Lagrange Apartments
  • Units: 12 Residential, 1 Commercial
  • Cap Rate: 11.90 Percent
  • Price Paying: 21.32 sqft
  • Price Per Unit: $12,083
  • Property Type: Multi Family
  • Gross Rent Multiplier: 2.75
  • Year Built: 1926
  • Monthly Income Per Unit: $365.83
  • Expense to Income Ratio: 67.25 Percent
  • Average Square Feet: 6,800
  • Debt Service Coverage: 2.65
  • Cash Flow: 10,754
  • ROI Year One: 24.72
  • Listing Agent: JT Teringo
  • Property Features: Income Property Organization is pleased to present Lagrange Apartments, which consists of 12 residential units and 1 commercial unit, located in Toledo, Ohio. Toledo is located in central Lucas County, and has a population of approximately 287,208 people per the 2010 census, and is the primary city of the Toledo MSA, which has a population over 660,000. Toledo is spread out along approximately 84.12 square miles and is bordered by Lake Erie to the east and bisected by the Maumee River. Strategically located at the convergence of two of the most heavily traveled interstates, I-75 and I-80/90, Toledo is located equidistant between Detroit, Cleveland and Columbus. Other major thoroughfares in the area include I-475, I-280 and US-23, this excellent location facilitates commutes and enables convenient access to a majority of the Midwest for residents and businesses alike. Toledo, Ohio’s 4th largest city, has traditionally been a manufacturing region, however the area is reinventing itself as a leader in technology and research. Capitalizing on the expertise in manufacturing and an experienced and educated workforce, new technologies are emerging enabling the region to become a national leader in solar technology and manufacturing. Historically a farming, industrial production, transportation and warehousing area, Toledo is home to 37 Fortune 500 Companies, and now the local economy is well-diversified. With economic anchors such as Industry- Dana Corporation, Owens Corning The Andersons, Libbey Inc., and Faurecia Exhaust Systems; Higher Education- University of Toledo, Lourdes University, Mercy College of Ohio, and Owens Community College; and Healthcare- ProMedica Health Systems, University of Toledo Medical Center, and Mercy Health Partners. The current unemployment rate in Toledo, an impressive 4.6%, which is 12% better than the current state unemployment rate of 5.2%. This represents a significant decline from Toledo’s previous high of 13.8% in 2009, demonstrating the resurgence of the local economy. Based on 2013 data, the median household income in Toledo is $31,907 and the average home value is $74,900. There are endless downtown entertainment opportunities for residents, from the city’s minor league baseball and hockey teams, Toledo Mud Hens and Walleye, to the nationally recognized symphony orchestra and zoo, the world-renowned Toledo Museum of Art and all of the redeveloped downtown, plus many festivals, marinas, museums, eateries, bars and boutiques. There are virtually limitless outdoor recreation opportunities in the Toledo area, lending to the high quality of life, for this affordable and family oriented market. There are more than 50 lakes, parks and recreation facilities, plus over 35 golf courses within driving distance. Toledo offers the attributes of a large cosmopolitan area, while still retaining the small-town atmosphere.
  • Interior Features: -
  • Exterior Features: -


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    Tweet to us!
  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301