ave, Toledo, OH 43611
      View Details
    • $640 /Mo
      950 SF

      Retail Space with Frontage

      Retail space featuring excellent visibility and customer parking.
      5017 N Summit St, Toledo, OH 43611
      View Details
    • Contact for pricing
      23,661 SF

      Toledo Retail Space Available

      High-traffic retail space, ample parking.
      5235 Summit St, Toledo, OH 43611
      View Details
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    Toledo, OH 43611
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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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