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 Market73
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: Sep 13
Last Checked: Sep 25 at 6:06AM
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 = 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
$224,538
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
8.17%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
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Market
Vacancy Rate% for Industrial in Midwest region
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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
