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    331 N Lexington Springmill Rd Mansfield, OH 44906

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    For Lease
    $5,791,000

    Retail property shadow-anchored by high-performing Walmart Supercenter.

    Property size:
    1,800 SF
    Lot size:
    0.01 Acres

    Property Features for 331 N Lexington Springmill Rd

    General Information

    Size
    1,800 SF
    Lot size
    0.01 Acres

    Source: Equity - Corporate Agent Matthew Cooper

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Retail Center Near Walmart Supercenter

    This retail property is shadow-anchored by a high-performing Walmart Supercenter, attracting approximately 2.6 million annual customers. The property currently has 23% vacancy. The three largest tenants, Dollar Tree, Cato, and Hong Kong Buffet, occupy 41% of the center and have been tenants for over 20 years. The property is located on Lexington-Springmill Rd, near millions of square feet of retail space, including Home Depot, Kohl's and Burlington shopping center, Ontario Center shopping mall, Hobby Lobby, Lowe's, Sam's Club, Menards, and Target. Manufacturing is the largest industry by employment in Mansfield, with approximately 3,500 workers. Key employers include Gorman-Rupp (undergoing a $52.2M expansion), Ohio Valley Manufacturing (auto and defense parts), and Rable Machine. Healthcare is the second-largest sector, led by OhioHealth, the county's largest employer with over 2,500 employees, along with Third Street Family Health Services.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5898384
    Latitude
    40.7502814

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    FAQs

    What type of property is this?
    Shopping center - Retail property shadow-anchored by high-performing Walmart Supercenter.
    Where is this shopping center located?
    The property is located at 331 N Lexington Springmill Rd Mansfield, OH.
    What are key features of this property?
    This property features: - Shadow-anchored by a high-performing Walmart Supercenter.; - Potential for a nearly 10% cap rate post-stabilization.; - Long-term tenants: Dollar Tree, Cato, and Hong Kong Buffet have occupied the center for 20+ years.
    (614) 802-2900
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    331 N Lexington Springmill Rd Mansfield, OH 44906
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    Mansfield, OH 44906
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    Realmo Value Estimation

    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.

    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.

    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
    331 N Lexington Springmill Rd Mansfield, OH 44906
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