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

    1620 Reese Ave Lima, OH 45804-3483

    • Apartment buildings
    • 2,925 SF
    • 0.37 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    8.6%
    Apartment buildings
    Location Intelligence
    Property ID
    US66-2047127
    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

    • Apartment buildings

    Property Details for 1620 Reese Ave

    Year built
    1988
    Lot size
    0.37 lot acres
    Property size
    2,925 SF
    Property type
    Apartment buildings
    APN
    47-0707-03-007.000
    APU
    47070703007000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $375,000
      6.5%
      $350,000
      7%
      $325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $191,000
      Market price range: $183k - $251k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $185,000
      Current use
      OFFICE BUILDING
      $215,000
      Change: +18% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $205,000
      Change: +11% Conversion: Moderate
      MEDICAL BUILDING
      $200,000
      Change: +8% Conversion: Moderate
      RETAIL STORES
      $170,000
      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
    -84.1013
    Latitude
    40.7123
    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
    $805
    $1,820
    $11,170
    $12,990
    -
    $5,200
    $31,900
    $37,100

    Comparable in this City

    • Value Estimation
      $215,000
      3,848 SF

      507 Nova St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      507 Nova St, Lima, OH 45804-2552
      View Details
    • Value Estimation
      $255,000
      2,925 SF

      1610 Bradfield Dr

      APARTMENT HOUSE (5+ UNITS) • 2,925 SF
      1610 Bradfield Dr, Lima, OH 45804-3472
      View Details
    • Value Estimation
      $225,000
      3,848 SF

      617 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      617 Hope St, Lima, OH 45804-2545
      View Details
    • Value Estimation
      $225,000
      3,848 SF

      624 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      624 Hope St, Lima, OH 45804-2546
      View Details
    • Value Estimation
      $225,000
      3,848 SF

      609 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      609 Hope St, Lima, OH 45804-2545
      View Details
    • Value Estimation
      $270,000
      3,225 SF

      405 Hubbard Pl

      APARTMENT HOUSE (5+ UNITS) • 3,225 SF
      405 Hubbard Pl, Lima, OH 45804-3470
      View Details

    Similar Nearby for Sale

    • $1,200,000
      2,071 SF

      Harding Hwy Commercial Property

      Lima, OH retail investment opportunity.
      1703 Harding Hwy, Lima, OH 45804
      View Details
    • $4,000,000
      14,406 SF

      Lima, OH Walgreens Investment Property

      Investment-grade Walgreens with drive-thru and zero landlord responsibilities.
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    • $175,000

      Land For Sale

      Land available for sale on Industry Ave, Lima, OH.
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    • $1,200,000
      24,750 SF

      Commercial Land in Lima, Ohio

      Commercial land available for sale in Lima, Ohio.
      1327 Bellefontaine Ave, Lima, OH 45804
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    • Contact for pricing
      14,840 SF

      Lima Retail Pharmacy - 14,840 SF

      Prime Lima location, high traffic, NNN lease.
      1415 Bellefontaine Ave, Lima, OH 45804
      View Details
    • $385,000
      5.82 Acres

      5.82 AC Vacant Land Parcels

      5.82 acres in two parcels, zoned B-2 General Business.
      Harding Hwy, Lima, OH 45804
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      24,000 SF

      Eastgate Shopping Center Spaces

      Lima, OH retail spaces available
      2300 Harding Hwy, Lima, OH 45804
      View Details
    • $3,495,000
      23,089 SF

      Lima Truck Terminal and Warehouse

      12.37 acre property with two buildings and ample parking.
      3456 Saint Johns Rd, Lima, OH 45804
      View Details
    • $6,194 /Mo

      Versatile Industrial and Office Space

      Adaptable industrial and office space with ample rentable area.
      750 Buckeye Rd, Lima, OH 45804
      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
    • Contact for pricing
      14,840 SF

      Lima Retail Space: 14,840 SF

      High-traffic retail building, prime location.
      1415 Bellefontaine Ave, Lima, OH 45804
      View Details
    • Contact for pricing
      1,545 SF

      Warehouse Space with Rail Access

      348,342 SF warehouse with rail service available for lease.
      2050 N Sugar St, Lima, OH 45804
      View Details
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    1620 Reese Ave
    Lima, OH 45804-3483
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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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