Neighborhood Retail Shopping
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1102 N West Street, Lima, OH 45804
Multi-unit retail shopping center offering five units with off-street parking.
Property Size3,836 SF
Price / SF$67.52
Days on Market151
Property Features for 1102 N West Street
General Information
Standard status
Active
Size
3,836 SF
Total Parking Spaces
10
Property subtype
Retail
Zoning
Commercial
Lease Type
Gross
Building Details
Year Built
1960
Units
6
Listing Agency:
CCR , Realtors
Listed By:
Joseph Guagenti · License #OH 423909
Source:
Crexi
Added: Apr 11
Changed: Sep 8
Last Checked: Sep 8 at 4:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CCR , Realtors
Investment Insights
Based on property information with market context.
This retail shopping center features five available units and includes plenty of off-street parking for customer convenience.
The property is located on Lima’s north end, offering an investment-oriented retail configuration within a small shopping center format.
With multiple storefront units in place, the center provides a straightforward setup for prospective owners and tenants considering a multi-space retail arrangement.
The property is located on Lima’s north end, offering an investment-oriented retail configuration within a small shopping center format.
With multiple storefront units in place, the center provides a straightforward setup for prospective owners and tenants considering a multi-space retail arrangement.
Key Highlights
- Retail shopping center on Lima’s North end
- Comprises 5 units
- Includes plenty of off‑street parking
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
Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45804, OH
14,573
Population
7,108
Households
2.1
Avg Household Size
39
Median Age
11%
College-Educated
87%
High-School Grad
21.2 sq mi
ZIP Area
687
Density / Sq Mi
$42,594
Median Household Income
$33,438
Median Earnings
$888
Median Rent
$96,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Shopping center - Multi-unit retail shopping center offering five units with off-street parking.
Where is this shopping center located?
The property is located at 1102 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: Retail shopping center on Lima’s North end; Comprises 5 units; Includes plenty of off‑street parking
