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    The Largest CRE Database in the US with Over 1 Million Listings

    150 E Lk St West Mansfield, OH 43358

    Sponsored
    For Sale
    $229,000

    COMMERCIAL - West Mansfield, OH

    Property size:
    2,400 SF
    Lot size:
    0.21 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 7 at 8:06 pm

    Property Features for 150 E Lk St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    470171809009000
    Parking
    18
    Parking features
    Parking Lot
    Appliances
    Gas Water Heater, Water Softener Owned
    Size
    2,400 SF
    Lot size
    0.21 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1930
    Flooring type
    Vinyl
    Building materials
    Masonry, Vinyl Siding

    We can help!

    Listing Contact
    Ryan Beelman

    Zimmerman Realty, Ltd. (937) 935-7154

    Listing agent Ryan Beelman (937) 843-9400

    Listing date Feb 7, 2026

    MLS# 1043669

    Copyright © 2026 West Metro Board 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

    Property Insight Report

    Overview

    Updated Commercial Building Near Indian Lake

    This is a 2,400 sq ft commercial building with a full basement, located two blocks from Indian Lake in Lakeview. The property has previously operated as a salon, spa, and tanning studio, and is currently home to a furniture store and tanning salon. It offers potential for retail, professional services, or light commercial use. The property has been updated with a new roof, siding, flooring, storefront windows, and doors, all completed in 2024. Electrical and plumbing systems were fully updated in 2021, with both single-phase and three-phase electric available. The property also offers a paved lot with 18 parking spaces adjacent to the building. The building offers visibility and access, and is located steps from the waterfront and downtown core. The lot size is 0.21 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    West Mansfield
    County
    Logan
    State
    Ohio
    Longitude
    -83.923497
    Latitude
    40.484224

    FAQs

    What type of property is this?
    Retail space - Versatile commercial building near Indian Lake with recent updates.
    Where is this retail space located?
    The property is located at 150 E Lk St West Mansfield, OH.
    What is the asking price?
    The asking price for this property is $229,000.
    What are key features of this property?
    This property features: - Prime location: Two blocks from Indian Lake in the heart of Lakeview, offering excellent visibility and access to the waterfront and downtown core.; - Recent major updates: New roof, siding, flooring, storefront windows, and doors completed in 2024; electrical and plumbing fully updated in 2021.; - Versatile commercial space: 2,400 sq ft building with a full basement suitable for retail, professional services, or light commercial use.
    (937) 843-9400
    Request Owner's contact information
    150 E Lk St West Mansfield, OH 43358
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    West Mansfield, OH 43358
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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
    150 E Lk St West Mansfield, OH 43358
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    We can help!
    Listing Contact
    Ryan Beelman
    (937) 843-9400
    Learn more
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