Building Details

Building Size 4,399 SF

Year Built 1965

Stories 1

Listing Agency: Hartsock Realty

Listed By: Jeff Dulmage · License #2015002150 Show Phone

Source: Koehlerrealty

Added: Oct 26 Changed: Oct 31 Last Checked: Oct 31 at 3:31AM

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Investment Insights

Based on property information with market context.

This 4,399-square-foot storefront property, built in 1965, includes interior areas suited to offices, showrooms, and work spaces. The layout could accommodate three separate retail storefronts. Concrete and ceramic tile are among the interior finishes, and display windows and an overhead door are present. The building also has newer mechanical systems and a newer roof.

Three garage areas sit at the rear: one attached to the building and two detached. The property is on N Main Street in Lima, Ohio.

Key Highlights

• 4,399‑square‑foot storefront property built in 1965
• Layout could support three separate retail storefronts
• Interior areas include offices, showrooms, and work spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,458

Cap Rate

7.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$349,160 $349.2K

Cap Rate 7%

$249,400 $249.4K

Cap Rate 9%

$193,978 $194.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,399 SF

Gross rent

$25.9K $5.88/SF

− Vacancy

−$926 −$0.21/SF

EGI

$24.9K $5.67/SF

− OpEx

−$7.5K −$1.70/SF

NOI

$17.5K $3.97/SF

Area

Allen County, OH

Vacancy

3.58%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$349,160

Cap Rate 7%

$249,400

Cap Rate 9%

$193,978

Alternative Uses

Best Use

Retail

$249.4K

$218.2K – $291.0K (±1% cap)

NOI $17,458 @ 7.0% cap · market cap 7.76%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.06M

$927.1K – $1.24M (±1% cap)

NOI $74,169 @ 7.0% cap · market cap 32.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Law Firm Big Box & Wholesale Store 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.

Location Intelligence

Trade Area within ½ mile

294

Businesses Nearby

69k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 52% Shops & Services 46% Apparel 2%

McDonald's Dining

18,053 visits/mo 0.4 miles

Ollie's Bargain Outlet Shops & Services

13,802 visits/mo 0.1 miles

Circle K Shops & Services

10,020 visits/mo 0.4 miles

Burger King Dining

9,624 visits/mo 0.4 miles

Taco Bell Dining

8,096 visits/mo 0.3 miles

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 Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - The interior supports office, showroom, and work-space uses, with newer mechanical systems and a newer roof.

Where is this storefront property located?

The property is located at 1623 N Main Street Lima, OH.

What is the asking price?

The asking price for this property is $224,900.

What are key features of this property?

This property features: 4,399‑square‑foot storefront property built in 1965; Layout could support three separate retail storefronts; Interior areas include offices, showrooms, and work spaces