580 N Cable Rd, Lima, OH 45805 For Sale

This premier commercial real estate offering features a modern 6,200 square foot professional office building located at 580-582 North Cable Road, perfectly positioned on a high-visibility 1.14-acre site in Lima, Ohio. Constructed in 2009, the facility is currently configured as a high-end medical suite with specialized exam rooms and administrative spaces, generating a steady, below-market rate annual income of $14.21 per square foot. The property is strategically situated within a Class II Business Wholesale district for the main office building, while the dedicated east parking lot is situated within a professional Office District. A significant value-add component is the southern portion of the premises at 517 Columbia Drive, which carries a Class III Residential Apartment zoning and has been approved for a potential 20-unit student housing development. This versatile layout allows for immediate professional use while offering a lucrative residential development opportunity on the same site. The existing lease structure provides the current tenant with two successive one-year options to extend, featuring a two percent annual rent increase to ensure the investment keeps pace with fair market value. With over 28,000 square feet of asphalt paving and dual access from both North Cable Road and Columbia Drive, this property represents a rare combination of stable commercial returns and high-density residential growth potential.