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    Licensed Cafe and Bar Title is generated by Realmo AI

    501 N Cole Street, Lima, OH 45805

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    Claim this Listing
    New
    For Sale
    $179,900

    COMMERCIAL - Lima, OH

    Property size:
    5,320 SF
    Price / SF:
    $33/SF
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 7:06 am

    Property Features for 501 N Cole Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B1
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Parking features
    Parking Lot, Off Street
    Standard status
    Active
    APN
    36-2612-15-018.000 & 36-2612-15-017.000
    Size
    5,320 SF

    Utilities

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

    Building Details

    Year built
    1920
    Floors in Building
    2
    Building materials
    Brick Veneer, Frame
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Joseph Guagenti
    Joseph Guagenti

    Listing agent Joseph Guagenti

    Listing office CCR Realtors 1737 Allentown Road, Lima, OH

    Listing date Jun 5, 2026

    MLS# 310471

    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

    • Delight Cafe for sale with the price including the real estate, equipment, licenses, name, and goodwill
    • Sale includes 2 parcels, including a main parcel and a parking lot
    • Additional space to grow into: whole other side of the building, same size as the bar
    • Brick veneer and frame construction with asphalt roof; year built 1920
    • Heating is forced air and cooling is central air
    • Utilities include public water and public sewer

    Overview

    Offered for sale as the Delight Cafe, this licensed cafe and bar comes with included real estate, equipment, licenses, name, and goodwill. The seller notes newer bar stools and added games. The property also includes expansion space on the other side of the building, described as the same size as the bar.

    The sale includes two parcels: a main parcel and a parking lot. The property is located at 501 N Cole Street in Lima, Ohio, and is zoned B1.

    This configuration can suit an owner-operator looking for a turn-key restaurant/bar operation with the ability to expand into additional space within the same building. Because the offering specifically includes equipment, licenses, and goodwill, it may also interest buyers seeking to assume an operating platform rather than starting from scratch. The included parking supports customer access for current use and potential buildout of the additional area mentioned by the seller.
    Property Profile Location Intelligence

    Current Use by Public Records

    Delite Cafe Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.12793
    Latitude
    40.745177

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    FAQs

    What type of property is this?
    Conventional restaurant - For sale in Lima, Ohio with included equipment, licenses, name, and goodwill plus two parcels and parking.
    Where is this conventional restaurant located?
    The property is located at 501 N Cole Street Lima, OH.
    What is the asking price?
    The asking price for this property is $179,900.
    What are key features of this property?
    This property features: Delight Cafe for sale with the price including the real estate, equipment, licenses, name, and goodwill; Sale includes 2 parcels, including a main parcel and a parking lot; Additional space to grow into: whole other side of the building, same size as the bar
    (419) 230-5050
    We can help!
    Listing Contact
    Joseph Guagenti
    Joseph Guagenti
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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.

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