Mixed-Use Building with
For Sale
$925,000
608 W High Street, Lima, OH 45801
COMMERCIAL - Lima, OH
Property Size6,379 SF
Price / SF$145.01
Days on Market92
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: Aug 4
Last Checked: Aug 11 at 9:06PM
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 combines a 6,379-square-foot commercial main level with two apartments measuring 1,180 square feet each. The commercial space is leased with 2 years remaining on the current term, while the apartments are configured for residential occupancy. Commercial zoning supports the property’s blended use profile.
The building was constructed in 1955 and has forced-air heating, central air conditioning, public water, and public sewer. Individual metering serves the units, and leases are structured as NNN where applicable. The property information also identifies an additional commercial listing at 200 N. Metcalf Street as part of the offering.
The building was constructed in 1955 and has forced-air heating, central air conditioning, public water, and public sewer. Individual metering serves the units, and leases are structured as NNN where applicable. The property information also identifies an additional commercial listing at 200 N. Metcalf Street as part of the offering.
Key Highlights
- 6,379‑square‑foot commercial main level
- Two apartments, each measuring 1,180 square feet
- 2 years remaining on the commercial lease
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
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,607
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space with two additional apartments and public utilities.
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 commercial main level; Two apartments, each measuring 1,180 square feet; 2 years remaining on the commercial lease
