Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3230 Elm St Lima, OH 45805

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    14,565 SF Vacant Rite Aid Building

    Lot size:
    14,565 SF

    Property Features for 3230 Elm St

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    14,565 SF

    Spaces For Lease

    at 3230 Elm St, Lima, OH 45805 Contact us

    We can help!

    Listing Contact
    Dean August

    Listing Agency: Guggenheim Commercial Real Estate Group Listing Agent: Dean August

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

    Learn more

    Property Insight Report

    Overview

    This exceptional retail opportunity presents a 14,565 square foot former Rite Aid building situated on a 2.06-acre lot in Lima, Ohio. Located at 3230 W Elm St, 45805, this single-tenant property offers significant potential for redevelopment or repurposing. The entire building is currently vacant, providing immediate occupancy for a new tenant. The substantial square footage and expansive land area offer flexibility for a variety of retail uses, potentially including but not limited to, grocery stores, pharmacies, or other large-format retail establishments. The property's prominent location along W Elm St ensures high visibility and accessibility for customers. Its strategic placement within Lima provides access to a substantial consumer base. This is a rare chance to acquire a sizable, well-located retail property in a growing market. The property's size and location make it an attractive investment for businesses seeking to establish a strong presence in the Lima area. Serious inquiries are encouraged to explore the possibilities this prime retail space offers. The property is ready for immediate occupancy and offers a blank canvas for a new business venture. Detailed site plans and further information are available upon request.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marcy L. Maris, ... Pharmacy CDReload - Online Bitcoin ... Crypto Atm Rite Aid Pharmacy higi Physician Western Union Bank

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1640602
    Latitude
    40.737421

    Nearby Similar for Lease

    • New
      $3,135 /Mo
      3,134 SF

      Commercial Property with Two Buildings

      Corner lot with two buildings, flexible lease terms offered.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • $3,135 /Mo

      Commercial Property with Two Buildings

      Corner lot with two buildings available for lease or sale.
      855 N Metcalf St, Lima, OH 45801
      View Details
    • $4,000 /Mo
      5,851 SF

      Lima Commercial Office and Industrial Space

      7,000 SF commercial building with office and workshop space for lease.
      1359 Hanthorn Rd Unit, Lima, OH 45804
      View Details
    • $5,000 /Mo
      6,000 SF

      Industrial Warehouse Near Interstate 75

      6,000 SF warehouse with flexible options near I-75.
      1359 Hanthorn Rd, Lima, OH 45804
      View Details
    • $3,850 /Mo
      18,182 SF

      Lima, OH Medical Office Suites

      Well-maintained medical office suites in prime location, ready for occupancy.
      916-920 W Market St, Lima, OH 45805
      View Details
    • $1,750 /Mo
      1,400 SF

      Retail Space in Lima, Ohio

      Retail property available for lease in Lima, Ohio.
      2411 Shawnee Rd, Lima, OH 45806
      View Details
    • $2,500 /Mo
      1 SF

      Commercial Building Near Elida Road

      2100 SF shop space with overhead doors and parking.
      3840 Elida Rd. Rear, Lima, OH 45807
      View Details
    • $15 SF/Yr
      30,000 SF

      Retail Space in Lima, Ohio

      Retail space available for lease on Lima's East side.
      1330 Bellefontaine Ave, Lima, OH 45804
      View Details
    • $5 SF/Yr
      9,800 SF

      Retail Space in Lima, Ohio

      9,800 SF retail space available for lease.
      206 E Market St, Lima, OH 45801
      View Details
    • $15 SF/Yr
      1,445 SF

      Lima Office Space Available

      Office space available for lease in Lima, Ohio.
      3650 Allentown Rd, Lima, OH 45807
      View Details
    • $9 SF/Yr
      4,500 SF

      Lima Retail Space Available

      Retail space available for lease in Lima, Ohio.
      2143-2161 Elida Rd, Lima, OH 45805
      View Details
    • Contact for pricing
      14,564 SF

      Freestanding Retail Space in Lima

      14,564 SF retail building for lease on 1.46 AC.
      3710 Shawnee Rd, Lima, OH 45806
      View Details

    FAQs

    What type of property is this?
    Retail property - 14,565 SF Vacant Rite Aid Building
    Where is this retail property located?
    The property is located at 3230 Elm St Lima, OH.
    What are key features of this property?
    This property features: 14,565 SF former Rite Aid building on a 2.06-acre lot in Lima, OH.; Located at 3230 W Elm St, 45805, on a hard corner with a signalized intersection.; Features a drive-thru.
    (216) 765-8000 Call to check price and availability
    Request Owner's contact information
    3230 Elm St Lima, OH 45805
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3230 Elm St
    Lima, OH 45805
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    3230 Elm St Lima, OH 45805
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Dean August
    Real Estate License ID: SAL2022004944
    (216) 765-8000 (216) 342-3670
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!