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    Property profile & analytics

    2450 Reynolds Rd Toledo, OH 43614

    • Retail space
    • 18,128 SF
    • 2.60 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-6058094
    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

    • Peacock Graphics / Marketing & Advertising / Advertising Agency
    • Rite Aid / Pharmacy
    • Dr. Munir Ahmad, MD / Pediatrician / Physician
    • Adas Mohammad MD / Physician
    • Reynolds Clinic / Medical Clinic

    Property Details for 2450 Reynolds Rd

    Year built
    2005
    Lot size
    2.60 lot acres
    Property size
    18,128 SF
    Zone code
    10-CR
    Property type
    Retail space
    APN
    20-01330
    APU
    2001330

    Description

    This exceptional 14,564 square foot former Rite Aid retail space in Toledo, Ohio, presents a compelling investment opportunity. Strategically located on the hard corner of S. Reynolds Road and Heatherdowns Boulevard, this single-tenant property benefits from a combined daily traffic count of 53,000 vehicles, ensuring high visibility and exposure. The property features a convenient drive-thru lane and two large pylon signs for optimal marketing. Its prime location offers direct access to I-80/90 (Ohio Turnpike), enhancing accessibility. The surrounding area boasts a strong retail presence, including national tenants such as Kroger, Goodwill, and a new 150,000 square foot Amazon delivery station, creating a synergistic environment with high consumer traffic. The 5-mile trade area encompasses a substantial population of 153,802 residents and 84,038 daytime employees, with an average household income of $91,426. Furthermore, the property's proximity to several large apartment complexes, including Alt Stone Bridge, The Woodlands, and Genesis Village, provides a readily available residential customer base. This property is situated in Lucas County, Ohio, with the address being 2450 S Reynolds Rd, Toledo, OH 43614.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,970,000
      6.5%
      $1,820,000
      7%
      $1,690,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,186,000
      Market price range: $533k - $2.19M
      AI Estimate
      $1,694,000
      Market price range: $686k - $1.69M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,175,000
      Current use
      RESTAURANT
      $2,860,000
      Change: +143% Conversion: Easy
      MEDICAL BUILDING
      $1,345,000
      Change: +14% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,310,000
      Change: +11% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,280,000
      Change: +9% Conversion: Moderate
      OFFICE BUILDING
      $1,150,000
      Change: -2% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.6654
    Latitude
    41.5955
    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
    $41,998
    $54,530
    $393,435
    $447,965
    -
    $155,800
    $1,124,100
    $1,279,900

    Comparable in this City

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      0.21 Acres

      2214 Tedrow Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.21 Acres
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      View Details
    • Value Estimation by Request
      1,437 SF

      1965 Byrne Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,437 SF
      1965 Byrne Rd, Toledo, OH 43614-3621
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    • Value Estimation by Request
      6,278 SF

      2164 Tedrow Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,278 SF
      2164 Tedrow Rd, Toledo, OH 43614-3800
      View Details
    • Value Estimation by Request
      1,288 SF

      4411 Heatherdowns Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,288 SF
      4411 Heatherdowns Blvd, Toledo, OH 43614-3114
      View Details
    • Value Estimation by Request
      6,300 SF

      1564 Byrne Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,300 SF
      1564 Byrne Rd, Toledo, OH 43614-3432
      View Details
    • Value Estimation by Request
      2,376 SF

      4342 Detroit Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,376 SF
      4342 Detroit Ave, Toledo, OH 43614-5367
      View Details

    Similar Nearby for Sale

    • $3,650,000
      15 SF

      New Construction Sheetz Fuel Store

      New construction Sheetz with 15-year absolute NNN ground lease.
      1950 S Reynolds Rd, Toledo, OH 43614
      View Details
    • $2,950,000
      14,564 SF

      Toledo Retail Property: Prime Location

      Former Rite Aid: Redevelopment Opportunity
      2450 Reynolds Rd, Toledo, OH 43614
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    • $500,000
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      Toledo Car Wash - $500K

      Profitable Car Wash, High Traffic Area
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      Turnkey Restaurant Business For Sale

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    Similar Nearby for Lease

    • $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
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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
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    • $6 SF/Yr
      3,000 SF

      Retail Spaces Available for Lease

      Retail spaces available immediately, tenant improvement allowance potential.
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    • $16 SF/Yr
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      Retail Space Near University

      Retail space available near University of Toledo Medical Center.
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    • $6 SF/Yr
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      South Toledo Retail/Industrial Space

      23,873 SF former grocery store suitable for retail/industrial use.
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    • 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
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    2450 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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