Auto Shop with Overhead
For Sale
$795,000
3600-3602 Elida Road, Lima, OH 45807
COMMERCIAL - Lima, OH
Property Size9,975 SF
Price / SF$79.70
Days on Market259
Property Features for 3600-3602 Elida Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot
Window features
Display Window(s)
Interior features
Overhead Door
Fencing
Fenced
Standard status
Active
APN
36-1604-01-016.000, 36-1604-01-017.000
Size
9,975 SF
Taxes and HOA fees
Tax Annual Amount
6768
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Flooring type
Vinyl, Concrete
Building materials
Steel Frame
Roof type
Rubber
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Gregory Stolly
(419) 302-1890
Added: Dec 15, 2025
Changed: Aug 4
Last Checked: Aug 31 at 4:06PM
MLS# 309060
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.
Investment Insights
Based on property information with market context.
This commercial property at 3600-3602 Elida Road includes two parcels and is set up for auto service plus other service-oriented uses noted in the listing. The building features an overhead door and steel frame construction, with concrete and vinyl flooring. Heating is forced air with natural gas, and cooling is provided by central air. The roof is rubber, and the site includes a parking lot and fenced areas.
The property totals 9,975 square feet and was built in 1960. Utilities are supported by public water and public sewer.
With the existing layout and site improvements, the property may be considered for automotive and service tenant needs that can work with overhead-door access and enclosed space for day-to-day operations.
The property totals 9,975 square feet and was built in 1960. Utilities are supported by public water and public sewer.
With the existing layout and site improvements, the property may be considered for automotive and service tenant needs that can work with overhead-door access and enclosed space for day-to-day operations.
Key Highlights
- Two parcels at 3600‑3602 Elida Road, Lima, OH 45807
- 9,975 square feet total
- Overhead door and steel frame construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,989
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$819,780
$819.8K
Cap Rate 7%
$585,557
$585.6K
Cap Rate 9%
$455,433
$455.4K
Market Conditions
NOI Build-Up for 9,975 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.9K $6.41/SF
− Vacancy
−$5.4K −$0.54/SF
EGI
$58.6K $5.87/SF
− OpEx
−$17.6K −$1.76/SF
NOI
$41.0K $4.11/SF
Area
Allen County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$819,780
Cap Rate 7%
$585,557
Cap Rate 9%
$455,433
Alternative Uses
Best Use
Industrial
$585.6K
$512.4K – $683.2K
NOI $40,989 @ 7.0% cap · market cap 5.16%
Second Best
Retail
$565.5K
$494.8K – $659.8K
NOI $39,587 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,183 @ 7.0% cap · market cap 21.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
146k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Home Improvements & Furnishings 30%
Groceries 24%
Shops & Services 3%
Lowe's
Home Improvements & Furnishings
39,468 visits/mo
0.3 miles
Applebee's
Dining
22,526 visits/mo
0.4 miles
Aldi
Groceries
19,678 visits/mo
0.5 miles
Gordon Food Service
Groceries
15,057 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
14,623 visits/mo
0.4 miles
Demographics for 45807, OH
11,856
Population
5,109
Households
2.3
Avg Household Size
45
Median Age
22%
College-Educated
96%
High-School Grad
75.4 sq mi
ZIP Area
157
Density / Sq Mi
$74,387
Median Household Income
$41,645
Median Earnings
$967
Median Rent
$192,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Shroyer Auto Repair — 2117 N Eastown Rd, Lima, OH 45807
- Honda Service — lima, oh 45807
- Take 5 Oil Change — 2285 N Eastown Rd, Lima, OH 45807
- Valvoline Instant Oil Change — 3230 Elida Rd, Lima, OH 45805
- White's Honda Service — 3500 Elida Rd, Lima, OH 45807
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial auto service building with overhead door, steel frame construction, and central air near Elida Road.
Where is this auto shop located?
The property is located at 3600-3602 Elida Road Lima, OH.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two parcels at 3600‑3602 Elida Road, Lima, OH 45807; 9,975 square feet total; Overhead door and steel frame construction
