Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1940 Elida Rd Lima, OH 45805

    Sponsored
    For Sale
    $900,000

    31-Room Motel, Prime Location, High Traffic Area

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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 Features for 1940 Elida Rd

    General Information

    Property type
    Motels
    Property Profile Location Intelligence

    Current Use by Public Records

    Colonial Motel Motel

    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
    -84.1375824
    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
    • $2,999,999
      18,182 SF

      Medical Office Building Near Hospital

      Well-maintained medical office building near Mercy Hospital in Lima, OH.
      916-920 W Market St, Lima, OH 45805
      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
    • $1,400,000
      30,000 SF

      Remodeled Commercial Building with Event Space

      30,000 sq ft building with event rooms and patio.
      3175 W Elm St, Lima, OH 45805
      View Details
    • $70,000
      1,496 SF

      Commercial Pole Barn Near Lincoln Park

      Metal pole barn suitable for retail or automotive use.
      170 S Perry St, Lima, OH 45804
      View Details
    • $190,000
      3,134 SF

      Lima, OH Corner Lot Property

      Two standalone buildings, updated infrastructure, adaptable for various commercial uses.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • $190,000
      3,134 SF

      Corner Lot Commercial Property

      Two standalone buildings, updated, adaptable for various commercial uses.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • $275,000
      4,733 SF

      Commercial Building in High Traffic Area

      Income-producing suites with development potential in a high-visibility location.
      1151 Shawnee Rd, Lima, OH 45805
      View Details
    • $140,000

      Multi-Family Investment Opportunity in Lima

      Multi-family property with renovation potential in an opportunity zone.
      627-631 Brice Ave, Lima, OH 45801
      View Details
    • $1,400,000
      6,690 SF

      Restaurant Building with High Traffic

      Well-maintained restaurant building on a 1.18-acre lot in Lima, OH.
      1507 Harding Hwy, Lima, OH 45804
      View Details
    • $550,000
      2,894 SF

      Charming Brick Church with Parking

      Well-maintained 2,894 SF church with ample parking and seating.
      900 Market St W, Lima, OH 45805
      View Details
    • $450,000
      47,528 SF

      Spacious Warehouse in Lima, Ohio

      47,500+ sq ft warehouse on .291 acres with rear parking.
      123 E Wayne St, Lima, OH 45801
      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.
    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 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
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.