Flex Industrial Building with Dock
For Sale
$399,000
1162 Latham Ave, Lima, OH 45805
Light industrial property combining garage/warehouse space with a front living area that can be adapted for business use.
Property Size5,000 SF
Price / SF$79.80
Days on Market69
Property Features for 1162 Latham Ave
General Information
Standard status
Active
Size
5,000 SF
Zoning
Light Industrial
Additional Details
Business Included
Yes
Dock-High Doors
2
Listing Agency:
Howard Hanna Real Estate Services
(937) 440-8740
Listed By:
Jerri Barlage · License #2009002403
(937) 440-8740
Source:
Exprealty
Added: Jun 17
Changed: Aug 24
Last Checked: Aug 23 at 12:51PM
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 Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
This flex-style industrial building is zoned Light Industrial and combines a front living area with a commercial garage and warehouse portion. The front section includes an office and 2.5 bathrooms along with a spacious layout described as having 3+ bedrooms, and the space could be converted into multiple office, retail, or professional areas based on the property’s existing configuration. The back portion provides over 5,000 square feet of garage and warehouse space with two dock doors for loading and unloading, plus additional overhead storage. Overhead storage is accessible through an existing conveyor belt system.
The property is located at 1162 Latham Ave in Lima, OH. Access and loading are supported by the two dock doors serving the warehouse and garage area.
For tenants or owner-occupants, the combination of docked warehouse space and a front office/living area makes the building workable for mixed operations that want administrative space on-site. For investors or operators seeking flexibility, the described layout supports options for using, subdividing, or repurposing the front area into multiple business spaces while maintaining dedicated loading and warehouse functionality in the rear portion.
The property is located at 1162 Latham Ave in Lima, OH. Access and loading are supported by the two dock doors serving the warehouse and garage area.
For tenants or owner-occupants, the combination of docked warehouse space and a front office/living area makes the building workable for mixed operations that want administrative space on-site. For investors or operators seeking flexibility, the described layout supports options for using, subdividing, or repurposing the front area into multiple business spaces while maintaining dedicated loading and warehouse functionality in the rear portion.
Key Highlights
- Zoned Light Industrial with flexible potential uses for business, office, retail, or professional space.
- Front portion includes a spacious living area with 3+ bedrooms, office, and 2.5 bathrooms.
- Front layout could be adapted into two or three separate office, retail, or professional spaces.
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
$28,715
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
7.20%
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%
$574,300
$574.3K
Cap Rate 7%
$410,214
$410.2K
Cap Rate 9%
$319,056
$319.1K
Market Conditions
NOI Build-Up for 5,000 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
$47.4K $9.48/SF
− Vacancy
−$3.2K −$0.64/SF
EGI
$44.2K $8.84/SF
− OpEx
−$15.5K −$3.09/SF
NOI
$28.7K $5.74/SF
Area
Allen County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$574,300
Cap Rate 7%
$410,214
Cap Rate 9%
$319,056
Alternative Uses
Best Use
Office B
$905.1K
$792.0K – $1.06M
NOI $63,360 @ 7.0% cap · market cap 15.88%
Second Best
Flex RnD
$410.2K
$358.9K – $478.6K
NOI $28,715 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,302 @ 7.0% cap · market cap 21.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45805, OH
22,740
Population
10,560
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
94%
High-School Grad
14.6 sq mi
ZIP Area
1,558
Density / Sq Mi
$65,954
Median Household Income
$37,126
Median Earnings
$944
Median Rent
$153,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial property combining garage/warehouse space with a front living area that can be adapted for business use.
Where is this flex space located?
The property is located at 1162 Latham Ave Lima, OH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Zoned Light Industrial with flexible potential uses for business, office, retail, or professional space.; Front portion includes a spacious living area with 3+ bedrooms, office, and 2.5 bathrooms.; Front layout could be adapted into two or three separate office, retail, or professional spaces.
