1504 Elm StLima, OH 45805

For Sale
$585,000

High-Yield Duplex, 12.14% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a two-unit, special-purpose property located at 1504 W Elm St, Lima, OH 45805. The property, encompassing 3,047 square feet on a 0.581-acre lot, consists of two single-story buildings, each with 14-foot ceilings. Built in 1992, the property currently boasts 100% occupancy with a strong NOI of $71,040, translating to a compelling cap rate of 12.14%. The asking price is $585,000, or $292,500 per unit, and the price per square foot is $191.99. The property has operated as HUD housing since 1999, with the current HUD Section 8 contract extending through 2033, providing long-term stability and predictable income. Each unit offers multiple bedrooms, accommodating a total of eight bedrooms. The current monthly rental income per bed is $740. This property is an excellent addition to any portfolio seeking consistent cash flow and long-term security, offering a rare opportunity in the Lima, Ohio market within Allen County. The property is in good condition and provides a stable income stream. The occupancy date for the current tenants is July 31, 2024.

Highlights

  • Exceptional two-unit, special-purpose investment property in Lima, OH.
  • 3,047 SF on a 0.58-acre lot, with 14-foot ceilings.
  • 100% occupancy, strong NOI of $71,040, 12.14% cap rate.
  • Asking price: $585,000 ($292,500 per unit, $191.99/SF).
  • HUD Section 8 contract through 2033, providing long-term stable income.

Property Details for 1504 Elm St

Property type
Other specialty properties, Specialty properties
Square Feet
3,047 SF
Year Built
1992
Buildings
2
Stories
1
Lot Size (sq. ft)
25,308 SF
Units
2

Location Insight

City
Lima
County
Allen
State
Ohio
Latitude
40.737580231637
Longitude
-84.134091706539
1504 Elm St, Lima, Ohio

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1504 Elm St
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