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    Property profile & analytics

    1415 Bellefontaine Ave Lima, OH 45804

    • Retail space
    • 14,840 SF
    • 0.47 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-0025554
    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

    • Angela M. Guinn, RPh / Pharmacy
    • Rite Aid Pharmacy / Pharmacy
    • David P. Mayerson, RPH / Pharmacy
    • Rite Aid / Drug Store / Beauty Supply Store
    • Thomas Wiechart / Pharmacy

    Property Details for 1415 Bellefontaine Ave

    Year built
    2005
    Lot size
    0.47 lot acres
    Property size
    14,840 SF
    Property type
    Retail space
    APN
    37-3212-16-007.000
    APU
    37321216007000

    Description

    This exceptional 14,840-square-foot retail property in Lima, Ohio, presents a unique investment opportunity. Located at 1415 Bellefontaine Avenue, this single-tenant building sits on a nearly two-acre lot (1.96 acres to be exact), boasting approximately 330 feet of frontage on Bellefontaine Avenue. Its strategic position at the signalized intersection of Bellefontaine Avenue, Harding Highway, and South Leonard Avenue ensures high visibility and accessibility. Built in 2005, the one-story building offers convenient access with three curb cuts on South Robert Avenue and South Leonard Avenue, and is only half a mile from Interstate 75. The property includes 65 parking spaces, well-maintained landscaping, and benefits from significant daily traffic counts: 21,698 vehicles on Bellefontaine Avenue, 26,517 on Harding Highway, and 42,287 on I-75 (according to Ohio Department of Transportation). The property is zoned commercial and features a drive-thru, making it ideal for a variety of retail uses. The Allen County location, specifically within the "Outside Metro Area" submarket, offers a strong foundation for business growth. The property's address is 1415 Bellefontaine Ave, Lima, OH 45804, with the APN 37-3212-16-007.000. The entire 14,840 square feet is currently vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $980,000
      6.5%
      $905,000
      7%
      $840,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,351,000
      Market price range: $408k - $1.35M
      AI Estimate
      $1,666,000
      Market price range: $521k - $1.67M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $860,000
      Current use
      RESTAURANT
      $1,170,000
      Change: +36% Conversion: Easy
      OFFICE BUILDING
      $1,105,000
      Change: +29% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,045,000
      Change: +22% Conversion: Easy
      MEDICAL BUILDING
      $1,010,000
      Change: +18% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $940,000
      Change: +9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.079
    Latitude
    40.731
    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
    $25,906
    $45,050
    $411,810
    $456,860
    -
    $128,700
    $1,176,600
    $1,305,300

    Comparable in this City

    • Value Estimation by Request
      2,304 SF

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    • Value Estimation by Request
      6,237 SF

      1034 Bellefontaine Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,237 SF
      1034 Bellefontaine Ave, Lima, OH 45804-2874
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    • Value Estimation
      $930,000
      11,342 SF

      1001 Bowman Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,342 SF
      1001 Bowman Rd, Lima, OH 45804-3409
      View Details
    • Value Estimation by Request
      6,000 SF

      2400 Central Pt Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
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    • Value Estimation by Request
      1,750 SF

      3380 Dixie Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      3380 Dixie Hwy, Lima, OH 45804-3758
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    • Value Estimation by Request
      3,024 SF

      3540 Dixie Hwy

      RETAIL STORES (PERSONAL SERVICES) • 3,024 SF
      3540 Dixie Hwy, Lima, OH 45804-3761
      View Details

    Similar Nearby for Sale

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      Lima Retail Pharmacy - 14,840 SF

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    Similar Nearby for Lease

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      Retail Space in Lima, Ohio

      Retail space available for lease on Lima's East side.
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    • Contact for pricing
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      Lima Retail Space: 14,840 SF

      High-traffic retail building, prime location.
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    • $15 SF/Yr
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      Eastgate Plaza: Retail Space

      Lima, OH: Prime Retail Opportunity
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      Eastgate Shopping Center Spaces

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      Lima Truck Terminal and Warehouse

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      Versatile Industrial and Office Space

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    1415 Bellefontaine Ave
    Lima, OH 45804
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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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