Historic Office Building with Off-Street
For Sale
$400,000
303 E High Street, Lima, OH 45801
COMMERCIAL - Lima, OH
Property Size2,255 SF
Price / SF$177.38
Days on Market295
Property Features for 303 E High Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
447-Office Buidlings
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Parking Lot
Standard status
Active
APN
37-3106-18-006.000
Size
2,255 SF
Taxes and HOA fees
Tax Description
O L 2 S PT-E END FF 050.000
Legal Description
O L 2 S PT-E END FF 050.000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1852
Floors in Building
1
Building materials
Brick
Roof type
Metal
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Maria Sanko
(419) 303-8495
Added: Nov 1, 2025
Changed: Aug 4
Last Checked: Aug 22 at 1:06PM
MLS# 308731
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.
Historic brick office building built in 1852 and remodeled to its current state in 1991, offering a practical layout for a range of office uses. The space includes a reception area with a built-in desk, four offices, and 1 full bathroom and 1 half bathroom. Multiple entrances support flexible access, and there is usable loft space for storage or additional offices.
The building features natural gas forced-air heating and central air cooling. A private, off-street parking lot is included for tenant and guest convenience.
Served by public water and public sewer, the structure has a metal roof. The combination of original historic character and later remodel provides a distinctive setting for office tenants looking for a classic building with functional interior space.
The building features natural gas forced-air heating and central air cooling. A private, off-street parking lot is included for tenant and guest convenience.
Served by public water and public sewer, the structure has a metal roof. The combination of original historic character and later remodel provides a distinctive setting for office tenants looking for a classic building with functional interior space.
Key Highlights
- Built in 1852 and remodeled in 1991
- Reception area with built‑in desk
- Four offices plus usable loft space
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
$28,575
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
7.14%
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%
$571,500
$571.5K
Cap Rate 7%
$408,214
$408.2K
Cap Rate 9%
$317,500
$317.5K
Market Conditions
NOI Build-Up for 2,255 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
$43.3K $19.20/SF
− Vacancy
−$5.2K −$2.30/SF
EGI
$38.1K $16.90/SF
− OpEx
−$9.5K −$4.22/SF
NOI
$28.6K $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%
$571,500
Cap Rate 7%
$408,214
Cap Rate 9%
$317,500
Alternative Uses
Best Use
Office B
$408.2K
$357.2K – $476.3K
NOI $28,575 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$543.1K
$475.3K – $633.7K
NOI $38,020 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
979
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic office building built in 1852 and remodeled in 1991 with central air, four offices, and private off-street parking lot.
Where is this office building located?
The property is located at 303 E High Street Lima, OH.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Built in 1852 and remodeled in 1991; Reception area with built‑in desk; Four offices plus usable loft space
