Single-Story Medical Office
For Sale
$215,000
1924 Allentown Road, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size1,377 SF
Lot Size0.30 Acres
Price / SF$156.14
Days on Market131
Property Features for 1924 Allentown Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Zoning description
Class I Business Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Parking Lot, Off Street
Subdivision
Westgate Manor
Directions
USE GPS
Standard status
Active
APN
36-2610-04-023.000
Size
1,377 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Description
MACKENZIE TRACT WESTGATE MANOR #7 PT LOT 23405 JOINT TEN FF
Tax Annual Amount
2330
Legal Description
MACKENZIE TRACT WESTGATE MANOR #7 PT LOT 23405 JOINT TEN FF
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
lobby
reception area
roadside sign
Building Details
Year built
1961
Floors in Building
1
Flooring type
Carpet
Building materials
Brick, Vinyl Siding
Listing Agency:
Ron Spencer Real Estate
(419) 228-8899
Listed By:
Randall Faulder
(419) 302-6455
Added: Apr 13
Changed: Aug 4
Last Checked: Aug 21 at 5:06PM
MLS# 309942
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.
Single-story commercial building most recently used as a medical office, built in 1961 and constructed with brick and vinyl siding. The property offers approximately 1,377 square feet of versatile office space with a layout that includes 4-5 private offices plus a welcoming lobby and reception area. Two restrooms add convenience for staff and visitors.
The building is equipped with single-phase electric service, forced air heat with natural gas, and central air for year-round comfort. City water and public sewer are in place. On the outside, a private parking lot provides off-street parking, supported by a dedicated roadside sign for visibility along a well-traveled area.
This configuration supports an owner-occupant or investor looking for a flexible office layout suitable for a variety of professional or service-based business uses.
The building is equipped with single-phase electric service, forced air heat with natural gas, and central air for year-round comfort. City water and public sewer are in place. On the outside, a private parking lot provides off-street parking, supported by a dedicated roadside sign for visibility along a well-traveled area.
This configuration supports an owner-occupant or investor looking for a flexible office layout suitable for a variety of professional or service-based business uses.
Key Highlights
- Built in 1961 with brick and vinyl siding exterior
- Approximately 1,377 SF of office space with 4‑5 private offices and lobby/reception
- Two restrooms for staff and visitors
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
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 medical office with private offices, lobby/reception, central air, and off-street parking.
Where is this medical office space located?
The property is located at 1924 Allentown Road 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: Built in 1961 with brick and vinyl siding exterior; Approximately 1,377 SF of office space with 4‑5 private offices and lobby/reception; Two restrooms for staff and visitors
