Updated Upper-Level Income
For Sale
$91,250
2275 N Cable Road, Lima, OH 45807
Residential Income, Lima, OH
Property Size816 SF
Price / SF$111.83
Days on Market70
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
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
balcony
new A/C unit
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 22
Last Checked: Aug 23 at 6:06PM
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 816-square-foot upper-level residential income unit offers two bedrooms and one bathroom, along with a balcony facing the community common area. The interior has been updated with a neutral color scheme, and the property includes a newer A/C unit, central air, natural-gas forced-air heat, brick and vinyl siding, public water, and public sewer. Built in 1970, the unit is currently rented and requires 48 hours’ notice for showings.
The property is located at 2275 N Cable Road in Lima, Ohio. One reserved parking space is assigned to the unit and marked with its unit number. The community’s exterior maintenance, lawn care, snow removal, trash service, and water are covered through the condominium association.
The property is located at 2275 N Cable Road in Lima, Ohio. One reserved parking space is assigned to the unit and marked with its unit number. The community’s exterior maintenance, lawn care, snow removal, trash service, and water are covered through the condominium association.
Key Highlights
- 816 SF upper‑level unit with 2 bedrooms and 1 bathroom
- Updated interior with a neutral color palette and newer A/C unit
- Balcony overlooking the community common area
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
338
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 condominium unit with a balcony, central air, and designated parking in a maintained residential community.
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: 816 SF upper‑level unit with 2 bedrooms and 1 bathroom; Updated interior with a neutral color palette and newer A/C unit; Balcony overlooking the community common area
