Mixed-Use Property With
For Sale
$689,000
222 S Elizabeth Street, Lima, OH 45801
Commercial Sale, Lima, OH
Property Size5,160 SF
Lot Size0.18 Acres
Price / SF$133.53
Days on Market47
Property Features for 222 S Elizabeth Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 6, Bathroom 4, Bathroom 3, Bathroom 5, Bathroom 2
Parking features
Parking Lot, Off Street
Standard status
Active
APN
37-3107-20-003.000
Size
5,160 SF
Lot size
0.18 Acres
Additional Details
Mixed-Use Components
retail, residential
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
off-street parking
Building Details
Year built
1916
Floors in Building
2
Flooring type
Tile - Ceramic, Carpet, Vinyl
Building materials
Brick
Roof type
Rubber
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Scott Parsons
(419) 234-7204
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 27 at 12:06AM
MLS# 311570
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.
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Investment Insights
Based on property information with market context.
Built in 1916, this brick mixed-use property contains 5,160 square feet across three commercial storefronts and three residential apartments. The building includes carpet, ceramic tile, and vinyl flooring, along with forced-air heating, central air, a rubber roof, and public water and sewer service. A roof replacement and HVAC installation were completed in 2023, while the parking lot was repaved in 2022.
The property occupies 0.177 acres at 222 S. Elizabeth Street in downtown Lima and includes off-street parking. Memorial Hall is directly across the street, with redevelopment supported by a $10 million state grant and a proposed $25 million boutique hotel currently in schematic design. The Allen County Administration Building is within one block and is scheduled for completion in 2026. Spring & Main and the DORA entertainment district are within two blocks.
The property occupies 0.177 acres at 222 S. Elizabeth Street in downtown Lima and includes off-street parking. Memorial Hall is directly across the street, with redevelopment supported by a $10 million state grant and a proposed $25 million boutique hotel currently in schematic design. The Allen County Administration Building is within one block and is scheduled for completion in 2026. Spring & Main and the DORA entertainment district are within two blocks.
Key Highlights
- 5,160‑square‑foot mixed‑use building with three commercial storefronts and three apartments
- 0.177‑acre downtown Lima property at 222 S. Elizabeth Street
- Roof and HVAC replaced in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,240
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,800
$864.8K
Cap Rate 7%
$617,714
$617.7K
Cap Rate 9%
$480,444
$480.4K
Market Conditions
NOI Build-Up for 5,160 SF
Gross rent
$68.1K $13.20/SF
− Vacancy
−$6.3K −$1.23/SF
EGI
$61.8K $11.97/SF
− OpEx
−$18.5K −$3.59/SF
NOI
$43.2K $8.38/SF
Area
Allen County, OH
Vacancy
9.31%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$864,800
Cap Rate 7%
$617,714
Cap Rate 9%
$480,444
Alternative Uses
Best Use
Multifamily LT 5
$617.7K
$540.5K – $720.7K
NOI $43,240 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$570.5K
$499.2K – $665.6K
NOI $39,934 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,000 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,633
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building combines visible retail frontage, upper-level apartments, and dedicated off-street parking.
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: 5,160‑square‑foot mixed‑use building with three commercial storefronts and three apartments; 0.177‑acre downtown Lima property at 222 S. Elizabeth Street; Roof and HVAC replaced in 2023
