Building Details

Building Size 5,160 SF

Year Built 1916

Buildings 1

Stories 2

Listing Agency: BHHS Koehler Realty Show Phone

Listed By: Kim Leeper Show Phone

Source: Koehlerrealty

Added: Oct 29 Last Checked: Oct 29 at 2:40PM

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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 BHHS Koehler Realty

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Investment Insights

Based on property information with market context.

This 5,160-square-foot mixed-use property, built in 1916, contains three commercial storefronts and three apartments on the floors above. Recent building work includes a roof and HVAC system installed in 2023, plus a parking lot paved in 2022. The 0.177-acre site also has off-street parking.

Memorial Hall, a 1908 Beaux-Arts landmark, stands across South Elizabeth Street. Redevelopment is underway with state grant funding, and a boutique hotel concept is in schematic design; a decision is expected in 2026. The Allen County Administration Building is scheduled for completion in 2026 within one block. Spring & Main, the civic core, and the 113-acre DORA entertainment district are within two blocks.

Key Highlights

• Three commercial storefronts with three apartments above
• 5,160 square feet on a 0.177‑acre site
• Built in 1916; roof and HVAC updated in 2023

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,934

Cap Rate

5.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$798,680 $798.7K

Cap Rate 7%

$570,486 $570.5K

Cap Rate 9%

$443,711 $443.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,160 SF

Gross rent

$80.5K $15.60/SF

− Vacancy

−$7.9K −$1.53/SF

EGI

$72.6K $14.07/SF

− OpEx

−$32.7K −$6.33/SF

NOI

$39.9K $7.74/SF

Area

Allen County, OH

Vacancy

9.80%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$798,680

Cap Rate 7%

$570,486

Cap Rate 9%

$443,711

Alternative Uses

Best Use

Apartment 5plus

$570.5K

$499.2K – $665.6K (±1% cap)

NOI $39,934 @ 7.0% cap · market cap 5.80%

Second Best

Retail

$292.5K

$256.0K – $341.3K (±1% cap)

NOI $20,478 @ 7.0% cap · market cap 2.97%

Theoretical Best

Office A

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,000 @ 7.0% cap · market cap 12.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Bloom Recovery Network Association / Organization

Suggested Use

Top Pick Real Estate Agency Restaurant Dental Office Big Box & Wholesale Store Building Supply Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

91

Businesses Nearby

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three ground-floor commercial spaces sit below apartments, with off-street parking available.

Where is this mixed-use property located?

The property is located at 222 S Elizabeth Street Lima, OH.

What is the asking price?

The asking price for this property is $689,000.

What are key features of this property?

This property features: Three commercial storefronts with three apartments above; 5,160 square feet on a 0.177‑acre site; Built in 1916; roof and HVAC updated in 2023