Single-Story Medical Office
For Sale
Contact for pricing
1924 Allentown Rd, Lima, OH 45805
Single-story brick-and-vinyl office building with a lobby, 4–5 private offices, two restrooms, and off-street parking.
Property Size1,377 SF
Lot Size0.30 Acres
Price / SF$156.14
Days on Market153
Property Features for 1924 Allentown Rd
General Information
Standard status
Active
Size
1,377 SF
Class
C
Lot size
0.30 Acres
Property subtype
Office, Retail
Zoning
Class I Business Retail
Additional Details
Utilities to Site
Yes
Amenities
lobby
reception area
private parking lot
roadside sign
Building Details
Year Built
1961
Buildings
1
Stories
1
Units
1
Construction
brick & vinyl
Listing Agency:
Ron Spencer Real Estate
Listed By:
Ron Spencer · License #198349
(419) 228-8899
Source:
Crexi
Added: Apr 13
Changed: Sep 10
Last Checked: Sep 11 at 4:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ron Spencer Real Estate
Investment Insights
Based on property information with market context.
This single-story commercial building was most recently used as a medical office. Built in 1961, it offers approximately 1,377 square feet of versatile office space with a brick and vinyl exterior. The interior layout includes a welcoming lobby and reception area, along with 4–5 private offices and two restrooms to support both staff and client needs.
The property is served by single-phase electric service, forced air heat, and central air for year-round comfort. City water and sewer utilities are in place. Outside, a private parking lot provides off-street parking for employees and visitors, and a dedicated roadside sign supports visibility along a well-traveled area.
With its functional reception entry and private office configuration, the building is suitable for a range of professional or service-based businesses seeking a flexible, low-maintenance office environment.
The property is served by single-phase electric service, forced air heat, and central air for year-round comfort. City water and sewer utilities are in place. Outside, a private parking lot provides off-street parking for employees and visitors, and a dedicated roadside sign supports visibility along a well-traveled area.
With its functional reception entry and private office configuration, the building is suitable for a range of professional or service-based businesses seeking a flexible, low-maintenance office environment.
Key Highlights
- Single‑story commercial building built in 1961 with approx. 1,377 SF of office space on a 0.298‑acre lot
- Most recently used as a medical office; layout includes a lobby/reception plus 4–5 private offices
- Two restrooms for client and staff convenience
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
$17,449
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
8.12%
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%
$348,980
$349.0K
Cap Rate 7%
$249,271
$249.3K
Cap Rate 9%
$193,878
$193.9K
Market Conditions
NOI Build-Up for 1,377 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
$26.4K $19.20/SF
− Vacancy
−$3.2K −$2.30/SF
EGI
$23.3K $16.90/SF
− OpEx
−$5.8K −$4.22/SF
NOI
$17.4K $12.67/SF
Area
Allen County, OH
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$348,980
Cap Rate 7%
$249,271
Cap Rate 9%
$193,878
Alternative Uses
Best Use
Office B
$249.3K
$218.1K – $290.8K
NOI $17,449 @ 7.0% cap · market cap 8.12%
Second Best
Healthcare Medical
$221.8K
$194.1K – $258.8K
NOI $15,528 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$331.7K
$290.2K – $387.0K
NOI $23,217 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Under-served
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 Office in Midwest region
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Similar Off Market Nearby
- Petco Vaccination Clinic — 2430 Allentown Rd, Lima, OH 45805
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story brick-and-vinyl office building with a lobby, 4–5 private offices, two restrooms, and off-street parking.
Where is this medical office space located?
The property is located at 1924 Allentown Rd Lima, OH.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Single‑story commercial building built in 1961 with approx. 1,377 SF of office space on a 0.298‑acre lot; Most recently used as a medical office; layout includes a lobby/reception plus 4–5 private offices; Two restrooms for client and staff convenience
