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

    3151 Central Ave Toledo, OH 43606-2923

    • Strip malls
    • 45,280 SF
    • 1.93 lot acres
    OFF-MARKET
    Value Estimations
    $2,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2093956
    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

    • Jamboree Music Festival / Hotel & Motel / Resort
    • Razelle Store Toledo / Electronics & Wireless Store
    • Hurst Firm / Law Firm

    Property Details for 3151 Central Ave

    Year built
    1960
    Lot size
    1.93 lot acres
    Property size
    45,280 SF
    Zone code
    10-CR
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    11-79831
    APU
    1179831

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,248,000
      Market price range: $1.30M - $4.79M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,195,000
      Current use
      MEDICAL BUILDING
      $3,355,000
      Change: +5% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,265,000
      Change: +2% Conversion: Difficult
      OFFICE BUILDING
      $2,870,000
      Change: -10% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $2,760,000
      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
    -83.6206
    Latitude
    41.6769
    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
    $73,681
    $110,600
    $663,460
    $774,060
    -
    $316,000
    $1,895,600
    $2,211,600

    Comparable in this City

    • Value Estimation
      $1,095,000
      42,520 SF

      3550 Executive Pkwy

      SHOPPING CENTER, STRIP CENTER • 42,520 SF
      3550 Executive Pkwy, Toledo, OH 43606-1379
      View Details
    • Value Estimation
      $705,000
      33,430 SF

      2725 Central Ave

      SHOPPING CENTER, STRIP CENTER • 33,430 SF
      2725 Central Ave, Toledo, OH 43606-3439
      View Details
    • Value Estimation
      $625,000
      8,760 SF

      Secor Rd

      SHOPPING CENTER, STRIP CENTER • 8,760 SF
      Secor Rd, Toledo, OH 43606
      View Details
    • Value Estimation
      $1,700,000
      106,609 SF

      3314 Secor Rd

      SHOPPING CENTER, STRIP CENTER • 106,609 SF
      3314 Secor Rd, Toledo, OH 43606-1517
      View Details
    • Value Estimation by Request
      31,900 SF

      2739 Central Ave

      SHOPPING CENTER, STRIP CENTER • 31,900 SF
      2739 Central Ave, Toledo, OH 43606
      View Details
    • Value Estimation
      $1,155,000
      15,580 SF

      3330 Central Ave

      SHOPPING CENTER, STRIP CENTER • 15,580 SF
      3330 Central Ave, Toledo, OH 43606-1411
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      31,234 SF

      Retail/Office Suites in Westgate Area

      Office or retail suites available in a retail strip center.
      3140 Secor Rd, Toledo, OH 43606
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    • $375,000
      3,160 SF

      Established Car Wash Business Opportunity

      Operating car wash with automatic and self-service bays for sale.
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    • $395,000
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      Toledo Warehouse Trio: Prime Location

      12,846 SF Multi-Tenant Warehouse
      3164 Bellevue Rd, Toledo, OH 43606
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    • Contact for pricing

      Westgate Condo with Prime Location

      Desirable 2-bed, 2-bath condo with parking and amenities.
      3010 W Central Ave, Toledo, OH 43606
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      Updated Condo with Garage Bays

      Move-in ready 3-bed, 2-bath condo with updated kitchen.
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      Redevelopment Land Near Ottawa Park

      2.143 acres of land eligible for CRA funds.
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    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Regional Shopping Center Space Available

      Retail space in a regional shopping center near University.
      3504 Secor Rd, Toledo, OH 43606
      View Details
    • Contact for pricing
      68,680 SF

      Secor Road Retail Space Available

      Toledo Shopping Center: Prime Retail Opportunity
      3420 Secor Rd, Toledo, OH 43606
      View Details
    • $16 SF/Yr
      31,234 SF

      Westgate Meadows Retail Space

      Toledo Retail Center: Lease Opportunity
      3140-3148 Secor Rd, Toledo, OH 43606
      View Details
    • $17 SF/Yr
      21,212 SF

      Retail Space in West Toledo

      5,000 SF retail space in busy shopping center.
      3324 Secor Rd, Toledo, OH 43606
      View Details
    • $16 SF/Yr
      6,400 SF

      Westgate Area Retail/Office Space

      Retail or office space with tenant improvement allowance available.
      3130-3156 Secor Rd, Toledo, OH 43606
      View Details
    • $15 SF/Yr
      40,000 SF

      Toledo Retail Center: Prime Westgate Location

      17 Suites, 1,700 SF Available, High Traffic
      3145 Central Ave, Toledo, OH 43606
      View Details
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    3151 Central Ave
    Toledo, OH 43606-2923
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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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