Medical Office Building with Seven
For Sale
$2,999,999
916-920 W Market Street, Lima, OH 45805
COMMERCIAL - Lima, OH
Property Size18,182 SF
Price / SF$164
Days on Market346
Property Features for 916-920 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 2
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
Listing Agency:
Hartsock Realty
(419) 222-0447
Listed By:
Jeff Dulmage · License #2015002150
(419) 302-3940
Added: Sep 11, 2025
Changed: Aug 4
Last Checked: Aug 22 at 1:06PM
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.
Investment Insights
Based on property information with market context.
This medical office building is designed for healthcare use and presented as turnkey for immediate occupancy. The layout includes seven office suites, multiple exam rooms, private offices, and a spacious reception and waiting area. The property is ADA compliant and includes on-site parking in a parking lot. Interior plumbing features multiple bathrooms.
The building is located at 916-920 W Market Street, Lima, OH 45805, and is described as within walking distance of Mercy Hospital. Construction is concrete with a steel frame, with forced-air heating and central air cooling.
Built in 1920, the property is served by public water and public sewer, supporting a straightforward operating setup for an owner-user or investor looking for a professional medical facility.
The building is located at 916-920 W Market Street, Lima, OH 45805, and is described as within walking distance of Mercy Hospital. Construction is concrete with a steel frame, with forced-air heating and central air cooling.
Built in 1920, the property is served by public water and public sewer, supporting a straightforward operating setup for an owner-user or investor looking for a professional medical facility.
Key Highlights
- 18,182 SF medical office building
- Seven office suites plus multiple exam rooms
- Reception and waiting area with private offices
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$230,402
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with seven office suites, exam rooms, ADA compliance, and on-site parking lot in a turnkey healthcare setup.
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 SF medical office building; Seven office suites plus multiple exam rooms; Reception and waiting area with private offices
