Medical Center with
New
For Sale
$4,900,000
375 N Eastown Road, Lima, OH 45807
Commercial Sale, Lima, OH
Property Size13,974 SF
Lot Size2.40 Acres
Price / SF$350.65
Days on Market2
Property Features for 375 N Eastown Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Medical Clinics and Offices
Parking features
Parking Lot
Standard status
Active
APN
36-3301-01-021.000
Size
13,974 SF
Lot size
2.40 Acres
Taxes and HOA fees
Tax Description
PT NE1/4-.109 AC CO RD EASE RTS 6-03-33
Legal Description
PT NE1/4-.109 AC CO RD EASE RTS 6-03-33
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
1
Flooring type
Tile - Ceramic, Carpet
Building materials
Brick
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Maria Sanko · License #2006007344
(419) 303-8495
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 6:06PM
MLS# 311423
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 13,974-square-foot medical center occupies a 2.4-acre site and was built in 2006. The brick building includes ceramic tile and carpet flooring, with natural gas forced-air heat and central air conditioning. A dedicated parking lot serves the property.
Public water and public sewer support the facility. The building is located at 375 N Eastown Road in Lima, Ohio, within Allen County. Its existing medical use and office-oriented construction provide a defined healthcare property profile.
Public water and public sewer support the facility. The building is located at 375 N Eastown Road in Lima, Ohio, within Allen County. Its existing medical use and office-oriented construction provide a defined healthcare property profile.
Key Highlights
- 13,974‑square‑foot medical center on a 2.4‑acre site
- Built in 2006 with brick construction
- Dedicated parking lot on site
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
$177,079
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
3.61%
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%
$3,541,580
$3.5M
Cap Rate 7%
$2,529,700
$2.5M
Cap Rate 9%
$1,967,544
$2.0M
Market Conditions
NOI Build-Up for 13,974 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
$268.3K $19.20/SF
− Vacancy
−$32.2K −$2.30/SF
EGI
$236.1K $16.90/SF
− OpEx
−$59.0K −$4.22/SF
NOI
$177.1K $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%
$3,541,580
Cap Rate 7%
$2,529,700
Cap Rate 9%
$1,967,544
Alternative Uses
Best Use
Office B
$2.53M
$2.21M – $2.95M
NOI $177,079 @ 7.0% cap · market cap 3.61%
Second Best
Healthcare Medical
$2.25M
$1.97M – $2.63M
NOI $157,585 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,608 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Brick medical facility with ceramic tile and carpet finishes, central air, and public utilities.
Where is this medical center located?
The property is located at 375 N Eastown Road Lima, OH.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 13,974‑square‑foot medical center on a 2.4‑acre site; Built in 2006 with brick construction; Dedicated parking lot on site
