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    Commercial Building Near Elida Road Title is generated by Realmo AI

    3840 ELIDA RD. REAR, Lima, OH 45807

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    For Lease
    $2,500 /Mo

    COMMERCIAL - Lima, OH

    Type:Office
    Added:
    Sep 25, 2025
    Days on Market:
    233
    Last Refresh:
    May 15 at 5:06 pm

    Property Features for 3840 ELIDA RD. REAR

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    Commercial
    Bathrooms
    1
    Rooms
    Bathroom 1
    Parking features
    Parking Lot
    Interior features
    Overhead Door
    Standard status
    Active
    APN
    PART OF PARCEL #36-1604-02-016.000
    Size
    1 SF

    Utilities

    Heating system
    Natural Gas
    Water source
    Public

    Building Details

    Year built
    2010
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Steel Frame, Steel Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    James Spyker

    Listing agent James Spyker

    Listing office Ron Spencer Real Estate 2895 Harding Highway, Lima, OH

    Listing date Sep 25, 2025

    MLS# 308341

    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.

    HighLights

    • High‑traffic location off Elida Rd./SR 309 W with approximately 13,000 average daily traffic count.
    • 2100 sq. ft. of shop space in a newer building (built in 2010).
    • Three 10'x12' overhead doors for easy access.
    • Newly constructed restroom and office space.
    • New LED shop lights for improved visibility and energy efficiency.
    • Ample gravel parking lot.

    Overview

    This newer commercial building, situated just off Elida Road/SR 309 W, offers 2100 square feet of shop space. The building features three 10'x12' overhead doors, new LED shop lights, and a newly constructed restroom and office. A gravel parking lot provides ample parking. The location benefits from a high average daily traffic count of approximately 13,000. A two-year lease is required, along with a security deposit due upon signing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.17298
    Latitude
    40.775166

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    FAQs

    What type of property is this?
    Office units - 2100 SF shop space with overhead doors and parking.
    Where is this office units located?
    The property is located at 3840 ELIDA RD. REAR Lima, OH.
    What is the lease rate?
    The lease rate is $2,500 /Mo.
    What are key features of this property?
    This property features: High‑traffic location off Elida Rd./SR 309 W with approximately 13,000 average daily traffic count.; 2100 sq. ft. of shop space in a newer building (built in 2010).; Three 10'x12' overhead doors for easy access.
    (419) 234-5305
    We can help!
    Listing Contact
    James Spyker
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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