1647 Cove BlvdToledo, OH 43606

Exceptional investment opportunity: This 20-unit apartment building, boasting 26,448 square feet, is situated on a 0.57-acre lot at 1647 S Cove Blvd, Toledo, OH 43606. Built in 1963, the Class B property currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $136,814, representing an 8.83% cap rate. The asking price is $1,550,000 ($77,500 per unit and $58.61 per square foot). Many tenants are on two-year leases, ensuring long-term stability and consistent cash flow. The property benefits from a prime location, just three miles from downtown Toledo, offering proximity to major employers like ProMedica Toledo Hospital (a 794-bed Level 1 trauma facility) and the extensive Ottawa Park. The strong demographics, with over 118,000 people within a three-mile radius, further enhance its investment potential. The current owner pays all utilities, presenting an opportunity to increase revenue. The property is zoned 10-CO. This is a rare opportunity to acquire a fully stabilized, high-performing multifamily asset in a desirable location.