North St. Office | Double-Digit Cap Rate

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.
• Strategic I-75 and Route 30 Crossroads: Lima sits at the intersection of I-75 and U.S. Route 30, anchoring a diverse regional economy.

Description:

View details and diligence materials on RI Marketplace:
https://rimarketplace.com/auction/3345/office/lima/oh?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=october7_2026&utm_content=office_3345

RealINSIGHT Marketplace, in partnership with AQRE Advisors, is pleased to present 125 W North St, Lima, Ohio, 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.


Bidding Opens
Oct 06 12:00 AM
Bidding Closes
Oct 08 12:00 AM

Documents: