Flex Space with Overhead
For Sale
$200,000
Pending
207 Watt Avenue, Lima, OH 45801
COMMERCIAL - Lima, OH
Property Size2,700 SF
Lot Size0.44 Acres
Days on Market52
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
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) 228-8899
Added: Jul 1
Changed: Aug 5
Last Checked: Aug 21 at 4:06PM
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.
Flex space at 207 Watt Avenue in Bath Township, Allen County, Lima, OH, just off N. West St/SR 65. The property includes retail showroom space and warehouse/shop space, totaling 2,700 SF.
An approximately 1,188 SF showroom/office area features gas forced air with central air and tile flooring. A 50x30 shop/storage area is steel-sided with a steel roof and includes a large overhead door, with gas heat.
The building was constructed in 1990 and uses steel siding and vinyl siding. Public sewer is available. Outdoor and building systems include overhead door(s), forced air heating with natural gas, and central air cooling, supporting a range of business uses that need both a customer-facing area and functional shop space.
An approximately 1,188 SF showroom/office area features gas forced air with central air and tile flooring. A 50x30 shop/storage area is steel-sided with a steel roof and includes a large overhead door, with gas heat.
The building was constructed in 1990 and uses steel siding and vinyl siding. Public sewer is available. Outdoor and building systems include overhead door(s), forced air heating with natural gas, and central air cooling, supporting a range of business uses that need both a customer-facing area and functional shop space.
Key Highlights
- Total 2,700 SF flex space
- Approximately 1,188 SF showroom/office with gas forced air and central air
- 50x30 steel‑sided shop/storage with large overhead door and gas heat
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
$15,506
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
7.75%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained flex space combining showroom/office and shop/storage with central air and gas-forced-air heat.
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: Total 2,700 SF flex space; Approximately 1,188 SF showroom/office with gas forced air and central air; 50x30 steel‑sided shop/storage with large overhead door and gas heat
