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    Property profile & analytics

    923 Starr Ave Toledo, OH 43605

    • Retail space
    • 11,307 SF
    • 0.08 lot acres
    For Sale
    View listing
    $299,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1976582
    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

    • Boost Mobile / Cell Phone Store
    • Top Tax / Tax Preparation

    Property Details for 923 Starr Ave

    Year built
    1940
    Lot size
    0.08 lot acres
    Property size
    11,307 SF
    Zone code
    10-CS
    Property type
    Retail space
    APN
    06-03351
    APU
    603351

    Description

    This exceptional 7,538 square foot storefront property at 923 Starr Avenue in Toledo, Ohio, presents a compelling investment opportunity. Located at the hard corner of Starr Avenue and E. Broadway Street, this two-story multi-tenant building benefits from high visibility and convenient access. The property boasts approximately 11 on-site parking spaces, a significant advantage in this location. The first floor, encompassing 1,600 square feet, has recently undergone renovations and is currently leased to a CBD dispensary on a five-year lease renewed in December 2022, offering immediate income potential. This space is available as a turnkey operation for a similar user. The substantial second floor, measuring 3,750 square feet, is currently configured as event space but offers significant potential for conversion into office space or residential units. The building is situated within one mile of I-280, ensuring excellent accessibility and high traffic flow. The asking price for this value-add asset is $299,000, translating to a price per square foot of $39.67. This property is ideally positioned for investors seeking a strong return on investment in a thriving Toledo location, adjacent to established businesses like Davita Kidney Care and Dollar General. The property's versatility and prime location make it an attractive proposition for a variety of uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $312,000
      Market price range: $160k - $629k

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

    Location Insight

    • Map
    • Local Demand
    City
    Toledo
    County
    Lucas
    State
    Ohio
    Longitude
    -83.5161
    Latitude
    41.6437
    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
    $4,117
    $1,995
    $39,095
    $41,090
    -
    $5,700
    $111,700
    $117,400

    Comparable in this City

    • Value Estimation
      $290,000
      0.10 Acres

      417 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      417 Broadway St, Toledo, OH 43605
      View Details
    • Value Estimation
      $290,000
      0.10 Acres

      421 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 0.10 Acres
      421 Broadway St, Toledo, OH 43605
      View Details
    • Value Estimation
      $280,000
      0.08 Acres

      2203 Consaul St

      RETAIL STORES (PERSONAL SERVICES) • 0.08 Acres
      2203 Consaul St, Toledo, OH 43605-1414
      View Details
    • Value Estimation
      $275,000
      0.08 Acres

      2211 Consaul St

      RETAIL STORES (PERSONAL SERVICES) • 0.08 Acres
      2211 Consaul St, Toledo, OH 43605
      View Details
    • Value Estimation
      $300,000
      0.07 Acres

      213 Utah St

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      213 Utah St, Toledo, OH 43605-2243
      View Details
    • Value Estimation
      $280,000
      0.08 Acres

      155 Utah St

      RETAIL STORES (PERSONAL SERVICES) • 0.08 Acres
      155 Utah St, Toledo, OH 43605
      View Details

    Similar Nearby for Sale

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      Multi-Tenant Asset on Starr Avenue

      Two-story multi-tenant asset with on-site parking.
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      Toledo Storefront: Prime Retail Opportunity

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    Similar Nearby for Lease

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      Freestanding Flex Space with Showroom

      Freestanding flex space with showroom, restroom, and high ceilings.
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      Toledo Waterfront Retail Spaces

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      View Details
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    Toledo, OH 43605
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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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