Medical Office Building with Receiving
For Sale
$650,000
1601 Allentown Road, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size4,995 SF
Price / SF$130.13
Days on Market186
Property Features for 1601 Allentown Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
B1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Off Street
Security features
Security
Standard status
Active
APN
36-2612-20-001.000
Size
4,995 SF
Taxes and HOA fees
Tax Description
CARSON DALZELLS SUB DIVISION LOT 4 N END-E SIDE FF 88.37
Legal Description
CARSON DALZELLS SUB DIVISION LOT 4 N END-E SIDE FF 88.37
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Flooring type
Vinyl, Carpet
Building materials
Block
Roof type
Metal
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Joseph Guagenti · License #423909
(419) 230-5050
Added: Feb 16
Changed: Aug 4
Last Checked: Aug 21 at 8:06PM
MLS# 309452
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.
Built in 2000, this converted medical office building features block construction and a metal roof. The interior is serviced by forced-air natural gas heating and central air cooling, with carpet and vinyl flooring throughout. Off-street parking supports patient and staff access, and the layout includes two bathrooms.
The property is located on the corner of Allentown Road and Nixon Ave in Lima, Ohio. A back overhead door provides receiving access, offering practical flexibility for deliveries and in-building logistics. Public water and public sewer are available.
Converted from its original retail use, the building is oriented toward medical office functionality while retaining the receiving convenience provided by the overhead door.
The property is located on the corner of Allentown Road and Nixon Ave in Lima, Ohio. A back overhead door provides receiving access, offering practical flexibility for deliveries and in-building logistics. Public water and public sewer are available.
Converted from its original retail use, the building is oriented toward medical office functionality while retaining the receiving convenience provided by the overhead door.
Key Highlights
- Built in 2000 medical office conversion
- Block construction with metal roof
- Central air with forced‑air natural gas heating
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
$56,329
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
8.67%
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%
$1,126,580
$1.1M
Cap Rate 7%
$804,700
$804.7K
Cap Rate 9%
$625,878
$625.9K
Market Conditions
NOI Build-Up for 4,995 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
$104.9K $21.00/SF
− Vacancy
−$11.0K −$2.21/SF
EGI
$93.9K $18.80/SF
− OpEx
−$37.6K −$7.52/SF
NOI
$56.3K $11.28/SF
Area
Allen County, OH
Vacancy
10.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,126,580
Cap Rate 7%
$804,700
Cap Rate 9%
$625,878
Alternative Uses
Best Use
Office B
$904.2K
$791.2K – $1.05M
NOI $63,297 @ 7.0% cap · market cap 9.74%
Second Best
Healthcare Medical
$804.7K
$704.1K – $938.8K
NOI $56,329 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,218 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
425
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?
Medical Office Space - Converted medical office building with central air, off-street parking, and a back overhead receiving door.
Where is this medical office space located?
The property is located at 1601 Allentown Road Lima, OH.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Built in 2000 medical office conversion; Block construction with metal roof; Central air with forced‑air natural gas heating
