Restaurant/Bar Opportunity in Lima,
For Sale
$1,600,000
1507 Harding Highway, Lima, OH 45804
COMMERCIAL - Lima, OH
Property Size6,690 SF
Lot Size1.18 Acres
Price / SF$239.16
Days on Market188
Property Features for 1507 Harding Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
430 Restaurant
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Parking Lot
Directions
Off of Harding Hwy (Bellefontaine Ave) at light. Easy access off I-75, St Rt 309, US 117
Standard status
Active
APN
37-3212-15-001.000
Size
6,690 SF
Lot size
1.18 Acres
Taxes and HOA fees
Tax Description
THE HIRAM A HOLDRIDGEADDITION LOTS 15596-15597 & PTLOTS 15590-15595 & 15502-15505
Tax Annual Amount
17363
Legal Description
THE HIRAM A HOLDRIDGEADDITION LOTS 15596-15597 & PTLOTS 15590-15595 & 15502-15505
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Listing Agency:
Dick Clark Real Estate, LLC
(419) 695-1006
Listed By:
Linda Stukey
(419) 236-1809
Added: Feb 24
Changed: Aug 4
Last Checked: Aug 31 at 4:06AM
MLS# 309515
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 commercial property in Lima, Ohio, features an existing building of approximately 6,690 square feet, constructed in 2000 and well-maintained. The property includes a beautiful oak bar, restaurant, and kitchen area. Situated on a 1.18-acre lot, the property provides over 110 parking spaces. The location offers easy access to I-75, State Route 309, and State Route 117, benefiting from a high-traffic area and frontage lot. This property is suitable for restaurant or bar use.
Key Highlights
- Prime location with easy access to I‑75, ST RT 309, and ST RT 117.
- High traffic area suitable for business.
- Existing building approximately 6,690 sq. ft. built in 2000.
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
$90,851
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
5.68%
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%
$1,817,020
$1.8M
Cap Rate 7%
$1,297,871
$1.3M
Cap Rate 9%
$1,009,456
$1.0M
Market Conditions
NOI Build-Up for 6,690 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
$126.8K $18.96/SF
− Vacancy
−$5.7K −$0.85/SF
EGI
$121.1K $18.11/SF
− OpEx
−$30.3K −$4.53/SF
NOI
$90.9K $13.58/SF
Area
Allen County, OH
Vacancy
4.50%
Lease Rate
$18.96 /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%
$1,817,020
Cap Rate 7%
$1,297,871
Cap Rate 9%
$1,009,456
Alternative Uses
Best Use
Specialty Retail
$1.30M
$1.14M – $1.51M
NOI $90,851 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,797 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
76k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 30%
Hotels & Casinos 6%
Groceries 3%
Arby's
Dining
15,464 visits/mo
0.3 miles
Lee's Famous Recipe Chicken
Dining
10,240 visits/mo
0.4 miles
Dollar General
Shops & Services
8,728 visits/mo
0.1 miles
BIGGBY COFFEE
Dining
5,840 visits/mo
0.4 miles
Dunkin' Donuts
Dining
4,744 visits/mo
0.1 miles
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
Questions? Ask Rey
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Similar Off Market Nearby
- Sam's Club Cafe — 1150 Greely Chapel Rd, Lima, OH 45804
- Olive Garden Italian Restaurant — 1936 Roschman Ave, Lima, OH 45804
- Wings and Rings — 1939 Roschman Ave, Lima, OH 45804
- 777 Bar — 1008 Bellefontaine Ave, Lima, OH 45804
Frequently Asked Questions
What type of property is this?
Bar & Pub - Well-maintained 6,690 SF restaurant/bar on 1.18 acres.
Where is this bar & pub located?
The property is located at 1507 Harding Highway Lima, OH.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Prime location with easy access to I‑75, ST RT 309, and ST RT 117.; High traffic area suitable for business.; Existing building approximately 6,690 sq. ft. built in 2000.
