Flex Office and Warehouse
For Sale
$210,000
3945 Stewart Rd, Lima, OH 45801
A renovated mixed-use flex building with office space and warehouse/storage area for flexible business operations.
Property Size2,400 SF
Price / SF$87.50
Days on Market119
Property Features for 3945 Stewart Rd
General Information
Standard status
Active
Size
2,400 SF
Additional Details
Drive-In Doors
1
Office Units
2
Building Details
Year Renovated
2023
Listing Agency:
Dye Real Estate & Land Company
(419) 604-6625
Listed By:
Garrett Gatton · License #2019005469
(419) 604-6625
Source:
Exprealty
Added: Apr 28
Changed: Aug 23
Last Checked: Aug 22 at 1:39PM
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 property is a 2,400-square-foot flex building combining office/retail space with warehouse or storage. The layout includes 1,600 square feet of office/retail area and 800 square feet dedicated to warehouse or storage, along with two offices and two bathrooms. A single overhead door supports practical loading needs, and the building is equipped with an LED light system that was added a few years ago. Improvements also include a Culligan water filtration system, a security system, and an ADA-compliant design. Recent updates include bathroom improvements, fresh interior and exterior paint, new carpet, segmented storage space, and an upgraded electrical system in the warehouse. The roof was added in 2023, and the blacktop was re-sealed and lined.
Located at 3945 Stewart Road in Lima, Ohio, the building is suited to companies that want both customer-facing space and functional storage in one structure. Exterior surfaces have been addressed with re-sealed and lined blacktop, supporting day-to-day vehicle access.
For tenants or buyers seeking a move-in-ready setup, the combination of office/retail use, ADA compliance, and warehouse/storage configuration can support a range of service, distribution, and light industrial operations. With multiple interior updates and key building systems already in place, it provides a practical foundation for immediate use.
Located at 3945 Stewart Road in Lima, Ohio, the building is suited to companies that want both customer-facing space and functional storage in one structure. Exterior surfaces have been addressed with re-sealed and lined blacktop, supporting day-to-day vehicle access.
For tenants or buyers seeking a move-in-ready setup, the combination of office/retail use, ADA compliance, and warehouse/storage configuration can support a range of service, distribution, and light industrial operations. With multiple interior updates and key building systems already in place, it provides a practical foundation for immediate use.
Key Highlights
- 2,400 SF mixed‑use flex building with 1,600 SF office/retail space and 800 SF warehouse/storage
- New roof added in 2023
- LED light system added a few years ago and upgraded electrical in the warehouse
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
$13,783
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
6.56%
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%
$275,660
$275.7K
Cap Rate 7%
$196,900
$196.9K
Cap Rate 9%
$153,144
$153.1K
Market Conditions
NOI Build-Up for 2,400 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
$22.8K $9.48/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$21.2K $8.84/SF
− OpEx
−$7.4K −$3.09/SF
NOI
$13.8K $5.74/SF
Area
Allen County, OH
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$275,660
Cap Rate 7%
$196,900
Cap Rate 9%
$153,144
Alternative Uses
Best Use
Office B
$434.5K
$380.2K – $506.9K
NOI $30,413 @ 7.0% cap · market cap 14.48%
Second Best
Flex RnD
$196.9K
$172.3K – $229.7K
NOI $13,783 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$578.1K
$505.8K – $674.4K
NOI $40,465 @ 7.0% cap · market cap 19.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
2
Office units
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A renovated mixed-use flex building with office space and warehouse/storage area for flexible business operations.
Where is this flex space located?
The property is located at 3945 Stewart Rd Lima, OH.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 2,400 SF mixed‑use flex building with 1,600 SF office/retail space and 800 SF warehouse/storage; New roof added in 2023; LED light system added a few years ago and upgraded electrical in the warehouse
