707 Phillips AveToledo, OH 43612
- Retail properties
- 9,104 SF
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 properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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