Description
The corner of what's coming. Downtown Lima is in the middle of something real. A $10 million state grant is actively funding the redevelopment of Memorial Hall -- the 1908 Beaux-Arts landmark directly across the street -- with a $25 million boutique hotel concept currently in schematic design phase, with a decision expected by mid-May 2026. The valet entrance and primary guest arrival is planned to face South Elizabeth Street. This is not speculation. This is a publicly funded, actively planned anchor project with committed state capital behind it. 222 S. Elizabeth is positioned at the center of this transformation. The building is a solid performer today: fully occupied, positive cash flow, three commercial storefronts with prominent visibility and off-street parking in a market where that combination is increasingly scarce, and three residential apartments above. Built in 1916 on 0.177 acres with a new roof (2023), new HVAC (2023), and a freshly paved parking lot (2022), the capital-intensive work is done. But the real story is what surrounds it. Within one block: the new Allen County Administration Building (completing 2026). Within two blocks: Spring & Main, the civic core, and the DORA entertainment district encompassing 113 acres of the central business corridor. The area delivered a $4.3 million multi-building revitalization in 2024 celebrated by Governor DeWine, and Lima/Allen County ranked 4th in the nation for qualifying business investment projects in 2025. Three high-visibility storefronts. Private parking. Direct sightlines to a $25 million hospitality anchor. DORA zone. Historic district adjacency. This is the kind of position that sophisticated investors spend years trying to manufacture. It already exists at 222 S. Elizabeth. Listing agent is controlling owner. Appointment required. 24-hour notice for residential units.
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0BEDS
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0.177ACRES
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0BATHS
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01/2 BATHS
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5,160SQFT
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$134$/SQFT
School Ratings & Info
Description
The corner of what's coming. Downtown Lima is in the middle of something real. A $10 million state grant is actively funding the redevelopment of Memorial Hall -- the 1908 Beaux-Arts landmark directly across the street -- with a $25 million boutique hotel concept currently in schematic design phase, with a decision expected by mid-May 2026. The valet entrance and primary guest arrival is planned to face South Elizabeth Street. This is not speculation. This is a publicly funded, actively planned anchor project with committed state capital behind it. 222 S. Elizabeth is positioned at the center of this transformation. The building is a solid performer today: fully occupied, positive cash flow, three commercial storefronts with prominent visibility and off-street parking in a market where that combination is increasingly scarce, and three residential apartments above. Built in 1916 on 0.177 acres with a new roof (2023), new HVAC (2023), and a freshly paved parking lot (2022), the capital-intensive work is done. But the real story is what surrounds it. Within one block: the new Allen County Administration Building (completing 2026). Within two blocks: Spring & Main, the civic core, and the DORA entertainment district encompassing 113 acres of the central business corridor. The area delivered a $4.3 million multi-building revitalization in 2024 celebrated by Governor DeWine, and Lima/Allen County ranked 4th in the nation for qualifying business investment projects in 2025. Three high-visibility storefronts. Private parking. Direct sightlines to a $25 million hospitality anchor. DORA zone. Historic district adjacency. This is the kind of position that sophisticated investors spend years trying to manufacture. It already exists at 222 S. Elizabeth. Listing agent is controlling owner. Appointment required. 24-hour notice for residential units.
© 2026 West Central Association of Realtors MLS. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Team Mangini | Superior Plus Realtors. Data last updated: 2026-05-18T20:40:36.323.