Flex Warehouse with
For Sale
Contact for pricing
1603 N Sugar Street, Lima, OH 45801
Pre-engineered flex building combines office/retail space with garage/workspace for mixed-use operations.
Property Size2,100 SF
Price / SF$142.38
Days on Market55
Property Features for 1603 N Sugar Street
General Information
Standard status
Active
Size
2,100 SF
Total Parking Spaces
60
Property subtype
Special Purpose
Zoning
Commercial
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
3
Building Details
Year Built
2007
Listing Agency:
CCR , Realtors
(419) 222-0555
Listed By:
Joseph Guagenti · License #OH 423909
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 9:12AM
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 CCR , Realtors
Investment Insights
Based on property information with market context.
This pre-engineered flex building offers 1,200 SF of office/retail space paired with 900 SF of garage/workspace. The shop includes three 10' overhead garage doors, with two 10' x 10' doors at the rear of the building and one 10' x 10' door at the front, each with operators. Interior clear height is 12'. Office and common areas include one ADA bath in the showroom plus a full bath with a shower in the managers office. Electrical service is listed as 220-volt, and the property is supported by an asphalt paved parking lot with 60 spaces.
The building includes on-site parking for customer and staff use, and the rear and front loading configuration provides options for work flow depending on how the space is operated.
For a buyer or operator looking for a mixed setup, the combination of office/retail improvements and a dedicated garage/workshop area supports businesses that need customer-facing space along with functional overhead-door access. The included parking and 12' clear height can help accommodate day-to-day operations within a compact footprint.
The building includes on-site parking for customer and staff use, and the rear and front loading configuration provides options for work flow depending on how the space is operated.
For a buyer or operator looking for a mixed setup, the combination of office/retail improvements and a dedicated garage/workshop area supports businesses that need customer-facing space along with functional overhead-door access. The included parking and 12' clear height can help accommodate day-to-day operations within a compact footprint.
Key Highlights
- 2,100 SF pre‑engineered building with 1,200 SF office/retail and 900 SF garage/workspace
- 12' clear height and 3 overhead garage doors with operators (two 10' x 10' in rear, one 10' x 10' in front)
- 60 paved asphalt parking spaces
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
$12,060
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
4.03%
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%
$241,200
$241.2K
Cap Rate 7%
$172,286
$172.3K
Cap Rate 9%
$134,000
$134.0K
Market Conditions
NOI Build-Up for 2,100 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
$19.9K $9.48/SF
− Vacancy
−$1.4K −$0.64/SF
EGI
$18.6K $8.84/SF
− OpEx
−$6.5K −$3.09/SF
NOI
$12.1K $5.74/SF
Area
Allen County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$241,200
Cap Rate 7%
$172,286
Cap Rate 9%
$134,000
Alternative Uses
Best Use
Flex RnD
$172.3K
$150.8K – $201.0K
NOI $12,060 @ 7.0% cap · market cap 4.03%
Second Best
Warehouse
$149.7K
$131.0K – $174.6K
NOI $10,478 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$505.8K
$442.6K – $590.1K
NOI $35,407 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45801, OH
22,819
Population
9,351
Households
2.4
Avg Household Size
38
Median Age
12%
College-Educated
90%
High-School Grad
45.7 sq mi
ZIP Area
499
Density / Sq Mi
$47,442
Median Household Income
$33,224
Median Earnings
$865
Median Rent
$111,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Pre-engineered flex building combines office/retail space with garage/workspace for mixed-use operations.
Where is this flex space located?
The property is located at 1603 N Sugar Street Lima, OH.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,100 SF pre‑engineered building with 1,200 SF office/retail and 900 SF garage/workspace; 12' clear height and 3 overhead garage doors with operators (two 10' x 10' in rear, one 10' x 10' in front); 60 paved asphalt parking spaces
