Greenbelt Place 806 Cherry St 176 Unit Apartment Building For Sale Toledo, OH 43604

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.