For Auction
North St. Office | Double-Digit Cap Rate | Recent Lease Renewal
Lima, OH 45801Represented by
AQRE Advisors
Asset Snapshot
Offering Summary
Investment Highlights
- Six-Year Lease Extension Drives Growth: State of Ohio's 2025 lease extension runs through 2031 with 2% rent bumps every two years.
- Property Delivers Strong In-Place Cash Flow: In-place rents from two tenants and the parking garage produce stable current income.
- Remaining Vacancy Offers Lease-Up Upside: A 1,300 SF suite sits vacant at 88.44% occupancy, offering a clear path to full income.
- Parking Garage Adds Diversified Revenue: The 90-plus space garage adds a steady revenue stream independent of office leasing income.
- Irreplaceable Downtown Lima Address: 125 W North St sits among government offices, courts, restaurants, and employers downtown.
Offering Summary
Brokered by AQRE Advisors and powered by RealINSIGHT Marketplace, 125 W North St in Lima, Ohio is a government-anchored office investment with in-place income and near-term upside. The ±11,250 SF building is 88.44% leased, anchored by the State of Ohio's 8,500 SF suite under a lease recently extended six years through 2031 with 2% rental increases every two years, plus a smaller suite occupied by BJ Inspections through 2027. The property generates stable in-place income, further diversified by an on-site 90-plus space parking garage that produces revenue independent of the occupied office suites. A single 1,300 SF vacant suite offers a buyer immediate lease-up upside above the current cash flow. Built in 1981 on ±0.51 acres in Downtown Lima, the asset sits near government offices, courts, and professional employers that anchor consistent tenant demand, with Lima's position at the intersection of I-75 and U.S. Route 30 and a diverse, stable regional economy supporting long-term investment stability.
Location
125 W North St sits in the heart of Downtown Lima, Ohio, steps from local government offices, courts, and Allen County institutions. The site is minutes from Lima Mall's retail corridor and national retailers including Meijer, Walmart, Kohl's, and Ford, with I-75 and U.S. Route 30 providing quick regional access across northwest Ohio's manufacturing and healthcare corridor.
Statistics
64,950 : Population within a 5-mile radius
$82,467 : Average household income, 5-mile radius
90+ : On-site parking garage spaces
Due Diligence
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
