Current Use by Public Records
- Specialty properties
Property Details for 1504 Elm St
- Year built
- 1992
- Lot size
- 0.58 lot acres
- Property type
- Specialty properties
Description
This exceptional investment opportunity presents a two-unit, special-purpose property located at 1504 W Elm St, Lima, OH 45805. The property, encompassing 3,047 square feet on a 0.581-acre lot, consists of two single-story buildings, each with 14-foot ceilings. Built in 1992, the property currently boasts 100% occupancy with a strong NOI of $71,040, translating to a compelling cap rate of 12.14%. The asking price is $585,000, or $292,500 per unit, and the price per square foot is $191.99. The property has operated as HUD housing since 1999, with the current HUD Section 8 contract extending through 2033, providing long-term stability and predictable income. Each unit offers multiple bedrooms, accommodating a total of eight bedrooms. The current monthly rental income per bed is $740. This property is an excellent addition to any portfolio seeking consistent cash flow and long-term security, offering a rare opportunity in the Lima, Ohio market within Allen County. The property is in good condition and provides a stable income stream. The occupancy date for the current tenants is July 31, 2024.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lima
- County
- Allen
- State
- Ohio
- Longitude
- -84.1341
- Latitude
- 40.7376
