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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2429 Reynolds Rd Toledo, OH 43614

    • Apartment buildings
    • 160,811 SF
    • 10.84 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1004752
    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

    • Genesis Village / Retirement Community / Apartment Complex
    • Heroes In Action / Association / Organization

    Property Details for 2429 Reynolds Rd

    Year built
    1968
    Lot size
    10.84 lot acres
    Property size
    160,811 SF
    Zone code
    10-MX
    Property type
    Apartment buildings
    APN
    20-24991
    APU
    2024991

    Description

    This exceptional commercial land parcel, located at 2429 S Reynolds Rd in Toledo, Ohio (Lucas County, zip code 43614), presents a unique ground lease opportunity. Currently utilized as a parking lot, this property offers significant potential for various commercial ventures. The site boasts a prime location at the intersection of busy Heatherdowns Blvd and S Reynolds Road, experiencing over 16,000 vehicles daily. This high-traffic retail corridor benefits from a dense residential population and the proximity of a thriving independent living center, ensuring a consistent customer base. The strategic location also places the property near a major Amazon Fulfillment Center and Arrowhead Business Park, further enhancing its appeal and accessibility. The available land is adaptable to suit a range of business needs, offering flexibility for development. This is an excellent chance to establish a presence in a dynamic and rapidly growing area of Toledo. The property is offered as a ground lease. Interested parties should be prepared to explore the terms of a ground lease agreement with the owners of Genesis Retirement Village. The property's high visibility and convenient location make it an ideal investment for businesses seeking a strong foothold in a bustling commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,084,000
      Market price range: $6.27M - $11.1M
      AI Estimate
      $7,860,000
      Market price range: $4.08M - $7.86M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $8,315,000
      Current use
      MEDICAL BUILDING
      $11,910,000
      Change: +43% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $11,605,000
      Change: +40% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $11,340,000
      Change: +36% Conversion: Difficult
      RETAIL STORES
      $10,440,000
      Change: +26% Conversion: Difficult
      OFFICE BUILDING
      $10,190,000
      Change: +23% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $9,800,000
      Change: +18% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.6628
    Latitude
    41.5962
    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
    $256,538
    $733,530
    $2,059,400
    $2,792,930
    -
    $2,095,800
    $5,884,000
    $7,979,800

    Comparable in this City

    • Value Estimation
      $8,045,000
      363,176 SF

      1255 Byrne Rd

      APARTMENT HOUSE (5+ UNITS) • 363,176 SF
      1255 Byrne Rd, Toledo, OH 43614-2354
      View Details
    • Value Estimation by Request
      4,752 SF

      5652 Ryewyck Dr

      APARTMENT HOUSE (5+ UNITS) • 4,752 SF
      5652 Ryewyck Dr, Toledo, OH 43614-4537
      View Details
    • Value Estimation by Request
      6,864 SF

      5510 Heatherdowns Blvd

      APARTMENT HOUSE (5+ UNITS) • 6,864 SF
      5510 Heatherdowns Blvd, Toledo, OH 43614-4650
      View Details
    • Value Estimation
      $675,000
      23,808 SF

      2551 Heather Hls Rd

      APARTMENT HOUSE (5+ UNITS) • 23,808 SF
      2551 Heather Hls Rd, Toledo, OH 43614
      View Details
    • Value Estimation
      $680,000
      23,808 SF

      2550 Heather Hls Rd

      APARTMENT HOUSE (5+ UNITS) • 23,808 SF
      2550 Heather Hls Rd, Toledo, OH 43614-4777
      View Details
    • Value Estimation by Request
      3,350 SF

      3205 Dorian Ct

      APARTMENT HOUSE (5+ UNITS) • 3,350 SF
      3205 Dorian Ct, Toledo, OH 43614
      View Details

    Similar Nearby for Sale

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      Southwyck Blvd Redevelopment Opportunity

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      Spacious Townhome with Garage Parking

      Spacious townhome featuring a full basement and underground garage.
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      Glendale Avenue Duplex Investment Opportunity

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    Similar Nearby for Lease

    • $850 /Mo

      Meticulously Maintained Apartment Near Downtown

      Ground floor apartment with updated kitchen and ample storage.
      2222 Sherwood Ave, Toledo, OH 43614
      View Details
    • Contact for pricing
      276,533 SF

      Southland Shopping Center: Toledo, OH

      High-traffic retail space available. Toledo, Ohio prime location.
      1339 Byrne Rd, Toledo, OH 43614
      View Details
    • $12 SF/Yr
      5,010 SF

      Retail Suites Available for Lease

      Retail suites available with full basement for storage.
      2030-2040 S Byrne Rd, Toledo, OH 43614
      View Details
    • $12 SF/Yr
      2,480 SF

      Retail Space in Toledo Commons

      Retail space available in densely populated Toledo location.
      3043-3047 Glendale Ave, Toledo, OH 43614
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    • $13 SF/Yr
      60,042 SF

      Retail Space in Colonial Village

      Retail space for lease in South Toledo neighborhood center.
      4400 Heatherdowns Blvd, Toledo, OH 43614
      View Details
    • $12 SF/Yr
      20,160 SF

      Toledo Executive Office Space

      Prime Toledo office, 1,250 sq ft available.
      5330 Heatherdowns Blvd, Toledo, OH 43614
      View Details
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    2429 Reynolds Rd
    Toledo, OH 43614
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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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