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    Medical Office Building For Sale Title is generated by Realmo AI

    916-920 W Market Street, Lima, OH 45805

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    For Sale
    $2,999,999

    COMMERCIAL - Lima, OH

    Type:Office
    Property size:
    18,182 SF
    Price / SF:
    $164/SF
    Added:
    Sep 11, 2025
    Days on Market:
    249
    Last Refresh:
    May 17 at 6:06 am

    Property Features for 916-920 W Market Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    Commercial
    Bathrooms
    6
    Rooms
    Bathroom 4, Bathroom 2, Bathroom 1, Bathroom 3, Bathroom 5, Bathroom 6
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    36-3607-02-010.501
    Size
    18,182 SF

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1920
    Building materials
    Concrete, Steel Frame

    We can help!

    Listing Contact
    Jeff Dulmage

    Listing agent Jeff Dulmage

    Listing office Hartsock Realty 790 Shawnee Rd., LIMA, OH

    Listing date Sep 11, 2025

    MLS# 308220

    Copyright © 2026 West Central Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location within walking distance of Mercy Hospital.
    • Turnkey medical office building ready for immediate occupancy.
    • 7 office suites with multiple exam rooms and private offices.
    • Spacious reception/waiting area.
    • Ample on‑site parking.
    • ADA compliant and designed for healthcare use.

    Overview

    This well-maintained medical office building offers an exceptional opportunity in a prime location. The property features 7 office suites, multiple exam rooms, and private offices. A spacious reception and waiting area are also included. Ample on-site parking is available. The building is ADA compliant and designed for healthcare use, making it turnkey and ready for immediate occupancy. Located within walking distance of Mercy Hospital, this property is ideal for owner-users or investors seeking a high-visibility, professional asset in a growing market. The property is zoned for commercial use.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $2.56M
    NOI $230,402 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.29M
    NOI $230,402 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.61M
    NOI $230,402 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $349.1k $19.20
    − Vacancy −$41.9k −$2.30
    EGI $307.2k $16.90
    − OpEx −$76.8k −$4.22
    NOI $230.4k $12.67
    18,182 SF · lease $19.20/SF/yr · vacancy 12.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $3.29M
    $2.88M – $3.84M (±1% cap)
    NOI $230,402 @ 7.0% cap · market cap 7.68%
    Second Best
    Healthcare Medical
    $2.93M
    $2.56M – $3.42M (±1% cap)
    NOI $205,038 @ 7.0% cap · market cap 6.83%
    Theoretical Best
    Office A
    $4.38M
    $3.83M – $5.11M (±1% cap)
    NOI $306,557 @ 7.0% cap · market cap 10.22%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    New Horizons Rehab ... Counselor

    Suggested Use

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

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

    Similar Places Nearby

    • Petco Vaccination Clinic — 2430 Allentown Rd, Lima, OH 45805

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.123562
    Latitude
    40.740422

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    FAQs

    What type of property is this?
    Medical Office Space - Well-maintained medical office building near Mercy Hospital in Lima, OH.
    Where is this medical office space located?
    The property is located at 916-920 W Market Street Lima, OH.
    What is the asking price?
    The asking price for this property is $2,999,999.
    What are key features of this property?
    This property features: Prime location within walking distance of Mercy Hospital.; **Turnkey medical office building ready for immediate occupancy.**; 7 office suites with multiple exam rooms and private offices.
    (419) 302-3940
    We can help!
    Listing Contact
    Jeff Dulmage
    Learn More
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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.

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