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    Property profile & analytics

    2720 Elida Rd Lima, OH 45805-1234

    • Community centers
    • 60,628 SF
    • 22.49 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2025
    Value Estimations
    $2,105,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2181464
    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

    • SVS Vision Optical Centers / Sunglasses Store / Eye Care Center
    • Five Below / (Bike/Boat/Book/etc) Store
    • Lima Center / Shopping Center & Mall
    • Cato Fashions / Clothing & Fashion Store
    • JOANN Fabric and Crafts / (Bike/Boat/Book/etc) Store

    Property Details for 2720 Elida Rd

    Year built
    1978
    Lot size
    22.49 lot acres
    Property size
    60,628 SF
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    36-2201-02-018.000
    APU
    36220102018000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,285,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1544
    Latitude
    40.7684
    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
    $212,426
    $628,110
    $2,749,180
    $3,377,290
    -
    $1,794,600
    $7,854,800
    $9,649,400

    Comparable in this City

    • Value Estimation
      $6,490,000
      106,705 SF

      2200 Allentown Rd

      MINI-MALL • 106,705 SF
      2200 Allentown Rd, Lima, OH 45805-1708
      View Details
    • Value Estimation by Request
      1,744 SF

      2119 Spencerville Rd

      MINI-MALL • 1,744 SF
      2119 Spencerville Rd, Lima, OH 45805-3441
      View Details
    • Value Estimation by Request
      8,088 SF

      2330 Elida Rd

      MINI-MALL • 8,088 SF
      2330 Elida Rd, Lima, OH 45805-1246
      View Details
    • Value Estimation
      $3,985,000
      12,096 SF

      3292 Elida Rd

      MINI-MALL • 12,096 SF
      3292 Elida Rd, Lima, OH 45805-1249
      View Details
    • Value Estimation
      $1,405,000
      45,165 SF

      2154 Elida Rd

      MINI-MALL • 45,165 SF
      2154 Elida Rd, Lima, OH 45805-1550
      View Details
    • Value Estimation by Request
      9,075 SF

      2355 Elida Rd

      MINI-MALL • 9,075 SF
      2355 Elida Rd, Lima, OH 45805-1201
      View Details

    Similar Nearby for Sale

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      Dunkin's Diamonds Retail Investment

      High-return, long-term NNN lease.
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    • $14,500,000
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      Clocktower Plaza: Lima, OH Shopping Center

      High-traffic retail center, strong tenants, value-add opportunity.
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      Turnkey Restaurant in Lima, Ohio

      Fully equipped restaurant remodeled in 2021 with liquor license.
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      Lima Retail/Medical Office Building

      Corner lot building suitable for retail or medical office.
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      Commercial Property Near Retail Hub

      Vacant commercial property with high traffic, near major retailers.
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    Similar Nearby for Lease

    • Contact for pricing
      7,306 SF

      Prime Lima Retail Space

      7,306 SF Strip Center, High Visibility
      924 Elm St, Lima, OH 45805
      View Details
    • $132 SF/Yr
      238,000 SF

      Clocktower Plaza: Lima Retail Space

      Prime Lima retail space, 238,000 sq ft available.
      927 Cable Rd, Lima, OH 45805
      View Details
    • Contact for pricing
      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
    • 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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    • $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
    • Contact for pricing
      3,000 SF

      Retail Space on Elida Road

      3,000 SF retail space available for rent.
      2400 Elida Rd, Lima, OH 45805
      View Details
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    Lima, OH 45805-1234
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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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