Mixed-Use Property with
For Sale
$925,000
608 W High Street, Lima, OH 45801
Commercial Sale, Lima, OH
Property Size6,379 SF
Price / SF$145.01
Days on Market139
Property Features for 608 W High Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Standard status
Active
APN
36-3605-16-011.000 and 36-3605-16-009.000
Size
6,379 SF
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Listing Agency:
CCR Realtors · Real Living
(419) 222-0555
Listed By:
Gregory Stolly
(419) 302-1890
Added: May 12
Changed: Sep 13
Last Checked: Sep 27 at 6:06AM
MLS# 310225
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 mixed-use property at 608 W High Street includes 6,379 square feet of commercial space on the main level, currently leased with 2 years remaining. The property also contains 2 apartments, each measuring 1,180 square feet, and both are vacant and ready for occupancy. Forced-air heating and central air conditioning serve the property, with public water and public sewer available.
The offering includes a commercial listing at 200 N. Metcalf Street and encompasses 5 total units, 4 of which are currently occupied. Each unit is individually metered, and all leases are structured as NNN. Built in 1955, the property is zoned Commercial.
The offering includes a commercial listing at 200 N. Metcalf Street and encompasses 5 total units, 4 of which are currently occupied. Each unit is individually metered, and all leases are structured as NNN. Built in 1955, the property is zoned Commercial.
Key Highlights
- 6,379‑square‑foot main‑level commercial space with 2 years remaining on the current lease
- Two vacant apartments, each measuring 1,180 square feet
- 5 total units, with 4 currently rented
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
$49,368
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
5.34%
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%
$987,360
$987.4K
Cap Rate 7%
$705,257
$705.3K
Cap Rate 9%
$548,533
$548.5K
Market Conditions
NOI Build-Up for 6,379 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
$99.5K $15.60/SF
− Vacancy
−$9.8K −$1.53/SF
EGI
$89.8K $14.07/SF
− OpEx
−$40.4K −$6.33/SF
NOI
$49.4K $7.74/SF
Area
Allen County, OH
Vacancy
9.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$987,360
Cap Rate 7%
$705,257
Cap Rate 9%
$548,533
Alternative Uses
Best Use
Apartment 5plus
$705.3K
$617.1K – $822.8K
NOI $49,368 @ 7.0% cap · market cap 5.34%
Second Best
Mixed Use
$305.1K
$266.9K – $355.9K
NOI $21,354 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,553 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
80%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,717
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space and apartments combine with individually metered units and NNN leases.
Where is this mixed-use property located?
The property is located at 608 W High Street Lima, OH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 6,379‑square‑foot main‑level commercial space with 2 years remaining on the current lease; Two vacant apartments, each measuring 1,180 square feet; 5 total units, with 4 currently rented
