Building Details

Year Built 1958

Buildings 2

Tenancy Multi

Listing Agency: CCR , Realtors g***@wcoil.com Show Phone

Listed By: Greg Stolly · License #OH 2014001708

Source: Crexi

Added: Jun 19 Changed: Aug 8 Last Checked: Aug 11 at 1:44PM

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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 CCR , Realtors

Investment Insights

Based on property information with market context.

This sale includes a very nice commercial property comprised of two parcels on 1.51 acres. The property supports multiple current tenants, including Bathfitter, a barber/beauty operation, and a pet grooming tenant, along with smaller storage units and small automotive garage spaces. The overall offering is positioned for flexible day-to-day use across retail/service and compact storage/garage needs.

The property is located on Elida Rd in Lima, Ohio, and is described as being in a very high traffic area. That visibility and traffic profile can be important for service-based tenants seeking steady customer access, while the smaller garage and storage units can appeal to tenants looking for practical, on-site space.

For buyers, the mix of storefront and small automotive/storage uses may support an operator or owner looking to manage a diversified tenant roster within one consolidated site. For prospective tenants, the configuration offers an opportunity to join established service and storage operations rather than a single-use environment. Current occupancy includes recognizable service categories, including bath remodeling, personal grooming, and pet grooming, alongside smaller storage and garage-style spaces.

Key Highlights

• Multi‑tenant commercial property built in 1958 in a high‑traffic area on Elida Rd in Lima, OH
• Includes 2 parcels totaling 1.51 acres
• Current tenant mix includes Bathfitter, a barbershop/beauty salon, and pet grooming

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

$55,211

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

6.50%

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%

$1,104,220 $1.1M

Cap Rate 7%

$788,729 $788.7K

Cap Rate 9%

$613,456 $613.5K

Market Conditions

NOI Build-Up for 13,436 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

$86.1K $6.41/SF

− Vacancy

−$7.3K −$0.54/SF

EGI

$78.9K $5.87/SF

− OpEx

−$23.7K −$1.76/SF

NOI

$55.2K $4.11/SF

Area

Allen County, OH

Vacancy

8.42%

Lease Rate

$6.41 /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%

$1,104,220

Cap Rate 7%

$788,729

Cap Rate 9%

$613,456

Alternative Uses

Best Use

Industrial

$788.7K

$690.1K – $920.2K (±1% cap)

NOI $55,211 @ 7.0% cap · market cap 6.50%

Second Best

Retail

$761.8K

$666.5K – $888.7K (±1% cap)

NOI $53,323 @ 7.0% cap · market cap 6.28%

Theoretical Best

Office A

$3.24M

$2.83M – $3.78M (±1% cap)

NOI $226,537 @ 7.0% cap · market cap 26.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick HVAC Service Real Estate Agency Pharmacy Garden Center Grocery & Convenience Store Skin Care Clinic

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

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

177

Businesses Nearby

62k

Monthly Visits Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Home Improvements & Furnishings 69% Groceries 24% Shops & Services 4% Electronics 2%

Lowe's Home Improvements & Furnishings

39,468 visits/mo 0.4 miles

Gordon Food Service Groceries

15,057 visits/mo 0.5 miles

Elida Road Ace Hardware, Llc Home Improvements & Furnishings

3,538 visits/mo 0.1 miles

White's Toyota Of Lima Shops & Services

2,650 visits/mo 0.3 miles

ABC Warehouse Electronics

1,277 visits/mo 0.4 miles

Demographics for 45807, OH

11,856

Population

5,109

Households

2.3

Avg Household Size

45

Median Age

22%

College-Educated

96%

High-School Grad

75.4 sq mi

ZIP Area

157

Density / Sq Mi

$74,387

Median Household Income

$41,645

Median Earnings

$967

Median Rent

$192,800

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

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Storefront property - Multi-tenant retail, pet grooming, and small automotive storage setup on a high-traffic Elida Road corridor.

Where is this storefront property located?

The property is located at 3600 Elida Rd Elida, OH.

What is the asking price?

The asking price for this property is $849,000.

What are key features of this property?

This property features: Multi‑tenant commercial property built in 1958 in a high‑traffic area on Elida Rd in Lima, OH; Includes 2 parcels totaling 1.51 acres; Current tenant mix includes Bathfitter, a barbershop/beauty salon, and pet grooming