685 Spring StLima, OH 45801

Property Details for 685 Spring St

Year built

1920

Property size (Sq ft)

1,820 SF

Property type

Investment properties

Property subtype

Multifamily properties

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.

Location Insight

City

Lima

County

Allen

State

Ohio

Latitude

40.7386

Longitude

-84.1165

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