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806 Cherry St
Toledo, OH 43604
Greenbelt Place · Multifamily Property For Sale
·
176 Units
Investment Highlights
- Located in the heart of Downtown Toledo, Ohio. The immediate and surrounding areas have experienced substantial public and private investments
- All units are covered under an Option 3b HAP Contract
- 96% occupied with a sizable waiting list
- Highly walkable downtown location surrounded by entertainment, dining, employment, and civic uses.H
Executive Summary
Greenbelt Place Apartments offers a 176-unit multifamily community in the heart of downtown Toledo, a location surrounded by substantial economic revitalization and urban growth. The property features a diverse unit mix of one- to four-bedroom apartments and maintains 96% occupancy with a significant waiting list, underscoring high demand and stable cash flow. All units operate under an Option 3b HAP Contract, providing guaranteed income backed by federal housing programs, and the property is 100% LIHTC, ensuring affordability compliance and long-term program stability.
Originally renovated in 2003 using tax credits, the community remains eligible for a new LIHTC renovation, creating an attractive opportunity for value-add investment and additional credits. Its position within both a Qualified Census Tract (QCT) and an Opportunity Zone adds significant tax advantage potential. The surrounding downtown district has seen transformative public investments, including the Glass City Riverwalk initiative, and offers close access to major employers, dining, and entertainment hubs like the Huntington Center and Warehouse District.
This asset combines strong existing occupancy, deep affordability provisions, and significant redevelopment upside—solidifying Greenbelt Place as a rare investment opportunity in an urban market primed for future growth.
Originally renovated in 2003 using tax credits, the community remains eligible for a new LIHTC renovation, creating an attractive opportunity for value-add investment and additional credits. Its position within both a Qualified Census Tract (QCT) and an Opportunity Zone adds significant tax advantage potential. The surrounding downtown district has seen transformative public investments, including the Glass City Riverwalk initiative, and offers close access to major employers, dining, and entertainment hubs like the Huntington Center and Warehouse District.
This asset combines strong existing occupancy, deep affordability provisions, and significant redevelopment upside—solidifying Greenbelt Place as a rare investment opportunity in an urban market primed for future growth.
Property Facts
| Sale Type | Investment | Building Size | 189,940 SF |
| No. Units | 176 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1971/2003 |
| Apartment Style | Garden | Parking Ratio | 1.27/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 5.64 AC | ||
| Zoning | RM36 - Designed to accommodate the development of multi-unit housing, such as apartment buildings or condominiums. | ||
| Sale Type | Investment |
| No. Units | 176 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.64 AC |
| Building Size | 189,940 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2003 |
| Parking Ratio | 1.27/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM36 - Designed to accommodate the development of multi-unit housing, such as apartment buildings or condominiums. |
Amenities
Unit Amenities
- Cable Ready
Site Amenities
- Laundry Facilities
- Playground
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 38 | - | 750 |
| 2+1 | 82 | - | 1,000 |
| 3+1 | 34 | - | 1,200 |
| 4+1.5 | 22 | - | 1,400 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,506,792 CAD | |
| Land Assessment | $171,477 CAD | Total Assessment | $1,678,268 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$171,477 CAD
Improvements Assessment
$1,506,792 CAD
Total Assessment
$1,678,268 CAD
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