Single-Story Medical
For Sale
$209,900
1924 Allentown Road, Lima, OH 45805
Commercial Sale, Lima, OH
Property Size1,377 SF
Lot Size0.30 Acres
Price / SF$152.43
Days on Market176
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 1, Bathroom 2
Parking features
Off Street, Parking Lot
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
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
lobby & reception area
dedicated 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: Oct 2
Last Checked: Oct 5 at 11:06PM
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.
This single-story medical office property provides 1,377 square feet of office space on a 0.298-acre lot. Built in 1961, the building was most recently used for medical office operations and includes 4–5 private offices, a lobby with reception area, and two restrooms. Brick and vinyl siding form the exterior, while carpeted interiors support a conventional professional setting.
The property includes forced-air heat, central air, single-phase electric service, public water, and public sewer. A private parking lot provides off-street parking, and a dedicated roadside sign offers on-site identification. Zoned Commercial, the building is located at 1924 Allentown Road in Lima, Ohio.
The property includes forced-air heat, central air, single-phase electric service, public water, and public sewer. A private parking lot provides off-street parking, and a dedicated roadside sign offers on-site identification. Zoned Commercial, the building is located at 1924 Allentown Road in Lima, Ohio.
Key Highlights
- 1,377 square feet of office space on a 0.298‑acre lot
- 4–5 private offices with lobby and reception area
- Two restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,449
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
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
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 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 8.31%
Second Best
Healthcare Medical
$221.8K
$194.1K – $258.8K
NOI $15,528 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$331.7K
$290.2K – $387.0K
NOI $23,217 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 - Flexible professional layout with private rooms, reception space, two restrooms, and dedicated 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 $209,900.
What are key features of this property?
This property features: 1,377 square feet of office space on a 0.298‑acre lot; 4–5 private offices with lobby and reception area; Two restrooms
