Building Details

Year built 2007

Building materials Steel Frame

Roof type Metal

Listing Agency: CCR Realtors · Real Living w***@yahoo.com Show Phone

Listed By: Joseph Guagenti · License #423909 Show Phone

Added: Nov 20, 2025 Changed: Oct 2 Last Checked: Oct 6 at 5:06AM

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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 SF flex property, built in 2007, uses a steel-frame construction with a metal roof and a practical split between commercial and service functions. The building provides 1,200 SF of office/retail area alongside 900 SF of garage/workspace, with 12' clear height and three 10' overhead doors. Two doors are positioned at the rear and one serves the front, with operators installed. A 220-volt electrical service supports the workspace. The property also includes an ADA bath in the showroom and a full bathroom with shower in the manager’s office.

The site offers 60 paved asphalt parking spaces. Public water and public sewer serve the property, while heating is provided by natural gas and forced air. Commercial zoning supports the property’s flexible office, retail, and workspace configuration.

Key Highlights

• 2,100 SF building with 1,200 SF of office/retail space and 900 SF of garage/workspace
• Three 10' overhead garage doors with operators; two rear doors and one front door
• 12' clear height and 220‑volt electric service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,060

Cap Rate

4.03%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $12,060 @ 7.0% cap · market cap 4.03%

Second Best

Industrial

$123.3K

$107.9K – $143.8K (±1% cap)

NOI $8,629 @ 7.0% cap · market cap 2.89%

Theoretical Best

Office A

$505.8K

$442.6K – $590.1K (±1% cap)

NOI $35,407 @ 7.0% cap · market cap 11.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Taco Movil Los ... Restaurant Country Corner Auto ... Car Dealership

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Hair Salon Parking Lot & Garage Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12 ft

Clear height

3

Drive-in doors

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Steel-frame commercial property combines office, retail, and garage/workspace areas with public utilities.

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 building with 1,200 SF of office/retail space and 900 SF of garage/workspace; Three 10' overhead garage doors with operators; two rear doors and one front door; 12' clear height and 220‑volt electric service