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    2298 Elida Rd Lima, OH 45805

    Sponsored
    For Sale
    $2,400,000

    High-return, long-term NNN lease.

    Property size:
    3,802 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a fee-simple ownership of a 3,802 square foot Dunkin's Diamonds retail property located at 2298 Elida Rd, Lima, OH 45805. The property boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $180,000 annually. Situated on a 0.29-acre lot at a high-traffic intersection, this location benefits from superior visibility and accessibility, with over 36,409 vehicles passing daily. The property is an outparcel to a Kroger (Ruler Foods) anchored shopping center, ensuring a stable and desirable location within a thriving retail corridor. The absolute NNN lease, with a corporate guarantee from Dunkin's Diamonds, minimizes landlord responsibilities. The lease commenced January 1, 1996, and expires September 30, 2034, with four, five-year renewal options. Rent increases by 5% every five years, providing built-in inflation protection. The tenant, a well-established and successful jewelry boutique with multiple locations, has occupied the space since 1996, demonstrating a long-term commitment to the site. The property features ample parking and is surrounded by numerous national and local retailers, including Michael's, Dunham's Sports, Old Navy, Hobby Lobby, and many more. The dense and mature demographics within a five-mile radius further enhance the investment potential. This is a rare opportunity to acquire a high-performing, low-maintenance retail investment with significant long-term growth potential.

    Property Features for 2298 Elida Rd

    General Information

    Property type
    Lifestyle centers
    Square Feet
    3,802 SF
    Lot Size
    12,632 SF

    Building Details

    Year Built
    1996

    HighLights

    • Fee‑simple ownership of a 3,802 SF Dunkin's Diamonds retail property at 2298 Elida Rd, Lima, OH.
    • 7.50% cap rate with $180,000 annual NOI.
    • 0.29‑acre lot at a high‑traffic intersection (36,409+ VPD), outparcel to a Kroger‑anchored center.
    • Absolute NNN lease with corporate guarantee, expiring 9/30/2034, with four 5‑year renewal options and 5% rent increases every five years.
    • Ample parking, surrounded by national retailers in a dense, mature demographic area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lima Plaza Shopping Mall Dunkin's Diamonds Jewelry Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1468526
    Latitude
    40.7620301

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    FAQs

    What type of property is this?
    Lifestyle center - High-return, long-term NNN lease.
    Where is this lifestyle center located?
    The property is located at 2298 Elida Rd Lima, OH.
    What is the asking price?
    The asking price for this property is $2,400,000.
    What are key features of this property?
    This property features: Fee-simple ownership of a 3,802 SF Dunkin's Diamonds retail property at 2298 Elida Rd, Lima, OH.; 7.50% cap rate with $180,000 annual NOI.; 0.29-acre lot at a high-traffic intersection (36,409+ VPD), outparcel to a Kroger-anchored center.
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    2298 Elida Rd Lima, OH 45805
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    2298 Elida Rd Lima, OH 45805
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