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:

For more information visit:
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.


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

Documents: