685 Spring St Lima, OH 45801
- Residential income homes
- 1,820 SF
Current Use by Public Records
- Residential income homes
Property Details for 685 Spring St
- Year built
- 1920
- Property size
- 1,820 SF
- Property type
- Residential income homes
Description
This two-unit, 1,820 square foot duplex in Lima, Ohio, presents a compelling investment opportunity. Built in 1920, the property boasts a strong cash flow with a gross monthly income of $1,400, achieved through two separate leases. The front unit, located at 685 W Spring St, offers 1,000 square feet, three bedrooms, and one bathroom, currently leased for $700 per month. The rear unit, situated at 201 S Baxter St, comprises 820 square feet, two bedrooms, one bathroom, and also commands a $700 monthly rent. The property's convenient location, a short walk from St. Rita's Hospital, enhances its appeal and potential for sustained occupancy. With a $109,900 asking price, a $14,300 net operating income (NOI), and a 13.01% cap rate, this multi-family property offers a significant return on investment. The property is zoned for multi-family use and features two stories within a single building. The units will be available for occupancy starting July 1, 2024. This is an excellent opportunity for investors seeking a strong, cash-flowing asset in a desirable location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lima
- County
- Allen
- State
- Ohio
- Longitude
- -84.116528070244
- Latitude
- 40.738628336959
