Storefront Retail
For Sale
$249,000
2470 N Eastown Road, Lima, OH 45805
Commercial Sale, Lima, OH
Property Size2,030 SF
Price / SF$122.66
Days on Market221
Property Features for 2470 N Eastown Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
B2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking features
Off Street
Standard status
Active
APN
36-2202-02-017.000
Size
2,030 SF
Taxes and HOA fees
Tax Description
PT NW1/4-.02 AC CO RD EASE RTS 06-03-22
Tax Annual Amount
1332
Legal Description
PT NW1/4-.02 AC CO RD EASE RTS 06-03-22
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
ADA accessible
Building Details
Year built
1920
Floors in Building
1
Building materials
Frame
Roof type
Asphalt
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Joseph Guagenti · License #423909
(419) 230-5050
Added: Jan 26
Changed: Sep 4
Last Checked: Sep 4 at 11:06PM
MLS# 309295
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 vacant commercial storefront contains 2,030 square feet, including the garage, and is classified for commercial sale. The 1920 frame building has a bathroom, forced-air heat, central air, an asphalt roof, and off-street parking. An active commercial occupancy permit is in place, and the property is ADA accessible. A new roof is scheduled for installation in July 2026.
The property is located on N Eastown Road in Lima, positioned between Meijer and Lowe’s. Public water and public sewer serve the site. B2 zoning, existing commercial authorization, and the current vacancy provide a straightforward format for evaluating retail or other commercial occupancy.
The property is located on N Eastown Road in Lima, positioned between Meijer and Lowe’s. Public water and public sewer serve the site. B2 zoning, existing commercial authorization, and the current vacancy provide a straightforward format for evaluating retail or other commercial occupancy.
Key Highlights
- 2,030 SF commercial property, including the garage
- B2 zoning with a current commercial occupancy permit
- ADA‑accessible storefront with off‑street parking
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
$8,056
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
3.24%
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%
$161,120
$161.1K
Cap Rate 7%
$115,086
$115.1K
Cap Rate 9%
$89,511
$89.5K
Market Conditions
NOI Build-Up for 2,030 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
$11.9K $5.88/SF
− Vacancy
−$427 −$0.21/SF
EGI
$11.5K $5.67/SF
− OpEx
−$3.5K −$1.70/SF
NOI
$8.1K $3.97/SF
Area
Allen County, OH
Vacancy
3.58%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$161,120
Cap Rate 7%
$115,086
Cap Rate 9%
$89,511
Alternative Uses
Best Use
Retail
$115.1K
$100.7K – $134.3K
NOI $8,056 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$489.0K
$427.8K – $570.5K
NOI $34,227 @ 7.0% cap · market cap 13.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
409k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 32%
Groceries 32%
Home Improvements & Furnishings 25%
Shops & Services 10%
Meijer
Groceries
94,314 visits/mo
0.2 miles
Menards
Home Improvements & Furnishings
45,124 visits/mo
0.3 miles
Lowe's
Home Improvements & Furnishings
39,468 visits/mo
0.1 miles
Panda Express
Dining
32,109 visits/mo
0.3 miles
Applebee's
Dining
22,526 visits/mo
0.1 miles
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Vacant, ADA-accessible commercial storefront with an active occupancy permit and B2 zoning.
Where is this storefront property located?
The property is located at 2470 N Eastown Road Lima, OH.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 2,030 SF commercial property, including the garage; B2 zoning with a current commercial occupancy permit; ADA‑accessible storefront with off‑street parking
