5057 Lewis AveToledo, OH 43612

Property Details for 5057 Lewis Ave

Year built

1953

Lot size

1.27 AC

Property size (Sq ft)

20,420 SF

Zone code

10-CR

Property type

Outlet malls

APN

09-81087

APU

981087

Description

This 20,120-square-foot vacant flex space at 5057 Lewis Avenue in Toledo, Ohio, presents a compelling redevelopment opportunity. The Class A industrial property, built in 1953, sits on a 1.269-acre lot with four street frontages, offering excellent visibility and accessibility. Currently zoned CR, rezoning to IL is anticipated. The building features an 8-foot ceiling height, 85+ parking spaces, an overhead door with a lift, and prominent pylon and overhead door signage. The property's location near major employers like GM and Stellantis Jeep plants, and proximity to I-75 and northend industrial parks, makes it strategically advantageous. While previously leased to a flea market on a modified gross lease (with a 90-day termination clause), the property is currently vacant, allowing for complete customization to suit a variety of uses. The building is a block structure with a brick façade, and lacks sprinklers, gas blowers, and air conditioning. A TARTA bus stop is conveniently located directly in front of the building on Lewis Avenue. The asking price is $395,000, representing a price per square foot of $24.60. The property's APN is 0981087. This is a NNN lease property.

• CAP approach

  CAP return

  Valuation

  6%

  $5,138,617

  6.5%

  $4,743,338

  7%

  $4,404,528

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,813,418

  Geo Method

  $4,813,418

• Alternative Use

  Use

  Valuation

  Residential

  $4,001,184

  Hospitality

  $3,665,063

  Educational

  $3,049,289

  Medical

  $3,154,159

  Retail

  $4,743,338

Location Insight

City

Toledo

County

Lucas

State

Ohio

Latitude

41.7088

Longitude

-83.5667

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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