Flex Property with
For Sale
$200,000
Pending
207 Watt Avenue, Lima, OH 45801
Commercial Sale, Lima, OH
Property Size2,700 SF
Lot Size0.44 Acres
Days on Market98
Property Features for 207 Watt Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Overhead Door(s)
Subdivision
State Park View
Directions
USE GPS
Standard status
Pending
APN
37190707004000
Size
2,700 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
gas forced air with central air
gas heat
large overhead door
Building Details
Year built
1990
Flooring type
Tile
Building materials
Steel Siding, Vinyl Siding
Listing Agency:
Ron Spencer Real Estate, Inc.
(419) 228-8899
Listed By:
Cheryl Faulder
(419) 302-6456
Added: Jul 1
Changed: Sep 13
Last Checked: Oct 6 at 6:06PM
MLS# 1046773
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 2,700-square-foot flex property on 0.44 acres combines retail showroom space with warehouse and shop areas. The approximately 1,188-square-foot showroom and office area includes vinyl siding, tile flooring, forced-air natural-gas heat, and central air conditioning. A 50-by-30-foot steel-sided shop and storage area has a steel roof, gas heat, and a large overhead door.
The property is located at 207 Watt Avenue in Lima, Ohio, in Bath Township, Allen County, just off N. West Street/SR 65. Public sewer serves the site. Built in 1990, the building offers a mix of customer-facing, office, storage, and shop space within one commercial property.
The property is located at 207 Watt Avenue in Lima, Ohio, in Bath Township, Allen County, just off N. West Street/SR 65. Public sewer serves the site. Built in 1990, the building offers a mix of customer-facing, office, storage, and shop space within one commercial property.
Key Highlights
- 2,700 square feet on 0.44 acres
- Approximately 1,188‑square‑foot showroom and office area
- 50‑by‑30‑foot steel‑sided shop and storage area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,506
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$310,120
$310.1K
Cap Rate 7%
$221,514
$221.5K
Cap Rate 9%
$172,289
$172.3K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$25.6K $9.48/SF
− Vacancy
−$1.7K −$0.64/SF
EGI
$23.9K $8.84/SF
− OpEx
−$8.3K −$3.09/SF
NOI
$15.5K $5.74/SF
Area
Allen County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$310,120
Cap Rate 7%
$221,514
Cap Rate 9%
$172,289
Alternative Uses
Best Use
Flex RnD
$221.5K
$193.8K – $258.4K
NOI $15,506 @ 7.0% cap · market cap 7.75%
Second Best
Warehouse
$192.5K
$168.4K – $224.5K
NOI $13,472 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$650.3K
$569.0K – $758.7K
NOI $45,523 @ 7.0% cap · market cap 22.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45801, OH
22,819
Population
9,351
Households
2.4
Avg Household Size
38
Median Age
12%
College-Educated
90%
High-School Grad
45.7 sq mi
ZIP Area
499
Density / Sq Mi
$47,442
Median Household Income
$33,224
Median Earnings
$865
Median Rent
$111,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Combined retail and shop areas provide space for customer-facing operations, storage, and work functions.
Where is this flex space located?
The property is located at 207 Watt Avenue Lima, OH.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 2,700 square feet on 0.44 acres; Approximately 1,188‑square‑foot showroom and office area; 50‑by‑30‑foot steel‑sided shop and storage area
