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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1240 Market St Lima, OH 45805-2766

    • Office buildings
    • 3,902 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Jan 09, 2025
    $550,000
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2747884
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Kesner Insurance Agency Inc / Auto Insurance Agency / Home Insurance Agency
    • Beery Insurance Services LLC / Insurance Agency / Life Insurance Agency
    • Mrs. Kimberly Baker / Counselor

    Property Details for 1240 Market St

    Year built
    2005
    Lot size
    0.26 lot acres
    Property size
    3,902 SF
    Property type
    Office buildings
    APN
    36-3508-02-011.000
    APU
    36350802011000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $460,000
      ML approach
      $505,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $438,000
      Market price range: $231k - $695k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1307
    Latitude
    40.7404
    CBSA code
    30620
    CBSA name
    LIMA, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,382
    $10,920
    $94,260
    $105,180
    -
    $31,200
    $269,300
    $300,500

    Comparable in this City

    • Value Estimation by Request
      1,699 SF

      1164 Wn St

      OFFICE BUILDING (MULTI-STORY) • 1,699 SF
      1164 Wn St, Lima, OH 45805-2462
      View Details
    • Value Estimation by Request
      2,296 SF

      3275 Elm St

      OFFICE BUILDING (MULTI-STORY) • 2,296 SF
      3275 Elm St, Lima, OH 45805-2518
      View Details
    • Value Estimation by Request
      5,622 SF

      2244 Baton Rouge

      OFFICE BUILDING (MULTI-STORY) • 5,622 SF
      2244 Baton Rouge, Lima, OH 45805-1132
      View Details
    • Value Estimation
      $2,015,000
      12,532 SF

      880 Shawnee Rd

      OFFICE BUILDING (MULTI-STORY) • 12,532 SF
      880 Shawnee Rd, Lima, OH 45805-3466
      View Details
    • Value Estimation
      $785,000
      5,758 SF

      580 582nd N Cable Rd

      OFFICE BUILDING (MULTI-STORY) • 5,758 SF
      580 582nd N Cable Rd, Lima, OH 45805
      View Details
    • Value Estimation by Request
      2,832 SF

      2290 Shawnee Rd

      OFFICE BUILDING (MULTI-STORY) • 2,832 SF
      2290 Shawnee Rd, Lima, OH 45805-3885
      View Details

    Similar Nearby for Sale

    • $300,000
      1,928 SF

      Lima Office Building For Sale

      Office building with remodeled suites and ample parking.
      825 W Market St, Lima, OH 45805
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    • $2,999,999
      18,182 SF

      Medical Office Building Near Hospital

      Well-maintained medical office building near Mercy Hospital in Lima, OH.
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    • $325,000
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      Medical Office Building For Sale

      Medical office building with ample parking in Lima, Ohio.
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    • $2,461,500

      Lima Land: Prime Development Opportunity

      54.68 Acres, High Traffic Area, Excellent Potential
      Allentown Rd, Lima, OH 45805
      View Details
    • $2,722,500

      Allentown Road Commercial Land

      54 Acres, High Development Potential
      0 Allentown Rd, Elida, OH 45805
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    • $164,500
      2.74 Acres

      Land with Road Frontage

      2.74 acres with excellent road frontage near commercial properties.
      Lima, OH 45805
      View Details

    Similar Nearby for Lease

    • $3,850 /Mo
      18,182 SF

      Lima, OH Medical Office Suites

      Well-maintained medical office suites in prime location, ready for occupancy.
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      View Details
    • $13 SF/Yr
      1,470 SF

      Retail Space Near Lima Mall

      Retail spaces available near Lima Mall and Elida Road.
      902-914 N Cable Rd, Lima, OH 45805
      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
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    • Contact for pricing
      14,565 SF

      Prime Lima Retail Space

      14,565 SF Vacant Rite Aid Building
      3230 Elm St, Lima, OH 45805
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    • Contact for pricing
      8,676 SF

      Cable Crossings Retail Space

      Prime Allen County Retail Opportunity
      902 Cable Rd, Lima, OH 45805
      View Details
    • $108 SF/Yr
      10,000 SF

      Prime Lima Retail Space

      10,000 SF Retail Building, High Traffic Area
      1945 Elida Rd, Lima, OH 45805
      View Details
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    1240 Market St
    Lima, OH 45805-2766
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    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
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