Residential Income Property with
For Sale
$91,250
2275 N Cable Road, Lima, OH 45807
MULTI_FAMILY - Lima, OH
Property Size816 SF
Price / SF$111.83
Days on Market56
Property Features for 2275 N Cable Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Residential
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1
Elementary school district
Elida
Middle school district
Elida
High school district
Elida
Standard status
Active
APN
36-2201-02-012.097
Size
816 SF
Taxes and HOA fees
HOA Fee
$194 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
balcony
Building Details
Year built
1970
Number of units
1
Building materials
Brick, Vinyl Siding
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Dawn Iiames
(567) 204-2996
Added: Jun 15
Changed: Aug 2
Last Checked: Aug 9 at 5:06PM
MLS# 310560
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 residential income property features an upper-level unit with a balcony overlooking the common area. The unit is described as nicely updated and includes two bedrooms and one bathroom. It has central air cooling and forced-air heating powered by natural gas. The home is constructed with brick and vinyl siding, and it is served by public water and public sewer.
The building includes assigned parking tied to the unit number, with one reserved parking spot for the unit. The property is currently rented, and showings require 48-hour notice.
The unit’s 816 square feet includes a practical two-bedroom layout, supported by on-site exterior care services handled through the monthly condo fee, which covers trash, water, snow removal, and lawn care and outdoor maintenance.
The building includes assigned parking tied to the unit number, with one reserved parking spot for the unit. The property is currently rented, and showings require 48-hour notice.
The unit’s 816 square feet includes a practical two-bedroom layout, supported by on-site exterior care services handled through the monthly condo fee, which covers trash, water, snow removal, and lawn care and outdoor maintenance.
Key Highlights
- Upper‑level unit with balcony overlooking the common area
- Central air and forced‑air heating with natural gas
- Two bedrooms and one bathroom
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
$6,315
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
6.92%
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%
$126,300
$126.3K
Cap Rate 7%
$90,214
$90.2K
Cap Rate 9%
$70,167
$70.2K
Market Conditions
NOI Build-Up for 816 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
$12.7K $15.60/SF
− Vacancy
−$1.2K −$1.53/SF
EGI
$11.5K $14.07/SF
− OpEx
−$5.2K −$6.33/SF
NOI
$6.3K $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 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%
$126,300
Cap Rate 7%
$90,214
Cap Rate 9%
$70,167
Alternative Uses
Best Use
Apartment 5plus
$90.2K
$78.9K – $105.3K
NOI $6,315 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$196.5K
$172.0K – $229.3K
NOI $13,758 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
562
Businesses Nearby
Explore this area
Business Placement
Demographics for 45807, OH
11,856
Population
5,109
Households
2.3
Avg Household Size
45
Median Age
22%
College-Educated
96%
High-School Grad
75.4 sq mi
ZIP Area
157
Density / Sq Mi
$74,387
Median Household Income
$41,645
Median Earnings
$967
Median Rent
$192,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upper-level unit with a balcony overlooking the common area, central air, assigned parking, and a rented interior setup.
Where is this residential income property located?
The property is located at 2275 N Cable Road Lima, OH.
What is the asking price?
The asking price for this property is $91,250.
What are key features of this property?
This property features: Upper‑level unit with balcony overlooking the common area; Central air and forced‑air heating with natural gas; Two bedrooms and one bathroom
