Retail Center on North
For Sale
Contact for pricing
Pending
902 N Cable Rd, Lima, OH 45805
Retail property with multiple tenants on a high-traffic road.
Property Size36,947 SF
Days on Market183
Property Features for 902 N Cable Rd
General Information
Standard status
Pending
Size
36,947 SF
Class
B
Property subtype
Retail
Zoning
commercial
Occupancy
89%
Lease Type
NNN
Building Details
Year Built
1965
Year Renovated
2011
Buildings
1
Stories
8
Listing Agency:
Superior PLUS Realtors
(419) 222-3040
Listed By:
Greg Butcher · License #OH 0000324616
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 21 at 12:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Superior PLUS Realtors
Investment Insights
Based on property information with market context.
This commercial property, encompassing 36,947 square feet, is located on North Cable Road in Lima, Ohio. The property is currently occupied by multiple tenants, including Dollar General, Lester Tobacco Shack, Wig City Divine Home Care, Papa Johns, and Young Guardians Light. Situated on a corner lot, the property benefits from its proximity to Bank One, McDonald's, Dugin Donuts, Planter Fitness, and other retailers along North Cable Road. North Cable Road is recognized as one of the busiest retail corridors in Allen County, Ohio. The property features a pylon sign for tenants and a Lamar billboard on site.
Key Highlights
- High‑traffic location on North Cable Road, a major retail corridor.
- Anchored by Dollar General and Papa Johns, plus other established businesses.
- Diverse tenant mix including retail, food, and service providers.
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
$146,630
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
4.19%
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%
$2,932,600
$2.9M
Cap Rate 7%
$2,094,714
$2.1M
Cap Rate 9%
$1,629,222
$1.6M
Market Conditions
NOI Build-Up for 36,947 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
$217.2K $5.88/SF
− Vacancy
−$7.8K −$0.21/SF
EGI
$209.5K $5.67/SF
− OpEx
−$62.8K −$1.70/SF
NOI
$146.6K $3.97/SF
Area
Allen County, OH
Vacancy
3.58%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$2,932,600
Cap Rate 7%
$2,094,714
Cap Rate 9%
$1,629,222
Alternative Uses
Best Use
Retail
$2.09M
$1.83M – $2.44M
NOI $146,630 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.90M
$7.79M – $10.38M
NOI $622,944 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
298k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Shops & Services 29%
Dining 26%
Apparel 9%
Walmart
Superstores
93,822 visits/mo
0.3 miles
McDonald's
Dining
20,476 visits/mo
0.1 miles
Speedway
Shops & Services
19,875 visits/mo
0.4 miles
Dollar Tree
Shops & Services
18,628 visits/mo
0.2 miles
Runnings
Apparel
16,351 visits/mo
0.2 miles
Demographics for 45805, OH
22,740
Population
10,560
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
94%
High-School Grad
14.6 sq mi
ZIP Area
1,558
Density / Sq Mi
$65,954
Median Household Income
$37,126
Median Earnings
$944
Median Rent
$153,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Retail property with multiple tenants on a high-traffic road.
Where is this shopping center located?
The property is located at 902 N Cable Rd Lima, OH.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High‑traffic location on North Cable Road, a major retail corridor.; Anchored by Dollar General and Papa Johns, plus other established businesses.; Diverse tenant mix including retail, food, and service providers.
