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1504 Elm St Lima, OH 45805

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For Sale
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High-Yield Duplex, 12.14% Cap Rate

Property size:
3,047 SF

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

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Listing Contact
Greg Butcher
Greg Butcher

Listing Agency: Superior PLUS Realtors Listing Agent: Greg Butcher

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

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Overview

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 Profile Location Intelligence

Current Use by Public Records

Commercial real estate

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

Location Insight

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City
Lima
County
Allen
State
Ohio
Longitude
-84.134091706539
Latitude
40.737580231637

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) 222-3040 Call to check price and availability
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