Multi-Storefront Retail
New
For Sale
$249,000
1623 N Main Street, Lima, OH 45801
Commercial Sale, Lima, OH
Property Size4,399 SF
Price / SF$56.60
Days on Market3
Property Features for 1623 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Commercial
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Parking
7500
Parking features
Parking Lot
Window features
Display Window(s)
Interior features
Overhead Door
Standard status
Active
APN
37-1910-04-016.000
Size
4,399 SF
Taxes and HOA fees
Tax Annual Amount
3536
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1965
Floors in Building
1
Flooring type
Concrete, Tile - Ceramic
Building materials
Block
Listing Agency:
Hartsock Realty
(419) 222-0447
Listed By:
Jeff Dulmage · License #2015002150
(419) 302-3940
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 4:06PM
MLS# 311256
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 4399-square-foot retail building in Lima offers a flexible commercial layout with potential for three separate storefront areas. Interior space includes offices, showrooms, work areas, bathrooms, concrete and ceramic tile flooring, forced-air heat, and central air conditioning. Block construction and an overhead door add practical utility for a range of commercial operations.
The property includes three rear garage areas, consisting of one attached space and two detached structures. A parking lot serves the building, while public water and public sewer support the site. The roof and mechanical systems are newer, and the building was constructed in 1965.
The property includes three rear garage areas, consisting of one attached space and two detached structures. A parking lot serves the building, while public water and public sewer support the site. The roof and mechanical systems are newer, and the building was constructed in 1965.
Key Highlights
- 4399‑square‑foot commercial building in Lima, OH
- Potential for three separate retail storefronts
- Includes offices, showrooms, workspaces, and bathrooms
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
$17,458
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
7.01%
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%
$349,160
$349.2K
Cap Rate 7%
$249,400
$249.4K
Cap Rate 9%
$193,978
$194.0K
Market Conditions
NOI Build-Up for 4,399 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
$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 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%
$349,160
Cap Rate 7%
$249,400
Cap Rate 9%
$193,978
Alternative Uses
Best Use
Retail
$249.4K
$218.2K – $291.0K
NOI $17,458 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$927.1K – $1.24M
NOI $74,169 @ 7.0% cap · market cap 29.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
285
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
0.2 miles
Ollie's Bargain Outlet
Shops & Services
13,802 visits/mo
0.2 miles
Circle K
Shops & Services
10,020 visits/mo
0.3 miles
Burger King
Dining
9,624 visits/mo
0.3 miles
Taco Bell
Dining
8,096 visits/mo
0.2 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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned building with office, showroom, and workspace areas plus rear garage facilities.
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 $249,000.
What are key features of this property?
This property features: 4399‑square‑foot commercial building in Lima, OH; Potential for three separate retail storefronts; Includes offices, showrooms, workspaces, and bathrooms
