Block-and-Brick Shopping
For Sale
$259,000
1102-1104 N West Street, Lima, OH 45801
COMMERCIAL - Lima, OH
Property Size3,836 SF
Price / SF$67.52
Days on Market265
Property Features for 1102-1104 N West Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Parking
10
Standard status
Active
APN
37-3006.06.014..000
Size
3,836 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Building materials
Block, Brick
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Joseph Guagenti · License #423909
(419) 230-5050
Added: Nov 20, 2025
Changed: Aug 4
Last Checked: Aug 12 at 9:06PM
MLS# 308882
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 3,836-square-foot shopping center at 1102-1104 N West Street includes block and brick construction dating to 1960. Building systems include natural gas and forced-air heating, central air conditioning, public water, and public sewer service.
The property is situated in Lima, Ohio, near the city’s North End. Its commercial zoning and shopping-center classification support a retail-oriented property profile. The building’s established construction and existing mechanical and utility services provide a defined physical framework for continued commercial use.
The property is situated in Lima, Ohio, near the city’s North End. Its commercial zoning and shopping-center classification support a retail-oriented property profile. The building’s established construction and existing mechanical and utility services provide a defined physical framework for continued commercial use.
Key Highlights
- 3,836 SF shopping center at 1102‑1104 N West Street
- Block and brick construction completed in 1960
- Commercial zoning in Lima, OH 45801
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
$15,224
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
5.88%
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%
$304,480
$304.5K
Cap Rate 7%
$217,486
$217.5K
Cap Rate 9%
$169,156
$169.2K
Market Conditions
NOI Build-Up for 3,836 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
$22.6K $5.88/SF
− Vacancy
−$807 −$0.21/SF
EGI
$21.7K $5.67/SF
− OpEx
−$6.5K −$1.70/SF
NOI
$15.2K $3.97/SF
Area
Allen County, OH
Vacancy
3.58%
Lease Rate
$5.88 /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%
$304,480
Cap Rate 7%
$217,486
Cap Rate 9%
$169,156
Alternative Uses
Best Use
Retail
$217.5K
$190.3K – $253.7K
NOI $15,224 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$924.0K
$808.5K – $1.08M
NOI $64,677 @ 7.0% cap · market cap 24.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
69k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 46%
Apparel 2%
McDonald's
Dining
18,053 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
13,802 visits/mo
0.3 miles
Circle K
Shops & Services
10,020 visits/mo
0.2 miles
Burger King
Dining
9,624 visits/mo
0.1 miles
Taco Bell
Dining
8,096 visits/mo
0.1 miles
Demographics for 45801, OH
22,819
Population
9,351
Households
2.4
Avg Household Size
38
Median Age
12%
College-Educated
90%
High-School Grad
45.7 sq mi
ZIP Area
499
Density / Sq Mi
$47,442
Median Household Income
$33,224
Median Earnings
$865
Median Rent
$111,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Northland Plaza — 120 W Northern Ave, Lima, OH 45801
- Coin Cloud Bitcoin ATM — 120 W Northern Ave, Lima, OH 45801
Frequently Asked Questions
What type of property is this?
Shopping center - Commercial property with central air, forced-air heating, and public water and sewer service.
Where is this shopping center located?
The property is located at 1102-1104 N West Street Lima, OH.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 3,836 SF shopping center at 1102‑1104 N West Street; Block and brick construction completed in 1960; Commercial zoning in Lima, OH 45801
