Toledo Circle Apartments
$7,350,000
3414 Dorr Street, Toledo, OH 43607
250,731 sqft
Building Size
5.756 acres
Lot Area
Details:
Highlights:
- Annual Tax: $ 138979.0
- Average Occupancy Rate: 90.0
- Sewer: City
- Water: City Water
Description:
Toledo Circle Apartments is a 137-unit garden-style community with three Dorr Street commercial spaces, directly across from the University of Toledo main campus. It's offered at $7,350,000, or $53,650 per apartment.
The heavy lifting is done. The property has new roofs and new parking lots, and about 75% of units are renovated with updated paint, flooring and appliances. Lease-up is in its final stretch: occupancy has climbed from about 72% to 81% today, with several applications under review to reach 90% within 30 days.
The numbers follow the occupancy:
Current (81%): NOI of $579,976, a 7.89% cap rate. Projected (90%): NOI of $693,717, a 9.44% cap rate. Stabilized (95%): NOI of $791,691, a 10.77% cap rate. Commercial income adds stability. One tenant has been in place for more than 20 years, a new 5-year lease runs through 2031, and the third space is vacant and ready to lease as upside that isn't in the pro forma.
The location supplies steady demand. The University of Toledo enrolls more than 14,000 students, and the residents include graduate students, university staff and young professionals who want to walk to campus. The site covers ±5.57 acres with gated access, on-site laundry, a pet park and on-site management.
An Offering Memorandum and DSCR report are available upon execution of a confidentiality agreement.
Contact Pat Williams, Coldwell Banker Commercial: 937.360.9952 | patrick.williams@cbcommercial-heritage.com
Listing ID: 263e6af6-2cba-46eb-af5b-211408aa8b79
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