Industrial Warehouse with Loading
For Sale
$2,750,000
1700 Elida Road, Lima, OH 45805
Commercial Sale, Lima, OH
Property Size45,000 SF
Price / SF$61.11
Days on Market93
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Property Features for 1700 Elida Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Industrial
Parking features
Parking Lot
Standard status
Active
APN
36-2605-08-005.000
Size
45,000 SF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1949
Building materials
Steel Frame
Roof type
Concrete, Metal
Listing Agency:
Hartsock Realty
(419) 222-0447
Listed By:
Jeff Dulmage · License #2015002150
(419) 302-3940
Added: Jul 15
Changed: Oct 2
Last Checked: Oct 15 at 4:06PM
MLS# 310858
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.
Located at 1700 Elida Road in Lima, Ohio, this 45,000-square-foot warehouse was built in 1949 and features steel-frame construction, three loading docks, and a dedicated parking lot. The building has a concrete and metal roof, with natural gas forced-air heat serving the facility.
The property is zoned Commercial and has public water and public sewer service. Access is available from State Route 309. An existing 3.5-year NNN lease places taxes, insurance, maintenance, and utilities with the tenant, providing a defined lease structure for the property.
The property is zoned Commercial and has public water and public sewer service. Access is available from State Route 309. An existing 3.5-year NNN lease places taxes, insurance, maintenance, and utilities with the tenant, providing a defined lease structure for the property.
Key Highlights
- 45,000 square feet of industrial warehouse space
- Three loading docks with access from State Route 309
- 3.5‑year NNN lease in place
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$224,538
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,490,760
$4.5M
Cap Rate 7%
$3,207,686
$3.2M
Cap Rate 9%
$2,494,867
$2.5M
Market Conditions
NOI Build-Up for 45,000 SF
Gross rent
$288.5K $6.41/SF
− Vacancy
−$24.3K −$0.54/SF
EGI
$264.2K $5.87/SF
− OpEx
−$39.6K −$0.88/SF
NOI
$224.5K $4.99/SF
Area
Allen County, OH
Vacancy
8.42%
Lease Rate
$6.41 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,490,760
Cap Rate 7%
$3,207,686
Cap Rate 9%
$2,494,867
Alternative Uses
Best Use
Warehouse
$3.21M
$2.81M – $3.74M
NOI $224,538 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.84M
$9.48M – $12.65M
NOI $758,722 @ 7.0% cap · market cap 27.59%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 45805, OH
22,740
Population
10,560
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
94%
High-School Grad
14.6 sq mi
ZIP Area
1,558
Density / Sq Mi
$65,954
Median Household Income
$37,126
Median Earnings
$944
Median Rent
$153,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Similar Off Market Nearby
- Land O'Lakes Purina Feed — 1111 N Cole St, Lima, OH 45805
- Self-Storage at U-Haul — 1608 Elida Rd, Lima, OH 45805
- Global Self Storage — 1910 W Robb Ave, Lima, OH 45805
- Shawnee Self Storage — 1850 Arthur Ave, Lima, OH 45805
Frequently Asked Questions
What type of property is this?
Warehouse - Commercially zoned industrial facility with dock access, public utilities, and an existing NNN lease structure.
Where is this warehouse located?
The property is located at 1700 Elida Road Lima, OH.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 45,000 square feet of industrial warehouse space; Three loading docks with access from State Route 309; 3.5‑year NNN lease in place
