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    311 Market St Lima, OH 45801
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    Property profile & analytics

    311 Market St Lima, OH 45801

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    • Office buildings
    • 43,644 SF
    • 1.73 lot acres
    For Sale
    $1,800,000
    View Listing →
    Downtown Lima Office Building Investment For Sale
    $1,800,000

    Downtown Lima Office Building Investment

    High-yield office building, prime location.

    311 Market St, Lima, OH 45801
    View Listing
    Property ID
    US66-2175387
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Law Office of Farley K. Banks / Law Firm / Financial Advisor
    • Lima-Umadaop Inc / Tutoring Service
    • House of Prayer Lima / Church / Mosque
    • All For You Home Care / Home Health Care Service
    • Tender Home Care / Home Health Care Service

    Property Details for 311 Market St

    Year built
    1920
    Lot size
    1.73 lot acres
    Property size
    43,644 SF
    Property type
    Office buildings
    APN
    37-3107-03-002.000
    APU
    37310703002000

    Description

    This exceptional investment opportunity presents a substantial 30,000+ square foot office building situated on a 1.7-acre lot in the heart of Lima, Ohio. Its prime location offers immediate proximity to the vibrant downtown area, ensuring high visibility and accessibility. Currently generating income, this property represents a strong, established investment with significant upside potential. The building's substantial size allows for a variety of uses and future development possibilities, catering to a diverse range of tenants or expansion plans. The 1.7-acre lot provides ample space for potential additions, renovations, or even redevelopment projects, allowing for significant long-term growth and return on investment. This is a rare chance to acquire a well-positioned, income-producing asset in a thriving urban core. Given its size, location, and current income stream, this property is ideally suited for investors seeking a stable, high-return investment with considerable future development potential. Serious inquiries only. No signage is present on the property. Contact for showing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,139,000
      Market price range: $1.14M - $3.89M
      AI Estimate
      $1,367,000
      Market price range: $1.37M - $5.10M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,945,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1017
    Latitude
    40.7407
    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
    $11,989
    $44,800
    $145,570
    $190,370
    -
    $128,000
    $415,900
    $543,900

    Comparable in this City

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      612 Main St

      OFFICE BUILDING (MULTI-STORY) • 5,792 SF
      612 Main St, Lima, OH 45801-4010
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    • Value Estimation by Request
      3,690 SF

      562 Spg St

      OFFICE BUILDING (MULTI-STORY) • 3,690 SF
      562 Spg St, Lima, OH 45801-4728
      View Details
    • Value Estimation by Request
      6,180 SF

      1519 Main St

      OFFICE BUILDING (MULTI-STORY) • 6,180 SF
      1519 Main St, Lima, OH 45801-2891
      View Details
    • Value Estimation by Request
      3,980 SF

      712 714th Wn St

      OFFICE BUILDING (MULTI-STORY) • 3,980 SF
      712 714th Wn St, Lima, OH 45801
      View Details
    • Value Estimation
      $540,000
      11,220 SF

      137 Wn St

      OFFICE BUILDING (MULTI-STORY) • 11,220 SF
      137 Wn St, Lima, OH 45801-4310
      View Details

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    Similar Nearby for Lease

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      Historic Lima Office Building

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      Downtown Storefront in DORA Zone

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    View Listing
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    311 Market St
    Lima, OH 45801
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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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