710 Main StLima, OH 45801

Property Details for 710 Main St

Year built

1967

Lot size

0.88 AC

Property size (Sq ft)

3,576 SF

Property type

Retail properties

Property subtype

Retail space

APN

36-1701-01-003.000

APU

36170101003000

Description

Exceptional investment opportunity: Greenway Apartments, a single-story, 9,940 square foot HUD-subsidized property located at 710 N Main St, Lima, OH 45801. This 1-unit building, constructed in 1993, boasts a 100% occupancy rate as of July 31, 2024, generating a substantial Net Operating Income (NOI) of $74,000 and an attractive 8.74% capitalization rate. The asking price is $847,000, translating to $85.21 per square foot and $847,000 per unit. The property features a 12-foot ceiling height and is zoned for hospital use. The Allen County property (APN: 37-3012-10-024.000) is part of a larger portfolio of HUD housing units available for sale. The current HUD Section 8 contract extends through 2033. This property presents a strong cash flow opportunity for investors seeking a stable, income-producing asset in a well-established location. Detailed financial information is available upon request.

• CAP approach

  CAP return

  Valuation

  6%

  $1,008,684

  6.5%

  $931,093

  7%

  $864,587

• Comparable approach

  Method

  Valuation

  Relative Method

  $177,437

  Geo Method

  $177,437

• Alternative Use

  Use

  Valuation

  Residential

  $785,412

  Hospitality

  $719,433

  Educational

  $598,560

  Medical

  $619,145

  Retail

  $931,093

Location Insight

City

Lima

County

Allen

State

Ohio

Latitude

40.7817

Longitude

-84.1897

CBSA code

30620

CBSA name

LIMA, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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