Flex Building with Garage
For Sale
$299,000
1603 N Sugar Street, Lima, OH 45801
COMMERCIAL - Lima, OH
Property Size2,100 SF
Price / SF$142.38
Days on Market265
Property Features for 1603 N Sugar Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
60
Standard status
Active
APN
37.1912.02.01.000,37.1912.02.01001,37.1912.02.0002
Size
1 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
overhead garage doors
220-volt electric service
12' clear height
ADA bathroom
full bathroom
Building Details
Year built
2007
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Joseph Guagenti · License #423909
(419) 230-5050
Added: Nov 20, 2025
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 308883
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 2,100-square-foot steel-frame flex building, completed in 2007, is configured with 1,200 square feet of office and retail space alongside 900 square feet of garage and workspace. The property provides three 10-foot overhead garage doors, a 12-foot clear height, and 220-volt electric service. Two rear doors and one front door have operators. Interior facilities include an ADA bathroom in the showroom and a full bathroom with shower in the manager’s office.
The site includes 60 paved asphalt parking spaces and is served by public water and public sewer. Forced-air and natural-gas heating support the building, while the metal roof completes the primary construction features. Commercial zoning applies to the property.
The site includes 60 paved asphalt parking spaces and is served by public water and public sewer. Forced-air and natural-gas heating support the building, while the metal roof completes the primary construction features. Commercial zoning applies to the property.
Key Highlights
- 2,100 SF steel‑frame building completed in 2007
- 1,200 SF of office/retail space plus 900 SF of garage/workspace
- 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
$26,611
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
8.90%
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%
$532,220
$532.2K
Cap Rate 7%
$380,157
$380.2K
Cap Rate 9%
$295,678
$295.7K
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
$40.3K $19.20/SF
− Vacancy
−$4.8K −$2.30/SF
EGI
$35.5K $16.90/SF
− OpEx
−$8.9K −$4.22/SF
NOI
$26.6K $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%
$532,220
Cap Rate 7%
$380,157
Cap Rate 9%
$295,678
Alternative Uses
Best Use
Office B
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 8.90%
Second Best
Flex RnD
$172.3K
$150.8K – $201.0K
NOI $12,060 @ 7.0% cap · market cap 4.03%
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
Yes
Utilities to site
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 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?
Flex space - Steel-frame flex property combines office and retail areas with dedicated workspace and multiple overhead doors.
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 steel‑frame building completed in 2007; 1,200 SF of office/retail space plus 900 SF of garage/workspace; 60 paved asphalt parking spaces
