Corner Bar and Nightclub
For Sale
$375,000
337 N Elizabeth St, Lima, OH 45801
Single-tenant entertainment property on a corner parcel with surface parking and frontage on two streets.
Property Size4,263 SF
Lot Size0.21 Acres
Price / SF$87.97
Days on Market56
Property Features for 337 N Elizabeth St
General Information
Standard status
Active
Size
4,263 SF
Lot size
0.21 Acres
Zoning
Class I Business Retail
Additional Details
Opportunity Zone
Yes
Corner Location
Yes
Building Details
Tenancy
Single
Listing Agency:
Dye Real Estate & Land Company
(419) 604-6625
Listed By:
Garrett Gatton
(419) 604-6625
Source:
Exprealty
Added: Jun 19
Changed: Aug 12
Last Checked: Aug 12 at 5:23AM
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 & Land Company
Investment Insights
Based on property information with market context.
This single-tenant bar and nightclub property contains 4,263 SF within a commercial building on a 0.21-acre corner parcel. The site includes 10+ surface parking spaces and frontage along both N Elizabeth St and W Wayne St. Class I Business Retail zoning and its placement within an Opportunity Zone are additional property characteristics.
The property is at 337 N Elizabeth St in Lima, Ohio, near W Wayne St. Vehicle access is supported by traffic counts reaching 5,762 VPD. The existing configuration may accommodate continued entertainment use, retail, service use, or redevelopment, subject to applicable zoning and permitted-use requirements.
The property is at 337 N Elizabeth St in Lima, Ohio, near W Wayne St. Vehicle access is supported by traffic counts reaching 5,762 VPD. The existing configuration may accommodate continued entertainment use, retail, service use, or redevelopment, subject to applicable zoning and permitted-use requirements.
Key Highlights
- 4,263 SF single‑tenant bar‑nightclub property
- 0.21‑acre corner lot with 10+ surface parking spaces
- Frontage along both Elizabeth St and Wayne St
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
$16,918
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
4.51%
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%
$338,360
$338.4K
Cap Rate 7%
$241,686
$241.7K
Cap Rate 9%
$187,978
$188.0K
Market Conditions
NOI Build-Up for 4,263 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
$25.1K $5.88/SF
− Vacancy
−$897 −$0.21/SF
EGI
$24.2K $5.67/SF
− OpEx
−$7.3K −$1.70/SF
NOI
$16.9K $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%
$338,360
Cap Rate 7%
$241,686
Cap Rate 9%
$187,978
Alternative Uses
Best Use
Specialty Retail
$827.0K
$723.7K – $964.9K
NOI $57,892 @ 7.0% cap · market cap 15.44%
Second Best
Retail
$241.7K
$211.5K – $282.0K
NOI $16,918 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.03M
$898.5K – $1.20M
NOI $71,876 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
7-Eleven
Shops & Services
1,760 visits/mo
0.2 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Single-tenant entertainment property on a corner parcel with surface parking and frontage on two streets.
Where is this bar & pub located?
The property is located at 337 N Elizabeth St Lima, OH.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 4,263 SF single‑tenant bar‑nightclub property; 0.21‑acre corner lot with 10+ surface parking spaces; Frontage along both Elizabeth St and Wayne St
