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    Income-Producing Commercial Building in Mansfield Title is generated by Realmo AI

    205 Spring Street, Mansfield, OH 44902

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    For Sale
    $64,900

    Commercial - Mansfield, OH

    Property size:
    2,531 SF
    Lot size:
    0.62 Acres
    Price / SF:
    $25/SF
    Added:
    Apr 24, 2026
    Days on Market:
    25
    Last Refresh:
    May 18 at 3:06 pm

    Property Features for 205 Spring Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0270501311000 & 0270501701000, cont.
    Size
    2,531 SF
    Lot size
    0.62 Acres

    Utilities

    Heating system
    Natural Gas, Space Heater
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1900
    Flooring type
    Concrete
    Roof type
    Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    John Pavlansky
    John Pavlansky

    Listing agent John Pavlansky

    Listing office Dream Huge Realty 1336 Park Ave W, Mansfield, OH

    Listing date Apr 24, 2026

    MLS# 9072846 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.

    HighLights

    • Income‑producing property with two 1‑bed/1‑bath rental units generating $1,325/month.
    • 2,531 sq ft commercial building, formerly a bar & grille, offering conversion potential.
    • Includes two additional parcels ideal for parking or outdoor space.
    • Convenient location with minutes from SR 30 access.
    • Recent updates including serviced furnace, new sump pump, and improvements to both rental units.
    • Unit B features a new entry door, toilet, vanity, kitchen faucet, new ABS plumbing, some PEX, and a new gas heater.

    Overview

    Located at 205 Spring Street in Mansfield, Ohio, this commercial building offers 2,531 square feet of space with income-producing potential. The property, formerly a bar and grille, includes two 1-bed/1-bath rental units above, currently generating $1,325 per month. Recent updates include a serviced furnace, a new sump pump, and improvements to both units. Unit B features a new entry door, toilet, vanity, kitchen faucet, new ABS plumbing, some PEX, and a new gas heater. Unit A includes a new gas heater. There are gas space heaters in both units. The property also includes two additional parcels, with a lot size of 0.62 acres, ideal for parking or outdoor space. Conveniently located minutes from SR 30 access, this property offers flexibility to continue as an investment or convert back to a bar or restaurant. It presents a great opportunity with multiple income and use options.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Angie's last call Bar & Pub

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    • The Phoenix Brewing Company — 131 N Diamond St, Mansfield, OH 44902
    • The Spirit Room at the Phoenix — 131 B, N Diamond St, Mansfield, OH 44902
    • Fore Sports Club — 123 N Main St, Mansfield, OH 44902
    • Shag-A-Lee's — 381 Ashland Rd, Mansfield, OH 44905
    • The basement bar — 364 grace st, mansfield, oh 44905

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5074406
    Latitude
    40.7715142

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    FAQs

    What type of property is this?
    Bar & Pub - Commercial building with income potential, rental units, and convenient location.
    Where is this bar & pub located?
    The property is located at 205 Spring Street Mansfield, OH.
    What is the asking price?
    The asking price for this property is $64,900.
    What are key features of this property?
    This property features: Income‑producing property with two 1‑bed/1‑bath rental units generating $1,325/month.; 2,531 sq ft commercial building, formerly a bar & grille, offering conversion potential.; Includes two additional parcels ideal for parking or outdoor space.
    (567) 303-4714
    We can help!
    Listing Contact
    John Pavlansky
    John Pavlansky
    Real Estate License ID: 2022000938
    Learn More
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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
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