Medical Office Building with Seven
For Sale
$2,999,999
916-920 W Market Street, Lima, OH 45805
Healthcare-oriented space includes exam rooms, reception and on-site parking near Mercy Hospital.
Property Size18,182 SF
Price / SF$164
Days on Market14
Property Features for 916-920 W Market Street
General Information
Standard status
Active
Size
18,182 SF
Additional Details
Condition
Turnkey
Office Units
7
Property Use
Medical Office
Amenities
true
6
Public
Private,Parking Lot
18182
Building Details
Building Size
18,182 SF
Year Built
1920
Buildings
1
Listing Agency:
Hartsock Realty
Listed By:
Jeff Dulmage · License #2015002150
(419) 302-3940
Source:
Koehlerrealty
Added: Oct 16
Changed: Oct 28
Last Checked: Oct 28 at 12:42PM
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 Hartsock Realty
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Investment Insights
Based on property information with market context.
This 18,182-square-foot medical office property contains 7 office suites, multiple exam rooms, private offices and a reception and waiting area. Built in 1920, the building is described as ADA compliant and configured for healthcare use. On-site parking is provided.
Mercy Hospital is within walking distance. The property is located at 916-920 W Market Street in Lima, Ohio.
Mercy Hospital is within walking distance. The property is located at 916-920 W Market Street in Lima, Ohio.
Key Highlights
- 18,182 square feet with 7 office suites
- Multiple exam rooms, private offices and a reception and waiting area
- ADA compliant; configured for healthcare use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$230,402
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,608,040
$4.6M
Cap Rate 7%
$3,291,457
$3.3M
Cap Rate 9%
$2,560,022
$2.6M
Market Conditions
NOI Build-Up for 18,182 SF
Gross rent
$349.1K $19.20/SF
− Vacancy
−$41.9K −$2.30/SF
EGI
$307.2K $16.90/SF
− OpEx
−$76.8K −$4.22/SF
NOI
$230.4K $12.67/SF
Area
Allen County, OH
Vacancy
12.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,608,040
Cap Rate 7%
$3,291,457
Cap Rate 9%
$2,560,022
Alternative Uses
Best Use
Office B
$3.29M
$2.88M – $3.84M
NOI $230,402 @ 7.0% cap · market cap 7.68%
Second Best
Healthcare Medical
$2.93M
$2.56M – $3.42M
NOI $205,038 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,557 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare-oriented space includes exam rooms, reception and on-site parking near Mercy Hospital.
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: 18,182 square feet with 7 office suites; Multiple exam rooms, private offices and a reception and waiting area; ADA compliant; configured for healthcare use
