Elida Road Office/Retail
For Sale
$1,650,000
4132 Elida Rd, Lima, OH 45807
11,798 SF office/retail building with ample parking.
Property Size11,798 SF
Price / SF$139.85
Days on Market521
Property Features for 4132 Elida Rd
General Information
Standard status
Active
Size
11,798 SF
Listing Agency:
Dye Real Estate & Land Company
(419) 604-6625
Listed By:
Garrett Gatton
(419) 604-6625
Source:
Exprealty
Added: Mar 20, 2025
Changed: Aug 21
Last Checked: Aug 21 at 10:23AM
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 Dye Real Estate & Land Company
Investment Insights
Based on property information with market context.
This 11,798 square foot building is suitable for office or retail use. It is located along the Elida Road corridor and includes front and rear parking lots with space for over 70 vehicles. The building's layout features three executive office suites, a full-sized break room, two large open-concept workspaces, and a climate-controlled server room. A whole-building Kohler generator is included. There are also three conference rooms, over 20 offices, and a reception/lobby area with a waiting room.
Key Highlights
- Large 11,798 SF office/retail building.
- Ample parking with 70+ spaces in front and rear lots.
- Includes 3 executive office suites and 20+ offices.
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
$149,504
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
9.06%
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%
$2,990,080
$3.0M
Cap Rate 7%
$2,135,771
$2.1M
Cap Rate 9%
$1,661,156
$1.7M
Market Conditions
NOI Build-Up for 11,798 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
$226.5K $19.20/SF
− Vacancy
−$27.2K −$2.30/SF
EGI
$199.3K $16.90/SF
− OpEx
−$49.8K −$4.22/SF
NOI
$149.5K $12.67/SF
Area
Allen County, OH
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,990,080
Cap Rate 7%
$2,135,771
Cap Rate 9%
$1,661,156
Alternative Uses
Best Use
Office B
$2.14M
$1.87M – $2.49M
NOI $149,504 @ 7.0% cap · market cap 9.06%
Second Best
Retail
$668.9K
$585.3K – $780.4K
NOI $46,822 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$2.84M
$2.49M – $3.32M
NOI $198,920 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 11,798 SF office/retail building with ample parking.
Where is this office building located?
The property is located at 4132 Elida Rd Lima, OH.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Large 11,798 SF office/retail building.; Ample parking with 70+ spaces in front and rear lots.; Includes 3 executive office suites and 20+ offices.
