3175 Elm StLima, OH 45805

Property Details for 3175 Elm St

Year built

1985

Lot size

9.69 AC

Property size (Sq ft)

22,561 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

36-3410-02-006.001

APU

36341002006001

Description

This exceptional turnkey opportunity presents the Old Barn Restaurant & Banquet Center, a well-established Lima, Ohio business operating since 1969. Located on a 9.69-acre lot (4.69 acres undeveloped) at 3175 W Elm St, Lima, OH 45805, this property boasts a substantial 30,000 square foot building, built in 1985 and zoned C-1. The property includes a main floor for restaurant operations and a second story offering office space and potential for additional seating. The restaurant features a fully equipped kitchen with two large hoods, five walk-in coolers, and one walk-in freezer. Recent upgrades (2020) include a new patio, new flooring in the dining room, banquet room, and kitchen, and a new bar area. The building is equipped with a fire sprinkler system throughout and nine HVAC units. The current owner, Old Barn Outback Inc., is seeking retirement and has reduced involvement in banquet and wedding sales, presenting a significant opportunity for growth through increased marketing efforts. A one-year training period is available to ensure a smooth transition. The property's 2019 appraisal valued the land and building at $1 million, and annual property taxes are $13,984. The asking price is $1,400,000, with a price per square foot of $46.67. The property currently operates at 100% occupancy with nine units. Parcel number is 36-3410-02-006.001, located in Allen County, Ohio. This is a rare chance to acquire a thriving business with substantial growth potential in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $6,363,794

  6.5%

  $5,874,272

  7%

  $5,454,680

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,119,450

  Geo Method

  $1,119,450

• Alternative Use

  Use

  Valuation

  Residential

  $4,955,168

  Hospitality

  $4,538,907

  Educational

  $3,776,317

  Medical

  $3,906,191

  Retail

  $5,874,272

Location Insight

City

Lima

County

Allen

State

Ohio

Latitude

40.7345

Longitude

-84.1631

CBSA code

30620

CBSA name

LIMA, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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