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    506 Market St Lima, OH 45801

    Sponsored
    For Lease
    $11 SF/Yr ($14,976 /Mo)

    15,102 SF Single-Tenant Retail Office

    Lot size:
    15,102 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 15,102-square-foot retail space, located at 506 W Market St in Lima, Ohio, presents a unique investment opportunity. Built in 2005, this single-story building sits on a 1.6-acre lot and boasts a highly desirable location within Lima's medical center submarket, ensuring high traffic and visibility. The property is zoned commercial and features ample parking with 150 spaces available. The entire building is currently vacant, offering immediate occupancy for a single tenant. The property's power supply includes 220/440 voltage, suitable for a variety of businesses. Its ideal location makes it suitable for a wide range of uses, including retail stores, medical offices, or service companies. The Allen County location, with APN 36-3608--03-018.001, offers easy access to major roadways and a strong local economy. This property represents a rare chance to acquire a substantial, well-located retail space in a thriving medical center area. The single-tenant occupancy simplifies management and maximizes potential rental income. Don't miss this opportunity to establish your business in a prime location. The property's size and features make it an attractive option for a variety of businesses seeking a prominent presence in Lima, Ohio.

    Property Features for 506 Market St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,102 SF
    Total Rate
    14976.15

    Building Details

    Year Built
    2005
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    15,102 SF
    Rate per SF
    $11

    HighLights

    • High‑visibility signage opportunities.
    • State‑of‑the‑art security system.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ida M. Mooney, ... Pharmacy Rite Aid Pharmacy Pharmacy Rhonda S. French, ... Pharmacy Rite Aid Drug Store Dave's Reliable Motors Auto Repair Shop

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.111065052062
    Latitude
    40.740642504243

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    FAQs

    What type of property is this?
    Retail property - 15,102 SF Single-Tenant Retail Office
    Where is this retail property located?
    The property is located at 506 Market St Lima, OH.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: High-visibility signage opportunities.; State-of-the-art security system.;
    Request Owner's contact information
    506 Market St Lima, OH 45801
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    Lima, OH 45801
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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
    506 Market St Lima, OH 45801
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