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Prime Lima Commercial Investment Opportunity

222 S Elizabeth Street, Lima, OH 45801

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For Sale

$689,000

COMMERCIAL - Lima, OH

Type:Office

Property size:

5,160 SF

Lot size:

0.18 Acres

Price / SF:

$133/SF

HighLights

Built in 1916 with brick construction, plus ceramic tile, vinyl, and carpet flooring
New roof in 2023; new HVAC in 2023; parking lot freshly paved in 2022
Three commercial storefronts with off‑street parking, plus three residential apartments above
Fully occupied with positive cash flow, according to the public remarks
Corner property on 0.177 acres with public water and public sewer
Downtown Lima redevelopment backdrop: Memorial Hall redevelopment across the street is funded by a $10 million state grant, with a $25 million boutique hotel concept in schematic design and a decision expected by mid‑May 2026

We can help!

Listing Contact

Scott Parsons

For Sale

$689,000

COMMERCIAL - Lima, OH

Type:Office

Property size:

5,160 SF

Lot size:

0.18 Acres

Price / SF:

$133/SF

Added:: Apr 22, 2026
Days on Market:: 54
Last Refresh:: Jun 14 at 2:06 pm

Property Features for 222 S Elizabeth Street

General Information

Property type: Commercial Sale
Property subtype: Office
Zoning: Commercial
Bathrooms: 6
Rooms: Bathroom 2, Bathroom 6, Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 5
Parking features: Parking Lot, Off Street
Standard status: Active
APN: 37-3107-20-003.000
Size: 5,160 SF
Lot size: 0.18 Acres

Taxes and HOA fees

Tax Description: PLAT OF THE TOWN OF LIMA N END LOT 188 & 189
Tax Annual Amount: 1970

Utilities

Sewer type: Public Sewer
Heating system: Forced Air
Cooling system: Central Air
Water source: Public

Building Details

Year built: 1916
Floors in Building: 2
Flooring type: Tile - Ceramic, Vinyl, Carpet
Building materials: Brick
Roof type: Rubber

We can help!

Listing Contact

Scott Parsons

Listing agent Scott Parsons

Listing office CCR Realtors 1737 Allentown Road, Lima, OH

Listing date Apr 22, 2026

MLS# 310033

Copyright © 2026 West Central Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

HighLights

Built in 1916 with brick construction, plus ceramic tile, vinyl, and carpet flooring
New roof in 2023; new HVAC in 2023; parking lot freshly paved in 2022
Three commercial storefronts with off‑street parking, plus three residential apartments above
Fully occupied with positive cash flow, according to the public remarks
Corner property on 0.177 acres with public water and public sewer
Downtown Lima redevelopment backdrop: Memorial Hall redevelopment across the street is funded by a $10 million state grant, with a $25 million boutique hotel concept in schematic design and a decision expected by mid‑May 2026

Overview

Located in downtown Lima, this mixed-use property at 222 S. Elizabeth Street presents a commercial investment opportunity. Built in 1916 on 0.177 acres, the property features three commercial storefronts with high visibility, three residential apartments, and off-street parking. The building has a new roof (2023), new HVAC (2023), and a freshly paved parking lot (2022). The property is fully occupied and generates positive cash flow. Downtown Lima is undergoing redevelopment, including a planned $25 million boutique hotel concept expected to reach a decision by mid-May 2026. The hotel's valet entrance and primary guest arrival are planned to face South Elizabeth Street, directly across from the property. The new Allen County Administration Building is completing construction in 2026 within one block. The property is located within two blocks of Spring & Main, the civic core, and the DORA entertainment district encompassing 113 acres. The area saw a $4.3 million multi-building revitalization in 2024.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$80.5k	$15.60
− Vacancy	−$7.9k	−$1.53
EGI	$72.6k	$14.07
− OpEx	−$32.7k	−$6.33
NOI	$39.9k	$7.74

5,160 SF · lease $15.60/SF/yr · vacancy 9.80% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$570.5K

$499.2K – $665.6K (±1% cap)

NOI $39,934 @ 7.0% cap · market cap 5.80%

Second Best

Retail

$292.5K

$256.0K – $341.3K (±1% cap)

NOI $20,478 @ 7.0% cap · market cap 2.97%

Theoretical Best

Office A

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,000 @ 7.0% cap · market cap 12.63%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Bloom Recovery Network Association / Organization

Suggested Use

Location Insight

Map
Local Demand

City: Lima
County: Allen
State: Ohio
Longitude: -84.107033
Latitude: 40.737891

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For sale
Mixed-use properties
OH
Lima
45801
222 S Elizabeth Street

What type of property is this?

Mixed-use property - Fully occupied mixed-use property in revitalizing downtown Lima.

Where is this mixed-use property located?

The property is located at 222 S Elizabeth Street Lima, OH.

What is the asking price?

The asking price for this property is $689,000.

What are key features of this property?

This property features: Built in 1916 with brick construction, plus ceramic tile, vinyl, and carpet flooring; New roof in 2023; new HVAC in 2023; parking lot freshly paved in 2022; Three commercial storefronts with off‑street parking, plus three residential apartments above

222 S Elizabeth Street, Lima, OH 45801

COMMERCIAL - Lima, OH

Property Features for 222 S Elizabeth Street

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Restaurant/Bar Opportunity in Lima, OH

Single-Story Medical Office Building

Restaurant and Bar with Expansion Space

Classic Brick Commercial Building

Corner Medical Office Building

Turn-Key Restaurant with Liquor License

Well-Maintained Duplex with Income Potential

Multi-Use Commercial Property

Commercial Building in Lima, Ohio

Medical Office Building with Parking

Lima Mixed-Use Investment Opportunity

Three-Story Retail Building For Sale

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