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    2275 N Cable Rd Lima, OH 45807

    Sponsored
    Picture of Apartment buildings at N Cable Rd 2275, Lima, OH
    For Sale
    $3,500,000

    MULTI_FAMILY - Lima, OH

    Property size:
    700 SF
    Days on Market:
    98
    Last Refresh:
    Jan 19 at 4:06 pm

    Property Features for 2275 N Cable Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 30, Bedroom 47, Bedroom 25, Bedroom 43, Bedroom 46, Bathroom 18, Bedroom 1, Bedroom 24, Bathroom 22, Bathroom 15, Bedroom 38, Bedroom 21, Bedroom 19, Bathroom 29, Bedroom 22, Bathroom 16, Bathroom 14, Bedroom 41, Bedroom 17, Bathroom 5, Bedroom 10, Bedroom 20, Bedroom 18, Bathroom 23, Bathroom 28, Bedroom 11, Bathroom 11, Bathroom 27, Bedroom 42, Bedroom 32, Bedroom 35, Bedroom 6, Bathroom 12, Bathroom 6, Bathroom 8, Bedroom 28, Bathroom 2, Bedroom 7, Bedroom 30, Bathroom 17, Bathroom 4, Bedroom 33, Bathroom 24, Bedroom 9, Bedroom 23, Bathroom 9, Bathroom 1, Bedroom 29, Bedroom 27, Bedroom 45, Bedroom 12, Bedroom 44, Bedroom 37, Bedroom 26, Bathroom 3, Bathroom 20, Bedroom 3, Bedroom 2, Bathroom 25, Bedroom 36, Bedroom 4, Bedroom 8, Bathroom 13, Bedroom 40, Bedroom 34, Bathroom 19, Bedroom 31, Bathroom 21, Bedroom 13, Bathroom 7, Bedroom 39, Bathroom 26, Bathroom 10, Bedroom 5, Bedroom 14, Bedroom 15, Bedroom 16
    Bedrooms
    47
    Bathrooms
    30
    APN
    36220102012205
    Parking features
    Garage
    Size
    700 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1970
    Number of units
    43
    Building materials
    Wood Siding

    We can help!

    Listing Contact
    Jeremy Huebner
    Jeremy Huebner

    Binkley Real Estate (419) 738-3232 [email protected]

    Listing agent Jeremy Huebner (419) 738-3232

    Listing date Oct 14, 2025

    MLS# 1041954 Listing URL

    Copyright © 2026 Western Regional Information Systems and Technology, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    43-Unit Condo Complex Investment

    This 43-unit condo complex presents an investment opportunity in Lima, Ohio. The property is situated in a desirable location near restaurants, shopping, and major highways. It features a mix of two-bedroom, one-bath and one-bedroom, one-bath condos. Each condo has a functional layout, individual entrances, and well-maintained interiors. The units are consistently occupied and generate rental income. The property includes ample parking. The building size is 700 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Gatehouse Living Community Condominium Complex Gatehouse CUOA Condominium Complex

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.14981
    Latitude
    40.76895

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    FAQs

    What type of property is this?
    Apartment building - Established income property in Lima, near amenities and major highways.
    Where is this apartment building located?
    The property is located at 2275 N Cable Rd Lima, OH.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: - Established, income-producing 43-unit condo complex.; - Highly desirable Lima location near restaurants, shopping, and major highways.; - Mix of two-bedroom, one-bath and one-bedroom, one-bath condos.
    (567) 204-5590
    Request Owner's contact information
    2275 N Cable Rd Lima, OH 45807
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    Lima, OH 45807
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2275 N Cable Rd Lima, OH 45807
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    We can help!
    Listing Contact
    Jeremy Huebner
    Jeremy Huebner
    (567) 204-5590
    Learn more
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