3223 Elida Rd, Lima, OH 45805

Building Details

Year Built 1994 More

Buildings 1 More

Tenancy Single More

Listing Agency: Cushman & Wakefield - Phoenix, Arizona

Listed By: Chris Hollenbeck · License OH SA584876000 Show Phone

Source: Crexi

Added: Oct 14 Changed: Nov 8 Last Checked: Nov 10 at 7:59AM

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Investment Insights

Based on property information with market context.

The 31,428-square-foot showroom was built in 1994 and occupies 1.46 acres. Ashley HomeStore is the sole tenant under an absolute NNN lease, with rent increases beginning April 1, 2027. The lease runs through March 31, 2034, and includes four five-year renewal options. The tenant is The Dufresne Spencer Group, LLC, with a lease guarantee from Dufresne Spencer Group Holdings, LLC.

At 3223 Elida Road in Lima, the property sits along a corridor carrying approximately 24,000 vehicles per day. Nearby retail anchors include Walmart Supercenter, Menards, Meijer, and Lowe’s. The five-mile trade area has approximately 58,652 residents.

Key Highlights

• Absolute NNN lease with no landlord responsibilities
• 31,428‑square‑foot showroom on 1.46 acres
• Ashley HomeStore lease runs through March 31, 2034, with four five‑year renewal options

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$124,727

Cap Rate

4.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,494,540 $2.5M

Cap Rate 7%

$1,781,814 $1.8M

Cap Rate 9%

$1,385,856 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 31,428 SF

Gross rent

$184.8K $5.88/SF

− Vacancy

−$6.6K −$0.21/SF

EGI

$178.2K $5.67/SF

− OpEx

−$53.5K −$1.70/SF

NOI

$124.7K $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 Rate 5%

$2,494,540

Cap Rate 7%

$1,781,814

Cap Rate 9%

$1,385,856

Alternative Uses

Best Use

Retail

$1.78M

$1.56M – $2.08M (±1% cap)

NOI $124,727 @ 7.0% cap · market cap 4.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$7.57M

$6.62M – $8.83M (±1% cap)

NOI $529,891 @ 7.0% cap · market cap 17.76%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Ashley Store Furniture & Home Goods

Suggested Use

Top Pick HVAC Service Real Estate Agency Electrical Service Law Firm Garden Center Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

24,000 VPD

Traffic count

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

292

Businesses Nearby

602k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 27% Groceries 21% Apparel 18% Home Improvements & Furnishings 17%

Meijer Groceries

94,314 visits/mo 0.1 miles

Kohl's Apparel

54,477 visits/mo 0.5 miles

T.J. Maxx Apparel

46,694 visits/mo 0.4 miles

Menards Home Improvements & Furnishings

45,124 visits/mo 0.4 miles

Five Below Shops & Services

40,794 visits/mo 0.4 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

NNN property - A single-tenant Ashley HomeStore occupies the property under an absolute NNN lease with scheduled rent increases.

Where is this nnn property located?

The property is located at 3223 Elida Rd Lima, OH.

What is the asking price?

The asking price for this property is $2,983,912.

What are key features of this property?

This property features: Absolute NNN lease with no landlord responsibilities; 31,428‑square‑foot showroom on 1.46 acres; Ashley HomeStore lease runs through March 31, 2034, with four five‑year renewal options