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    122 North St Lima, OH 45801

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    For Sale
    Contact for pricing

    Lima, Ohio entertainment venue; 19,956 sq ft.

    Property size:
    19,956 SF

    Property Features for 122 North St

    General Information

    Property type
    Specialty properties
    Square Feet
    19,956 SF
    Lot Size
    17,990 SF

    Building Details

    Year Built/Renovated
    1923/2020
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Tim Stanford
    Tim Stanford

    Listing Agency: Superior PLUS Realtors Listing Agent: Tim Stanford

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

    Learn more

    Overview

    Own a piece of Lima history! This 19,956 square foot, two-story, all-brick building, located at 122 W North St, Lima, OH 45801, is a mixed-use property currently operating at 100% occupancy. Built in 1923 and extensively renovated between 2020 and 2024, this unique property boasts a rich history as a beloved entertainment venue. The Ohio Theater offers flexible usage options, including live productions, concerts, screenings, and restaurant concepts. The former 2,760 square foot "Ohio Room" presents additional development potential, perhaps as a residence or private club. The property includes a state-of-the-art production kitchen, a recently replaced roof, new coolers and freezers, and extensive electrical upgrades. Street retail space provides additional income potential. The 0.413-acre lot is zoned for business use (APN: 37-3106-11-007.000). The asking price is $749,000 ($37.53/sq ft). Liquor licenses (D1, D2, and D3) are transferable. Existing furniture, fixtures, and equipment may be included in negotiations. This Opportunity Zone property presents a unique investment opportunity. Current operations continue; please do not disturb staff.
    Property Profile Location Intelligence

    Current Use by Public Records

    Play With Your ... Theater & Performing Art Venue The Ohio Theatre Lima Restaurant

    Suggested Use

    Restaurant Nail Salon Building Supply Pharmacy Gym & Fitness Center Auto Repair Shop HVAC Service Department Store Food Market Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1061098211
    Latitude
    40.742674376018

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    FAQs

    What type of property is this?
    Specialty property - Lima, Ohio entertainment venue; 19,956 sq ft.
    Where is this specialty property located?
    The property is located at 122 North St Lima, OH.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: $749,000 asking price for a 19,956 square foot mixed-use property.; Located at 122 W North St, Lima, OH 45801, on a 0.413-acre lot.; 100% occupancy with a current business use.
    (419) 230-2421 Call to check price and availability
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    122 North St Lima, OH 45801
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    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
    122 North St Lima, OH 45801
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tim Stanford
    Tim Stanford
    Real Estate License ID: BRKP.0000331263-OHIO
    (419) 230-2421 (419) 222-3040
    Learn more
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