2040 Ottawa River RdToledo, OH 43611

Property Details for 2040 Ottawa River Rd

Year built

1973

Lot size

1.19 AC

Property size (Sq ft)

11,372 SF

Zone code

10-CR

Property type

Strip malls

Property subtype

Neighborhood centers

APN

22-78071

APU

2278071

Description

This 11,116 square foot retail shopping center presents a compelling investment opportunity in Toledo, Ohio. Located at 2040 Ottawa River Rd, 43611, this Class C, single-story building sits on a one-acre lot and boasts a strong tenant mix including Verizon Wireless, Marco's Pizza, and River Diner. The property currently enjoys 75% occupancy with three tenants and one vacant 6,000 square foot unit, offering significant value-add potential. The asking price is $1,250,000, translating to $112.45 per square foot. The Net Operating Income (NOI) is $34,814. Lease terms vary, with Verizon's lease expiring 10/31/2025 (with a 3-year option and 10% increase), Marco's Pizza's lease expiring 8/31/2026 (with two 5-year options and 2% annual increases), and River Diner's lease expiring 12/31/2027. The property benefits from high traffic counts (11,000+ vehicles daily) and strong demographics, with over 33,000 residents and 21,000 daytime employees within a three-mile radius. Average household income within one mile exceeds $64,000. The roof was replaced in 2021 and includes a transferable 20-year warranty. HVAC systems are relatively new or recently updated in Marco's Pizza and River Diner, and Verizon's HVAC was installed 4-5 years ago. Seller financing is available at 75% Loan-to-Value (LTV). This property offers a blend of stable income and significant upside potential for a savvy investor.

• CAP approach

  CAP return

  Valuation

  6%

  $2,861,722

  6.5%

  $2,641,589

  7%

  $2,452,904

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,680,617

  Geo Method

  $2,680,617

• Alternative Use

  Use

  Valuation

  Residential

  $2,228,279

  Hospitality

  $2,041,092

  Educational

  $1,698,164

  Medical

  $1,756,567

  Retail

  $2,641,589

Location Insight

City

Toledo

County

Lucas

State

Ohio

Latitude

41.708

Longitude

-83.498

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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