Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Mansfield Commercial Property with Apartment Title is generated by Realmo AI

    1170 Lexington Ave, Mansfield, OH 44907

    View on Map
    Claim this Listing
    For Sale
    $275,000

    COMMERCIAL - Mansfield, OH

    Property size:
    2,164 SF
    Price / SF:
    $127/SF
    Added:
    Apr 20, 2026
    Days on Market:
    41
    Last Refresh:
    May 30 at 12:06 am

    Property Features for 1170 Lexington Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    027-07-134-08-000
    Size
    2,164 SF

    Taxes and HOA fees

    Tax Description
    Lot # 12336
    Tax Annual Amount
    1137

    Building Details

    Year built
    1922

    We can help!

    Listing Contact
    Lindsay Zimmer

    Listing agent Lindsay Zimmer License #2001009928

    Listing office RE/MAX First Realty 2059 Park Ave West, ONTARIO, OH

    Listing date Apr 20, 2026

    MLS# 9073067

    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

    • High traffic location suitable for business venture with potential rental income from upstairs apartment.
    • Main floor configured for boutique/salon with 5 rooms, plumbed for salon chairs.
    • Upstairs apartment with separate entrance, previously rented for $900/month.
    • Two‑car detached garage ('the cottage') usable for additional store area or other purposes.
    • Spacious parking lot.
    • Recent updates: roof (2 years old), HVAC (2011), 200 amp electric, and asphalt millings (2 years old).

    Overview

    This commercial property offers a high-traffic business opportunity combined with rental income from an upstairs apartment. The main floor, currently used as a boutique store and salon, features five rooms and a bathroom. Two of the rooms are plumbed for salon chairs. The upstairs apartment, accessible via its own staircase, has been previously rented for $900 per month. A two-car detached garage, referred to as "the cottage," has been utilized as additional store area. The property also includes a lower level for additional storage and a spacious parking lot. Updates include a roof that is 2 years old, HVAC replaced in 2011, windows approximately 15 years old, 200 amp electric, and asphalt millings put in two years ago. The property is located in Mansfield, OH, in Richland County. The property size is 2164 square feet.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $31.2k $14.40
    − Vacancy −$1.3k −$0.60
    EGI $29.9k $13.80
    − OpEx −$9.0k −$4.14
    NOI $20.9k $9.66
    2,164 SF · lease $14.40/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $298.5K
    $261.2K – $348.3K (±1% cap)
    NOI $20,897 @ 7.0% cap · market cap 7.60%
    Second Best
    Apartment 5plus
    $229.9K
    $201.2K – $268.2K (±1% cap)
    NOI $16,093 @ 7.0% cap · market cap 5.85%
    Theoretical Best
    Office A
    $435.4K
    $381.0K – $507.9K (±1% cap)
    NOI $30,476 @ 7.0% cap · market cap 11.08%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    A Heritage House Furniture-Gifts (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Similar Places Nearby

    • Kroger Floral — 1542 lexington ave, mansfield, oh 44906

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5397719
    Latitude
    40.7268015

    Nearby Similar for Sale

    • $1,300,000
      35,410 SF

      Mansfield Redevelopment Opportunity

      Multi-parcel commercial redevelopment with income potential in Mansfield, OH.
      788800 Park Ave W, Mansfield, OH 44906
      View Details
    • $299,000
      3,519 SF

      High-Traffic Commercial Location in Mansfield

      Versatile commercial property with high visibility and endless possibilities.
      1400 W 4th Street, Mansfield, OH 44906
      View Details
    • $985,000
      9,600 SF

      Mansfield Retail Landmark For Sale

      Fully equipped restaurant and retail spaces in prime location.
      1041 Park Ave. W, Mansfield, OH 44906
      View Details
    • $139,900
      2,204 SF

      Mansfield Commercial Property with Drive-Through

      Corner lot with drive-through, ideal for retail or convenience store.
      233 Lexington Ave, Mansfield, OH 44907
      View Details
    • $110,000
      3,522 SF

      Versatile Commercial Property in Mansfield

      High-traffic location with income potential and development opportunities.
      400 Ashland Rd, Mansfield, OH 44905
      View Details
    • $389,900
      3,632 SF

      Mansfield Commercial Building For Sale

      Commercial building on 0.82 acre lot with reliable tenant.
      2250 Village Mall Dr., Mansfield, OH 44906
      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
    • $239,900
      3,882 SF

      Mansfield Restaurant Opportunity For Sale

      Turnkey restaurant with furnishings and equipment included in sale.
      2461 Emma Lane, Mansfield, OH 44905
      View Details
    • $449,500
      1,712 SF

      Downtown Mansfield Creative Commercial Space

      Turnkey creative space in historic downtown Mansfield, Ohio.
      20 N Mulberry St, Mansfield, OH 44902
      View Details
    • $300,000
      1,433 SF

      Mansfield Commercial Property For Sale

      Versatile commercial property in Mansfield, OH, ideal for restaurant/bar.
      1896 Ashland Rd, Mansfield, OH 44905
      View Details
    • $154,900
      2,713 SF

      Versatile Commercial Property in Mansfield

      Adaptable commercial building suitable for retail, office, or specialty uses.
      1400 Paradise View, Mansfield, OH 44905
      View Details
    • $340,000
      8,320 SF

      Established Fruit Farm with Retail

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

    FAQs

    What type of property is this?
    Storefront property - High-traffic commercial space with apartment and detached garage.
    Where is this storefront property located?
    The property is located at 1170 Lexington Ave Mansfield, OH.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: High traffic location suitable for business venture with potential rental income from upstairs apartment.; Main floor configured for boutique/salon with 5 rooms, plumbed for salon chairs.; Upstairs apartment with separate entrance, previously rented for $900/month.
    (419) 571-5488
    We can help!
    Listing Contact
    Lindsay Zimmer
    Real Estate License ID: 2001009928
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    1170 Lexington Ave, Mansfield, OH 44907
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!