707 Phillips AveToledo, OH 43612

  • Retail properties
  • 9,104 SF
For Sale
$275,000 View listing

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
707 Phillips Ave, Toledo, Ohio

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$2,516
$2,310
$22,925
$25,235
-
$6,600
$65,500
$72,100

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