245 N Summit St, Toledo, OH 43604 For Sale

Edge 21 Apartments is a landmark 21-story multifamily high-rise located at 245 N. Summit Street in the heart of downtown Toledo, offering 113 existing residential units with the ability to expand to 129 total units through the redevelopment of four vacant floors. The property features a diverse mix of studio, one-, two-, and three-bedroom layouts averaging approximately 729 square feet, and all existing units were fully renovated in 2023 with modern finishes, updated kitchens and baths, and durable interior upgrades that support strong in-place performance. The asset is currently approximately 88% occupied and includes ground-floor commercial space leased to ProMedica Federal Credit Union, providing stable, credit-quality supplemental income. In addition to its stabilized operating base, Edge 21 offers a compelling value-add opportunity through four unbuilt floors (Floors 2-5) that are ready for redevelopment into up to 16 additional residential units or, if preferable, additional commercial space, allowing an investor to increase unit count, diversify income, and grow NOI within the existing building footprint. Located adjacent to the Maumee River and within walking distance of Promenade Park and downtown Toledo's employment and entertainment amenities, Edge 21 is positioned to benefit from continued urban reinvestment and durable demand from healthcare, education, and professional tenants, making it a rare combination of recent renovation, in-place cash flow, commercial income, and flexible expansion potential in the downtown Toledo multifamily market