Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1940 Elida Rd Lima, OH 45805

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    31-Room Motel, Prime Location, High Traffic Area

    Property Features for 1940 Elida Rd

    General Information

    Property type
    Motels

    We can help!

    Listing Contact
    Matt Cooper
    Matt Cooper

    Listing Agency: Equity LLC Hilliard Listing Agent: Matt Cooper

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This 31-room economy-class motel in Lima, Ohio presents a unique investment opportunity. Currently operating, the property offers significant redevelopment potential. Situated on a +/- 2.29-acre lot zoned B-2, it allows for a wide range of commercial uses. The motel enjoys a high-traffic location on Elida Road (10,610 vehicles daily) and is near Robb Avenue (7,599 vehicles daily). Its proximity to The University of Northwestern Ohio (3,746 full-time students in 2021) and the Lima Mall (anchored by JC Penney, Hibbett Sports, Old Navy, Maurice's, and Books-A-Million) provides strong potential for increased occupancy and revenue. An additional +/- 0.44-acre parcel with a 968 square foot single-family house is available separately. The asking price for this exceptional property is $900,000. This presents a compelling opportunity for investors seeking a hospitality asset with significant upside.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Colonial Motel Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1375824
    Latitude
    40.7576753

    Nearby Similar for Sale

    • $325,000
      2,698 SF

      Medical Office Building For Sale

      Medical office building with ample parking in Lima, Ohio.
      1331 W Market St, Lima, OH 45805
      View Details
    • $650,000
      4,995 SF

      Lima Retail/Medical Office Building

      Corner lot building suitable for retail or medical office.
      1601 Allentown Rd, Lima, OH 45805
      View Details
    • New
      $150,000
      3,134 SF

      Corner Lot Commercial Property

      Two standalone buildings, updated infrastructure, adaptable for various commercial uses.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • New
      $150,000
      3,134 SF

      Updated Commercial Property on Corner Lot

      Two move-in ready buildings with updated utilities and off-street parking.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • New
      $450,000
      17,196 SF

      Historical Building in Downtown Lima

      Historical commercial building with new kitchen in growing downtown.
      122 W North St, Lima, OH 45801
      View Details
    • $1,400,000
      6,690 SF

      Restaurant and Bar with Parking

      Well-maintained restaurant and bar with ample parking on 1.18 acres.
      1507 Harding Hwy, Lima, OH 45804
      View Details
    • $249,000
      2,030 SF

      Commercial Property Near Retail Hub

      Vacant commercial property with high traffic, near major retailers.
      2470 N Eastown Rd, Lima, OH 45805
      View Details
    • $149,500
      2,142 SF

      Commercial Building in Lima, Ohio

      One-story commercial building with office rooms and basement storage.
      974 W Grand Ave, Lima, OH 45801
      View Details
    • $599,000
      2,788 SF

      Turnkey Restaurant in Lima, Ohio

      Fully equipped restaurant remodeled in 2021 with liquor license.
      2228 Shawnee Rd, Lima, OH 45805
      View Details
    • $299,000
      1 SF

      Mixed-Use Building in Lima, OH

      2,100 SF building with office, retail, and garage space.
      1603 N Sugar St, Lima, OH 45801
      View Details
    • $400,000
      2,255 SF

      Historic Office Building with Parking

      Remodeled office building with parking near downtown Lima.
      303 E High St, Lima, OH 45801
      View Details
    • $989,000
      30,000 SF

      Remodeled Event Venue on Acreage

      30,000 sq ft event venue on 10.13 acres.
      3175 W Elm St, Lima, OH 45805
      View Details

    FAQs

    What type of property is this?
    Motel - 31-Room Motel, Prime Location, High Traffic Area
    Where is this motel located?
    The property is located at 1940 Elida Rd Lima, OH.
    What is the asking price?
    The asking price for this property is $900,000.
    (614) 334-7805 Call to check price and availability
    Request Owner's contact information
    1940 Elida Rd Lima, OH 45805
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1940 Elida Rd
    Lima, OH 45805
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    1940 Elida Rd Lima, OH 45805
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Matt Cooper
    Matt Cooper
    Real Estate License ID: 2006007838
    (614) 334-7805
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!