Four-Suite Brick Office
For Sale
$880,000
1541 Allentown Road, Lima, OH 45805
Brick construction, natural light, and downtown proximity create a practical setting for office users.
Property Size5,300 SF
Price / SF$166.04
Days on Market55
Property Features for 1541 Allentown Road
General Information
Standard status
Active
Size
5,300 SF
Zoning
Commercial
Additional Details
Office Units
4
Amenities
natural light
Building Details
Year Built
1996
Buildings
1
Building Size
5,300 SF
Construction
brick
Listing Agency:
(419) 852-8392
Listed By:
Josh Ebbing
(419) 852-8392
Source:
Redoakrealtyohio.idxbroker
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 31 at 12:42PM
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 Josh Ebbing
Investment Insights
Based on property information with market context.
Built in 1996, this brick office property at 1541 Allentown Road in Lima, Ohio, contains approximately 5,300 square feet arranged across four separate office suites. The configuration provides distinct spaces within one commercial building, supporting occupancy by multiple office users.
Natural light is a notable interior feature, while the property’s location minutes from downtown provides convenient access to the central business area and nearby amenities.
Natural light is a notable interior feature, while the property’s location minutes from downtown provides convenient access to the central business area and nearby amenities.
Key Highlights
- Approximately 5,300 square feet of office space
- Four distinct office suites within one building
- Brick commercial construction
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
$67,162
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
7.63%
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%
$1,343,240
$1.3M
Cap Rate 7%
$959,457
$959.5K
Cap Rate 9%
$746,244
$746.2K
Market Conditions
NOI Build-Up for 5,300 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
$101.8K $19.20/SF
− Vacancy
−$12.2K −$2.30/SF
EGI
$89.5K $16.90/SF
− OpEx
−$22.4K −$4.22/SF
NOI
$67.2K $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%
$1,343,240
Cap Rate 7%
$959,457
Cap Rate 9%
$746,244
Alternative Uses
Best Use
Office B
$959.5K
$839.5K – $1.12M
NOI $67,162 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,361 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
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?
Office building - Brick construction, natural light, and downtown proximity create a practical setting for office users.
Where is this office building located?
The property is located at 1541 Allentown Road Lima, OH.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: Approximately 5,300 square feet of office space; Four distinct office suites within one building; Brick commercial construction
