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

    507 Nova St Lima, OH 45804-2552

    • Apartment buildings
    • 3,848 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Mar 02, 2020
    Value Estimations
    $215,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-2308708
    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 507 Nova St

    Year built
    1941
    Lot size
    0.23 lot acres
    Property size
    3,848 SF
    Property type
    Apartment buildings
    APN
    47-0612-05-006.000
    APU
    47061205006000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $192,000
      Market price range: $130k - $384k
      AI Estimate
      $240,000
      Market price range: $240k - $330k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $245,000
      Current use
      OFFICE BUILDING
      $285,000
      Change: +18% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $270,000
      Change: +11% Conversion: Moderate
      MEDICAL BUILDING
      $260,000
      Change: +8% Conversion: Moderate
      RETAIL STORES
      $220,000
      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
    -84.0992
    Latitude
    40.7176
    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
    $912
    $2,590
    $13,230
    $15,820
    -
    $7,400
    $37,800
    $45,200

    Comparable in this City

    • Value Estimation
      $245,000
      0.37 Acres

      Central Ave

      APARTMENT HOUSE (5+ UNITS) • 0.37 Acres
      Central Ave, Lima, OH 45804
      View Details
    • Value Estimation
      $245,000
      2,375 SF

      300 9th St

      APARTMENT HOUSE (5+ UNITS) • 2,375 SF
      300 9th St, Lima, OH 45804-2489
      View Details
    • Value Estimation
      $245,000
      2,375 SF

      305 9th St

      APARTMENT HOUSE (5+ UNITS) • 2,375 SF
      305 9th St, Lima, OH 45804-2483
      View Details
    • Value Estimation
      $215,000
      3,848 SF

      509 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      509 Hope St, Lima, OH 45804-2543
      View Details
    • Value Estimation
      $215,000
      3,848 SF

      516 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      516 Hope St, Lima, OH 45804-2544
      View Details
    • Value Estimation
      $220,000
      3,848 SF

      541 Hope St

      APARTMENT HOUSE (5+ UNITS) • 3,848 SF
      541 Hope St, Lima, OH 45804-2543
      View Details

    Similar Nearby for Sale

    • 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
    • $695,000
      2.50 Acres

      Commercial Land Near I-75

      Undeveloped commercial land near I-75 in Lima, Ohio.
      2727 Harding Hwy, Lima, OH 45804
      View Details
    • Contact for pricing
      0.14 Acres

      Land For Sale in Lima

      Vacant land near Kibby St. Build your dream property.
      E Albert St, Lima, OH 45804
      View Details
    • $1,090,000
      7,000 SF

      Lima Retail Property For Sale

      Retail property available for purchase in Lima, Ohio.
      1133 Bellefontaine Ave, Lima, OH 45804
      View Details
    • $1,200,000
      2,071 SF

      Harding Hwy Commercial Property

      Lima, OH retail investment opportunity.
      1703 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
    • $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
    • $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
    • Contact for pricing
      1,500 SF

      Harding Highway Commercial Land Parcel

      Prime Lima, Ohio commercial land, I-75 access.
      1703 Harding Hwy, Lima, OH 45804
      View Details
    • $1,100 /Mo
      1,000 SF

      Lima Office Space For Rent

      Office space available for lease in Lima, Ohio.
      1012 Bellefontaine Ave, Lima, OH 45804
      View Details
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    507 Nova St
    Lima, OH 45804-2552
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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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