Standalone Medical Office
For Sale
Contact for pricing
2300 W Elm St, Lima, OH 45805
Remodeled facility with updated infrastructure and outpatient functionality.
Property Size2,340 SF
Price / SF$224.36
Days on Market90
Property Features for 2300 W Elm St
General Information
Standard status
Active
Size
2,340 SF
Class
A
Total Parking Spaces
12
Property subtype
Office
Zoning
R3
Investment Type
Owner/User
Building Details
Year Built
1972
Year Renovated
2012
Buildings
1
Units
14
Building Size
2,340 SF
Listing Agency:
Dye Real Estate and Land Company
Listed By:
Garrett Gatton · License #2019005469
Source:
Crexi
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 7:11AM
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 Dye Real Estate and Land Company
Investment Insights
Based on property information with market context.
This standalone medical office building contains 2,340 SF of Class A space configured for medical and outpatient services. The property was remodeled in 2012, including a new roof, and incorporates updated infrastructure with a contemporary medical layout. Its turnkey condition supports immediate use by a medical practice, specialty clinic, or other healthcare operation.
The building is located at 2300 W. Elm St. in Lima, Ohio, less than 2 miles from Mercy Health - St. Rita's Medical Center. Zoned R3, the property offers a dedicated setting near Lima's primary healthcare hub and major medical services. Its standalone configuration and existing medical improvements provide a focused facility for practices seeking an established clinical environment.
The building is located at 2300 W. Elm St. in Lima, Ohio, less than 2 miles from Mercy Health - St. Rita's Medical Center. Zoned R3, the property offers a dedicated setting near Lima's primary healthcare hub and major medical services. Its standalone configuration and existing medical improvements provide a focused facility for practices seeking an established clinical environment.
Key Highlights
- 2,340 SF standalone medical office building
- Fully remodeled in 2012 with a new roof
- Class A medical office configuration
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
$29,652
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
5.65%
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%
$593,040
$593.0K
Cap Rate 7%
$423,600
$423.6K
Cap Rate 9%
$329,467
$329.5K
Market Conditions
NOI Build-Up for 2,340 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
$44.9K $19.20/SF
− Vacancy
−$5.4K −$2.30/SF
EGI
$39.5K $16.90/SF
− OpEx
−$9.9K −$4.22/SF
NOI
$29.7K $12.67/SF
Area
Allen County, OH
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$593,040
Cap Rate 7%
$423,600
Cap Rate 9%
$329,467
Alternative Uses
Best Use
Office B
$423.6K
$370.7K – $494.2K
NOI $29,652 @ 7.0% cap · market cap 5.65%
Second Best
Healthcare Medical
$377.0K
$329.9K – $439.8K
NOI $26,388 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$563.6K
$493.2K – $657.6K
NOI $39,454 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 45805, OH
22,740
Population
10,560
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
94%
High-School Grad
14.6 sq mi
ZIP Area
1,558
Density / Sq Mi
$65,954
Median Household Income
$37,126
Median Earnings
$944
Median Rent
$153,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Remodeled facility with updated infrastructure and outpatient functionality.
Where is this medical office space located?
The property is located at 2300 W Elm St Lima, OH.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2,340 SF standalone medical office building; Fully remodeled in 2012 with a new roof; Class A medical office configuration
