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    1504 Elm St Lima, OH 45805

    For Sale
    $585,000

    High-Yield Duplex, 12.14% Cap Rate

    Property size:
    3,047 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional investment opportunity presents a two-unit, special-purpose property located at 1504 W Elm St, Lima, OH 45805. The property, encompassing 3,047 square feet on a 0.581-acre lot, consists of two single-story buildings, each with 14-foot ceilings. Built in 1992, the property currently boasts 100% occupancy with a strong NOI of $71,040, translating to a compelling cap rate of 12.14%. The asking price is $585,000, or $292,500 per unit, and the price per square foot is $191.99. The property has operated as HUD housing since 1999, with the current HUD Section 8 contract extending through 2033, providing long-term stability and predictable income. Each unit offers multiple bedrooms, accommodating a total of eight bedrooms. The current monthly rental income per bed is $740. This property is an excellent addition to any portfolio seeking consistent cash flow and long-term security, offering a rare opportunity in the Lima, Ohio market within Allen County. The property is in good condition and provides a stable income stream. The occupancy date for the current tenants is July 31, 2024.

    Property Features for 1504 Elm St

    General Information

    Property type
    Specialty properties
    Square Feet
    3,047 SF
    Lot Size
    25,308 SF

    Building Details

    Year Built
    1992
    Buildings
    2
    Stories
    1
    Units
    2

    HighLights

    • Exceptional two‑unit, special‑purpose investment property in Lima, OH.
    • 3,047 SF on a 0.58‑acre lot, with 14‑foot ceilings.
    • 100% occupancy, strong NOI of $71,040, 12.14% cap rate.
    • Asking price: $585,000 ($292,500 per unit, $191.99/SF).
    • HUD Section 8 contract through 2033, providing long‑term stable income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.134091706539
    Latitude
    40.737580231637

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    FAQs

    What type of property is this?
    Specialty property - High-Yield Duplex, 12.14% Cap Rate
    Where is this specialty property located?
    The property is located at 1504 Elm St Lima, OH.
    What is the asking price?
    The asking price for this property is $585,000.
    What are key features of this property?
    This property features: Exceptional two-unit, special-purpose investment property in Lima, OH.; 3,047 SF on a 0.58-acre lot, with 14-foot ceilings.; 100% occupancy, strong NOI of $71,040, 12.14% cap rate.
    (419) 236-7357
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    1504 Elm St Lima, OH 45805
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    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
    1504 Elm St Lima, OH 45805
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