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    5860 Lewis Ave Toledo, OH 43612-4343

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    5860 Lewis Ave Toledo, OH 43612-4343

    View on Map
    • Community centers
    • 220,318 SF
    • 14.32 lot acres
    Off-Market
    Last Sale Jan 26, 2021
    Property ID
    US66-2951811
    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.
    Value Estimations
    $3,945,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dollar Tree / Grocery & Convenience Store / Food Market
    • Rainbow Shops / (Bike/Boat/Book/etc) Store / Cosmetic Store
    • Sell Your Stuff Toledo / Discount Store / (Bike/Boat/Book/etc) Store
    • Boost Mobile / Mobile Phone Store / Electronics & Wireless Store
    • Alexis Park Shopping Center / Shopping Center & Mall

    Property Details for 5860 Lewis Ave

    Year built
    1968
    Lot size
    14.32 lot acres
    Property size
    220,318 SF
    Zone code
    10-CRSO
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    23-30009
    APU
    2330009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,412,000
      Market price range: $4.41M - $14.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.5652
    Latitude
    41.7242
    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
    $100,110
    $261,905
    $754,180
    $1,016,085
    -
    $748,300
    $2,154,800
    $2,903,100

    Comparable in this City

    • Value Estimation
      $5,180,000
      110,231 SF

      833 Alexis Rd

      MINI-MALL • 110,231 SF
      833 Alexis Rd, Toledo, OH 43612-4303
      View Details
    • Value Estimation by Request
      19,520 SF

      309-337 Alexis Rd

      Lifestyle centers • 19,520 SF
      309-337 Alexis Rd, Toledo, OH 43612
      View Details
    • Value Estimation
      $8,720,000
      90,507 SF

      821 Alexis Rd

      MINI-MALL • 90,507 SF
      821 Alexis Rd, Toledo, OH 43612-4393
      View Details
    • Value Estimation
      $2,515,000
      105,654 SF

      817 Alexis Rd

      MINI-MALL • 105,654 SF
      817 Alexis Rd, Toledo, OH 43612-4303
      View Details
    • Value Estimation by Request
      4,772 SF

      3750 Jackman Rd

      SHOPPING CENTER, STRIP CENTER • 4,772 SF
      3750 Jackman Rd, Toledo, OH 43612-1047
      View Details
    • Value Estimation by Request
      4,202 SF

      717 Phillips Ave

      SHOPPING CENTER, STRIP CENTER • 4,202 SF
      717 Phillips Ave, Toledo, OH 43612-1332
      View Details

    Similar Nearby for Sale

    • $2,650,000

      Retail Building Anchored by Dollar Tree

      100% occupied, 4-tenant retail building for sale.
      920 W Alexis Rd, Toledo, OH 43612
      View Details
    • $325,000
      1,768 SF

      Freestanding Former Restaurant Building

      Freestanding 1,768 SF former restaurant building for sale.
      1641 W Sylvania Ave, Toledo, OH 43612
      View Details
    • $814,999

      New Mixed-Use Building For Sale

      100% occupied, newly constructed mixed-use building near Ohio/Michigan border.
      6195 Lewis Ave, Toledo, OH 43612
      View Details
    • Contact for pricing
      19,520 SF

      Retail Space For Sale

      Retail space available for purchase.
      309-337 Alexis Rd, Toledo, OH 43612
      View Details
    • $849,999
      1,666 SF

      Freestanding Building at Ohio/Michigan Border

      Freestanding building with retail and flex space for lease.
      6195 Lewis Ave, Toledo, OH 43612
      View Details
    • $399,000

      Freestanding Retail Building For Sale

      Single-tenant retail building with ample parking and signage.
      1131 W Alexis Rd, Toledo, OH 43612
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Retail Space in High-Traffic Center

      Retail space available in a highly trafficked community center.
      1633 West Laskey Rd, Toledo, OH 43612
      View Details
    • $8 SF/Yr
      13,000 SF

      Anchored Shopping Center Retail Space

      Retail space available in a super regional shopping center.
      817-851 W Alexis Rd, Toledo, OH 43612
      View Details
    • $13 SF/Yr
      6,591 SF

      Retail Space in Northstar Plaza

      Highly visible retail space with frontage on Alexis Rd.
      5733-5737 Lewis Ave, Toledo, OH 43612
      View Details
    • Contact for pricing

      Anchored Shopping Center Space Available

      Retail space for lease in a well-maintained shopping center.
      821 W Alexis Rd, Toledo, OH 43612
      View Details
    • Contact for pricing

      Two-Story Building in Five Points

      Two-story building suitable for financial services, retail, or office.
      1033 W Sylvania Ave, Toledo, OH 43612
      View Details
    • Contact for pricing

      Visible Retail Space in Northstar Plaza

      Retail space with high visibility and strong co-tenants.
      5737 Lewis Ave, Toledo, OH 43612
      View Details
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    5860 Lewis Ave
    Toledo, OH 43612-4343
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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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