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    2500 Greely Chapel Rd Lima, OH 45804

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    Claim this Listing
    For Sale
    $474,777

    Land - Lima, OH

    Type:Farm
    Lot size:
    11.17 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    86
    Last Refresh:
    Apr 23 at 10:06 am

    Property Features for 2500 Greely Chapel Rd

    General Information

    Property type
    Land
    Property subtype
    Farm
    Standard status
    Active
    APN
    47-0800-04-005.000
    Lot size
    11.17 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dave Culbertson
    Dave Culbertson

    Listing agent Dave Culbertson

    Listing office Howard Hanna Real Estate Service Mt. Vernon 1485 Yauger Rd., Mount Vernon, OH

    Listing date Jan 27, 2026

    MLS# 9067847 Listing URL

    Copyright © 2026 Mansfield 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.

    Overview

    Prime I-75 Frontage Land

    This 11.17-acre property features approximately 316 feet of frontage on Greely Chapel Road and, more significantly, 608 feet of frontage on I-75, offering substantial traffic exposure. Zoned for industrial use, the site was previously a horse farm and law enforcement equestrian training facility. The property provides convenient access to I-75, State Route 65, and State Route 309, and is located near hotels, shopping centers, restaurants, hospital and medical facilities, the fairgrounds, OSU-Lima, and Procter & Gamble. The front 3.94-acre parcel includes two enclosed steel equestrian riding arenas, one measuring 70x150x14 feet and the other 60x90x14 feet, both constructed in 1998. These arenas feature a clear-span, open-framed design, providing structural rigidity and a sense of openness suitable for commercial or hobby use, riding therapy, and general functionality. The height of the arenas allows for training, pleasure riding, exercise, and flexible business applications.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store Department Store Kitchen & Bath Showroom Grocery & Convenience Store Storage Facility Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.071171
    Latitude
    40.703756

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    FAQs

    What type of property is this?
    Commercial land - 11.17 acres with I-75 frontage and industrial zoning.
    Where is this commercial land located?
    The property is located at 2500 Greely Chapel Rd Lima, OH.
    What is the asking price?
    The asking price for this property is $474,777.
    What are key features of this property?
    This property features: 608' Frontage on I‑75 with High Traffic Exposure offering ideal business visibility.; Zoned Industrial, suitable for various commercial and industrial uses.; 11.17 Acres provides ample space for development.
    (740) 393-3777
    We can help!
    Listing Contact
    Dave Culbertson
    Dave Culbertson
    Real Estate License ID: 2006006388
    Learn More
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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
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