Property Details for 205 Market St

Year built

1920

Property size

32,670 SF

Property type

Office properties & Spaces

Property subtype

Office Units

Description

This exceptional Class A office building, "The Enterprise Building," presents a compelling investment opportunity. Located at 205 W Market St, Lima, OH 45801, this five-story, 32,670 square foot building boasts 10 units and offers a blend of creative, executive, and traditional office spaces. Originally constructed in 1920 and extensively renovated in 1999, the property features modern HVAC and electrical systems, thermal windows, updated fire escapes, and electronic monitoring. The building sits on a one-third acre corner lot, providing excellent visibility and accessibility. Its prime downtown location offers proximity to the Wingate Hotel, a multilevel parking garage, the Lima Civic and Convention Center, and Interstate 75. The surrounding area is experiencing significant growth, with numerous dining options, new apartments, shopping, and a recently constructed Amphitheater Park. Furthermore, the building benefits from its strategic position near major employers, including St. Rita's Medical Center, Lima Memorial Regional Health Center, Rhoades State College Health Science Campus, and Mercy Health's Graduate Medical Residents School. Other significant local industries, such as Proctor & Gamble, Ford, General Dynamics, and Cenovus Refinery, are also expanding, further solidifying the area's economic strength. The asking price is $2,500,000, representing a price per square foot of $76.52 and a pro-forma cap rate of 13.27% with a pro-forma NOI of $331,750. The property is zoned for office and retail use and features a solid concrete frame structure. This is a rare opportunity to acquire a well-maintained, high-performing asset in a thriving market. APN: 37-3107-10-001.000 & 37-3107-10-002.001.

Location Insight

City

Lima

County

Allen

State

Ohio

Longitude

-84.1069

Latitude

40.74