707 Phillips AveToledo, OH 43612

Property Details for 707 Phillips Ave

Year built

1929

Lot size

1.03 AC

Property size (Sq ft)

9,104 SF

Zone code

10-IL

Property type

Retail space

APN

12-09907

APU

1209907

Description

This two-story, 9,104 square foot apartment building located at 707 Phillips Avenue in Toledo, Ohio, presents a compelling investment opportunity. Built in 1929 and situated on a 0.199-acre lot, the property features five units, generating strong rental income. The first floor offers two sizable commercial spaces totaling 3,800 square feet. One space, 2,000 square feet, boasts a renovated office, two grade-level doors, a restroom, and a 20-foot floor drain, currently vacant. The other, a 1,800 square foot space, includes a finished office and two bathrooms, and is currently leased. This space is separated from the first by a back lot. The second floor comprises three 600-square-foot apartments, each with its own private garage and currently leased. Two of these apartments underwent renovations in 2021, including new appliances, and one features a sunroom. The building's limited industrial zoning allows for a multitude of uses for the first-floor commercial spaces. The asking price is $275,000, translating to $32.95 per square foot. This property offers a blend of commercial and residential income streams, making it an attractive addition to any investment portfolio. The property is located in Lucas County, Ohio, zip code 43612.

• CAP approach

  CAP return

  Valuation

  6%

  $2,290,988

  6.5%

  $2,114,758

  7%

  $1,963,704

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,146,002

  Geo Method

  $2,146,002

• Alternative Use

  Use

  Valuation

  Residential

  $1,783,877

  Hospitality

  $1,634,022

  Educational

  $1,359,487

  Medical

  $1,406,242

  Retail

  $2,114,758

Location Insight

City

Toledo

County

Lucas

State

Ohio

Latitude

41.691

Longitude

-83.5611

CBSA code

45780

CBSA name

TOLEDO, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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