Three-Dock Industrial
For Sale
$2,750,000
1700 Elida Road, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size45,000 SF
Price / SF$61.11
Days on Market47
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
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1949
Building materials
Steel Frame
Roof type
Metal, Concrete
Listing Agency:
Hartsock Realty
(419) 222-0447
Listed By:
Jeff Dulmage · License #2015002150
(419) 302-3940
Added: Jul 15
Changed: Aug 4
Last Checked: Aug 30 at 3:06PM
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.
This industrial warehouse totals 45,000 square feet and is constructed with a steel frame. The property features a metal and concrete roof, forced air heating, natural gas fuel, and a parking lot for vehicles. The building has three docks, supporting efficient loading and distribution operations.
The property is located at 1700 Elida Road in Lima, Ohio, with easy access off State Route 309. Public water and public sewer are available. It was built in 1949 and is currently under a 3.5-year NNN lease structure in place.
Under the NNN arrangement, the tenant pays all operating expenses, including taxes, insurance, maintenance, and utilities.
The property is located at 1700 Elida Road in Lima, Ohio, with easy access off State Route 309. Public water and public sewer are available. It was built in 1949 and is currently under a 3.5-year NNN lease structure in place.
Under the NNN arrangement, the tenant pays all operating expenses, including taxes, insurance, maintenance, and utilities.
Key Highlights
- 45,000 SF industrial warehouse with three docks
- Easy access off State Route 309
- 3.5‑year NNN lease in place; tenant pays taxes, insurance, maintenance, and utilities
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
Property Profile
Current Use
Lease Details
3
Dock-high doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Three-dock industrial warehouse with easy access off State Route 309 and an NNN lease in place.
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 SF industrial warehouse with three docks; Easy access off State Route 309; 3.5‑year NNN lease in place; tenant pays taxes, insurance, maintenance, and utilities
