Investment Opportunity: Ten-Unit Multifamily Property Near Toledo Hospital

Located at 1364 N Cove Blvd in Toledo, Ohio, this ten-unit multifamily property presents a rare opportunity for investors seeking stable income, long-term growth, and excellent tenant demand. Priced at $550,000, the offering includes two well-maintained buildings with a combined total of 19 bedrooms and 10 bathrooms, making it a strong contender in Toledo’s thriving rental market.

Prime Location in the Heart of Toledo

Positioned near Toledo Hospital and Willys Industrial Park, the property benefits from a consistent pool of potential renters, including healthcare professionals, industrial workers, and students. The neighborhood is well-connected by major roads and public transit, allowing easy access to downtown Toledo, the University of Toledo, and key employment centers. With local amenities such as shopping, dining, and parks just minutes away, tenants enjoy a convenient and comfortable lifestyle that supports high occupancy rates year-round.

Well-Maintained Buildings with Updated Systems

Both buildings have been carefully maintained, reflecting the pride of ownership and ongoing investment in property upkeep. One building is equipped with a newer on-demand boiler and hot water system, providing efficient heating and energy savings. The second building features a Bryant boiler paired with a Brantford hot water tank that is approximately ten years old—still in solid working condition with reliable performance.

The roofs on both buildings are approximately 7 to 10 years old, reducing near-term maintenance expenses for the new owner. Inside, many units feature updated appliances, enhancing tenant satisfaction and minimizing turnover. With attention to both mechanical systems and interior upgrades, the property delivers dependable operation and reduced future capital expenditure needs.

Strong Rental Demand and Income Potential

Of the ten total units, nine are currently occupied, ensuring immediate cash flow for investors. The one vacant unit offers the flexibility to conduct showings or make any desired updates without disrupting existing tenants. Given its proximity to major employment hubs, the property is described as “easy to rent,” a key advantage for maintaining steady income and minimizing vacancy loss.

The coin-operated laundry facilities located in the basement generate additional passive income while providing convenience for residents. This added amenity strengthens tenant retention and helps offset utility costs.

Additional Revenue Opportunities

Beyond the apartments themselves, the property includes three garage spaces and ample gravel parking with over 1,000 total spaces, offering multiple opportunities for supplementary income. The garage could be rented to tenants seeking secure parking or extra storage—always a sought-after feature in multifamily housing. Alternatively, the space could serve as a small workshop, maintenance area, or equipment storage for property management use.

Investment Summary

Address: 1364 N Cove Blvd, Toledo, OH 43606

Price: $550,000

Units: 10 (Two buildings)

Bedrooms: 19 total

Bathrooms: 10 total

Parking: Over 1,000 total spaces with gravel lot

Garage: 3 spaces with rental potential

Boiler systems: One newer on-demand; one Bryant boiler with Brantford HWT (~10 years)

Roof age: Approximately 7–10 years

Laundry: Coin-operated in basement

A Turnkey Investment in Toledo’s Growing Market

For investors seeking a turnkey multifamily property with strong rental history, solid infrastructure, and room for additional income, 1364 N Cove Blvd offers exceptional value. Its location near major employers ensures long-term tenant demand, while recent system upgrades and roof replacements provide peace of mind.

With nine units already generating steady revenue and one ready for showings, this is an opportunity to step into a well-performing asset in one of Toledo’s most dependable rental corridors. Whether you’re expanding your real estate portfolio or entering the multifamily market for the first time, this property stands out as a smart and sustainable investment choice.

INSIDE PHOTOS: