Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    233 Lexington Ave Mansfield, OH 44907

    View on Map
    Sponsored
    For Sale
    Contact for pricing

    Commercial - Mansfield, OH

    Property size:
    2,204 SF
    Lot size:
    0.40 Acres
    Days on Market:
    32
    Last Refresh:
    Mar 9 at 7:06 pm

    Property Features for 233 Lexington Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0270701609000 , 0270701610000 , 02707016
    Size
    2,204 SF
    Lot size
    0.40 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1935
    Flooring type
    Concrete, Other
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    John Pavlansky
    John Pavlansky

    Dream Huge Realty LLC (419) 566-8637

    Listing agent John Pavlansky (419) 528-8260

    Listing date Feb 5, 2026

    MLS# 9069832 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

    Property Insight Report

    Overview

    Mansfield Commercial Property with High Visibility

    Located at 233 Lexington Ave in Mansfield, OH, this commercial property offers high visibility and potential. Situated on a corner lot, the 2,204 sq ft building benefits from signage facing Lexington Ave, which sees approximately 12,000 vehicles daily. Previously used as a convenience store and drive-thru, the property provides exposure for various business ventures. The main level features two long product display shelves, eleven free-standing coolers, and two large coolers with rear access. A dedicated cashier's area includes built-in shelving, and durable vinyl flooring is installed throughout the space. The property also includes a 1/2 bath and a utility sink. Upstairs, an unfinished loft offers space that could be finished for rental income, a break room, or a lounge area. The property has a metal roof and recent updates from 2024, including a new furnace and A/C, a new hot water tank, some updated plumbing and electrical work, and a newly sealed asphalt parking lot. The property is located in Richland County, OH, and sits on a 0.4-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bentleys carry out ... Food Processing Plant Quick Carry Out ... Restaurant

    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

    La Mexicana Market

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5213714
    Latitude
    40.7473061

    Nearby Similar for Sale

    • $449,500
      1,712 SF

      Downtown Mansfield Creative Office Space

      Turnkey creative space in historic downtown Mansfield, Ohio.
      20 Mulberry St, Mansfield, OH 44902
      View Details
    • $550,000
      Pending

      Mansfield Church/Office Opportunity

      2,684 SF building suitable for church or office use.
      1501 Millsboro Rd, Mansfield, OH 44903
      View Details
    • $369,900
      2,400 SF

      Ontario Commercial Building For Sale

      Professional building in Ontario, ideal for office or retail.
      25 Lexington Springmill Rd, Mansfield, OH 44906
      View Details
    • $154,900
      2,713 SF

      Versatile Commercial Property in Mansfield

      Adaptable commercial building suitable for retail, office, or religious use.
      1400 Paradise View St, Mansfield, OH 44905
      View Details
    • $199,999
      1,263 SF

      Turnkey Lounge with Recent Updates

      Established lounge with recent updates, ready for new ownership.
      451 Grace St, Mansfield, OH 44905
      View Details
    • $299,900
      2,160 SF

      Turnkey Restaurant with Drive-Thru Potential

      Turnkey restaurant with drive-thru, expansion potential on 1.22 acres.
      1026 Lucas Rd, Mansfield, OH 44905
      View Details
    • $699,900
      16,496 SF

      Mixed-Use Commercial Property with Hardware Store

      Prime mixed-use property with established hardware store and multiple income streams.
      15 Main St, Lexington, OH 44904
      View Details
    • $339,900
      7,980 SF

      Versatile Commercial Property in Mansfield

      7,980 sq ft commercial building with automotive garage.
      530 Pearl Ave, Mansfield, OH 44905
      View Details
    • $375,000
      9,039 SF

      Bar and Training Center

      Bar with liquor license and wrestling training center.
      1901 Ashland Rd, Mansfield, OH 44905
      View Details
    • Contact for pricing
      1,155 SF

      Versatile Commercial Space Near Hospital

      Affordable office space ideal for various businesses near downtown.
      120 Sturges Ave, Mansfield, OH 44903
      View Details
    • $399,000
      13,000 SF

      Historic Warehouse in Downtown Mansfield

      Historic 13,000 SF warehouse with flexible floor plans for sale.
      160 Main St, Mansfield, OH 44902
      View Details
    • $345,000
      8,320 SF

      Established Fruit Farm with Greenhouses

      Thriving business opportunity with greenhouses, deli, and retail space.
      1482 Ashland Rd, Mansfield, OH 44905
      View Details

    FAQs

    What type of property is this?
    Grocery and convenience store - 2,204 SF commercial building on corner lot with updates.
    Where is this grocery and convenience store located?
    The property is located at 233 Lexington Ave Mansfield, OH.
    What is the asking price?
    The asking price for this property is $1,500.
    What are key features of this property?
    This property features: - High-visibility corner lot on heavily traveled Lexington Ave (12,000 vehicles/day).; - 2,204 sq ft building previously used as a convenience store with drive-thru.; - Major 2024 updates: new furnace & A/C, new hot water tank, updated plumbing & electrical, newly sealed asphalt parking lot.
    (567) 303-4714
    Request Owner's contact information
    233 Lexington Ave Mansfield, OH 44907
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    233 Lexington Ave
    Mansfield, OH 44907
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    233 Lexington Ave Mansfield, OH 44907
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    John Pavlansky
    John Pavlansky
    Real Estate License ID: 2022000938
    (567) 303-4714 (419) 528-8260
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!