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    15 Main St Lexington, OH 44904

    Sponsored
    For Sale
    $699,900

    Commercial - Lexington, OH

    Property size:
    16,496 SF
    Lot size:
    10,824.00 Acres
    Days on Market:
    14
    Last Refresh:
    Jan 21 at 10:06 pm

    Property Features for 15 Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0482711114000 & 0482711115000
    Size
    16,496 SF
    Lot size
    10,824.00 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1870
    Architectural style
    Other

    We can help!

    Listing Contact
    Mary Adams
    Mary Adams

    Key Realty (877) 539-7589

    Listing agent Mary Adams (877) 539-7589

    Listing date Jan 8, 2026

    MLS# 9066380 Listing URL

    Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Mixed-Use Commercial Property with Hardware Store

    This mixed-use commercial property features an established hardware store that has been an anchor in the Village of Lexington since the 1800s. Situated on a high-visibility corner, the property benefits from easy access and strong traffic counts, with a combined 15,376 vehicles daily projected for 2025 on Main St and Frederick St. The property offers multiple income streams, including the hardware store with a long-standing customer base, a national chain pizza shop, an updated 2-bed/2-bath upper residence, and second-story office spaces with potential for residential conversion. Located just 3 miles from I-71, it is also minutes away from Ontario and Mansfield. The property is well-maintained, with recent HVAC updates, including new A/C and heat for the retail space, offices, and residence, while the pizza parlor HVAC is only 2 years old. The property includes 11 and 15 W Main St in a single building and offers versatile space for various business opportunities. The lot size is 10824 acres and the property size is 16496 square feet.
    Location Intelligence

    Current Use by Public Records

    Stephen F Walker ... Chiropractor Hitchman Bail Bonds Bail Bonds Service Kell Hardware Hardware Store Emuna Cleaning LLC. Janitorial Service Heartland Community Church Church

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lexington
    County
    Richland
    State
    Ohio
    Longitude
    -82.5833911
    Latitude
    40.6785437

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    FAQs

    What type of property is this?
    Mixed-use property - Prime mixed-use property with established hardware store and multiple income streams.
    Where is this mixed-use property located?
    The property is located at 15 Main St Lexington, OH.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: - Prime mixed-use commercial property with multiple income streams: hardware store, pizza shop, residence, and office spaces.; - **High-visibility hard corner location** in the heart of the Village of Lexington with strong traffic counts (15,376 vehicles daily).; - **Established hardware store with a 100+ year history** and loyal customer base.
    (561) 667-5376
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    15 Main St Lexington, OH 44904
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    Lexington, OH 44904
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    15 Main St Lexington, OH 44904
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    We can help!
    Listing Contact
    Mary Adams
    Mary Adams
    (561) 667-5376
    Learn more
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