Four-Suite Office
For Sale
$880,000
1541 Allentown Road, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size5,300 SF
Lot Size0.51 Acres
Price / SF$166.04
Days on Market124
Property Features for 1541 Allentown Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Parking features
Parking Lot
Subdivision
Carson Dalzells Sub
Directions
GPS
Standard status
Active
APN
36261219005000
Size
5,300 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1996
Building materials
Brick
Listing Agency:
Binkley Real Estate, LLC
(567) 940-9232
Listed By:
Kristen Archer
(567) 940-9232
Added: Apr 20
Changed: Aug 5
Last Checked: Aug 21 at 3:06PM
MLS# 1045098
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 classic brick office building offers a total of 5,300 square feet of versatile space configured as four distinct office suites. Built in 1996, the property is served by natural gas forced-air heating and central air conditioning, supporting year-round comfort for professional uses.
The building sits on a 0.51-acre lot at 1541 Allentown Road in Lima, OH 45805, with public sewer provided and on-site parking via a parking lot. Its suite layout can support multiple small businesses or professional services under one roof.
For tenants or owners seeking a compact office configuration with dedicated suite separation, this four-suite layout combined with central HVAC and straightforward site utilities provides a practical platform for occupancy.
The building sits on a 0.51-acre lot at 1541 Allentown Road in Lima, OH 45805, with public sewer provided and on-site parking via a parking lot. Its suite layout can support multiple small businesses or professional services under one roof.
For tenants or owners seeking a compact office configuration with dedicated suite separation, this four-suite layout combined with central HVAC and straightforward site utilities provides a practical platform for occupancy.
Key Highlights
- Four distinct office suites within 5,300 SF
- Brick office building built in 1996
- 0.51‑acre lot at 1541 Allentown Road, Lima, OH 45805
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
408
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
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Frequently Asked Questions
What type of property is this?
Office building - Brick office building with four distinct suites, central air, and a parking lot on a 0.51-acre site.
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: Four distinct office suites within 5,300 SF; Brick office building built in 1996; 0.51‑acre lot at 1541 Allentown Road, Lima, OH 45805
