5501 Lewis AveToledo, OH 43612

Property Details for 5501 Lewis Ave

Year built

1955

Lot size

0.29 AC

Property size (Sq ft)

899 SF

Zone code

10-IL

Property type

Retail properties

Property subtype

Retail space

APN

22-04237

APU

2204237

Description

This 899-square-foot free-standing storefront building in Toledo, Ohio, presents a compelling investment opportunity. Located at 5501 Lewis Ave, this single-tenant property boasts a strong lease history, with the current tenant occupying the space for the past six years under an $850/month NNN lease. The building, constructed in 1955, features one entry/waiting room, two private rooms, a restroom, and a storage closet. The property includes 24 private paved parking spaces and a pylon sign for excellent visibility. Situated on a 0.358-acre lot, it also offers 0.1 acres of fenced-in green space in the rear. The Limited Industrial zoning allows for a variety of uses, making it ideal for an investor or owner-operator. The building is conveniently located one-third of a mile south of Alexis Road, a major Toledo thoroughfare with numerous national and major retailers and restaurants. The asking price is $89,000. Property features include a single story, one unit, and a Class C designation. The APN is 2204237.

• CAP approach

  CAP return

  Valuation

  6%

  $226,230

  6.5%

  $208,828

  7%

  $193,911

• Comparable approach

  Method

  Valuation

  Relative Method

  $211,913

  Geo Method

  $211,913

• Alternative Use

  Use

  Valuation

  Residential

  $176,154

  Hospitality

  $161,356

  Educational

  $134,246

  Medical

  $138,863

  Retail

  $208,828

Location Insight

City

Toledo

County

Lucas

State

Ohio

Latitude

41.7162

Longitude

-83.5667

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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