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    Property profile & analytics

    640 Main St Lima, OH 45804-1242

    • Retail space
    • 3,600 SF
    • 0.51 lot acres
    OFF-MARKET
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    5.4%
    Retail space
    Location Intelligence
    Property ID
    US66-0105959
    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

    • Lima Fabric Care Center / Laundromat

    Property Details for 640 Main St

    Year built
    1971
    Lot size
    0.51 lot acres
    Property size
    3,600 SF
    Property type
    Retail space
    APN
    37-3111-11-028.000
    APU
    37311111028000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $240,000
      6.5%
      $220,000
      7%
      $205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $223,000
      Market price range: $98.9k - $328k
      AI Estimate
      $274,000
      Market price range: $126k - $404k

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

    Location Insight

    • Map
    • Local Demand
    City
    Lima
    County
    Allen
    State
    Ohio
    Longitude
    -84.1055
    Latitude
    40.7316
    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
    $2,753
    $3,470
    $41,690
    $45,160
    -
    $9,900
    $119,100
    $129,000

    Comparable in this City

    • Value Estimation
      $255,000
      2,304 SF

      541 Pne St

      RETAIL STORES (PERSONAL SERVICES) • 2,304 SF
      541 Pne St, Lima, OH 45804-1554
      View Details
    • Value Estimation
      $275,000
      6,237 SF

      1034 Bellefontaine Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,237 SF
      1034 Bellefontaine Ave, Lima, OH 45804-2874
      View Details
    • Value Estimation
      $320,000
      11,342 SF

      1001 Bowman Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,342 SF
      1001 Bowman Rd, Lima, OH 45804-3409
      View Details
    • Value Estimation
      $255,000
      6,000 SF

      2400 Central Pt Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      2400 Central Pt Pkwy, Lima, OH 45804-3865
      View Details
    • Value Estimation
      $265,000
      1,750 SF

      3380 Dixie Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,750 SF
      3380 Dixie Hwy, Lima, OH 45804-3758
      View Details
    • Value Estimation
      $240,000
      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

    • $1,200,000
      2,071 SF

      Harding Hwy Commercial Property

      Lima, OH retail investment opportunity.
      1703 Harding Hwy, Lima, OH 45804
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    • $4,000,000
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      Lima, OH Walgreens Investment Property

      Investment-grade Walgreens with drive-thru and zero landlord responsibilities.
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      14,840 SF

      Lima Retail Pharmacy - 14,840 SF

      Prime Lima location, high traffic, NNN lease.
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    • $70,000
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      Commercial Pole Barn Near Lincoln Park

      Metal pole barn suitable for retail or automotive use.
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    • $1,090,000
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      Lima Retail Property For Sale

      Retail property available for purchase in Lima, Ohio.
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    • $175,000

      Land For Sale

      Land available for sale on Industry Ave, Lima, OH.
      Industry Ave, Lima, OH 45804
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    Similar Nearby for Lease

    • $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
    • $15 SF/Yr
      6,962 SF

      Eastgate Plaza: Retail Space

      Lima, OH: Prime Retail Opportunity
      2356 Harding Hwy, Lima, OH 45804
      View Details
    • $14 SF/Yr
      24,000 SF

      Eastgate Shopping Center Spaces

      Lima, OH retail spaces available
      2300 Harding Hwy, Lima, OH 45804
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    • $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
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    640 Main St
    Lima, OH 45804-1242
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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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