2298 Elida RdLima, OH 45805

Property Details for 2298 Elida Rd

Year built

1996

Lot size

0.29 AC

Property size (Sq ft)

3,802 SF

Property type

Retail properties

Property subtype

Retail space

APN

36-2311-03-004.000

APU

36231103004000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 3,802 square foot Dunkin's Diamonds retail property located at 2298 Elida Rd, Lima, OH 45805. The property boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $180,000 annually. Situated on a 0.29-acre lot at a high-traffic intersection, this location benefits from superior visibility and accessibility, with over 36,409 vehicles passing daily. The property is an outparcel to a Kroger (Ruler Foods) anchored shopping center, ensuring a stable and desirable location within a thriving retail corridor. The absolute NNN lease, with a corporate guarantee from Dunkin's Diamonds, minimizes landlord responsibilities. The lease commenced January 1, 1996, and expires September 30, 2034, with four, five-year renewal options. Rent increases by 5% every five years, providing built-in inflation protection. The tenant, a well-established and successful jewelry boutique with multiple locations, has occupied the space since 1996, demonstrating a long-term commitment to the site. The property features ample parking and is surrounded by numerous national and local retailers, including Michael's, Dunham's Sports, Old Navy, Hobby Lobby, and many more. The dense and mature demographics within a five-mile radius further enhance the investment potential. This is a rare opportunity to acquire a high-performing, low-maintenance retail investment with significant long-term growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,072,432

  6.5%

  $989,938

  7%

  $919,228

• Comparable approach

  Method

  Valuation

  Relative Method

  $188,651

  Geo Method

  $188,651

• Alternative Use

  Use

  Valuation

  Residential

  $835,049

  Hospitality

  $764,901

  Educational

  $636,388

  Medical

  $658,275

  Retail

  $989,938

Location Insight

City

Lima

County

Allen

State

Ohio

Latitude

40.7621

Longitude

-84.1469

CBSA code

30620

CBSA name

LIMA, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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