Listing Agency: RE/MAX First Realty N***@hotmail.com Show Phone

Listed By: Faith I Deal · License #2002007872 Show Phone

Source: Exprealty

Added: Sep 19, 2022 Changed: Oct 10 Last Checked: Oct 24 at 6:44PM

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Investment Insights

Based on property information with market context.

Unit #1440 is a retail/office suite in the Appleseed Shopping Center, offering a wide open interior layout with a restroom. The space is described as white box ready, allowing a tenant to design the interior to their liking.

The center is located in the heart of the retail district at the signalized intersection of Lexington Ave (SR 42) and Trimble Rd. Retail draws cited for the shopping center include national chain shadow anchors such as Kroger Marketplace, McDonald’s, Panera Bread, and Monro Muffler. Inline tenants referenced include H&R Block, Great Clips, Ollie’s Outlet, and Dollar Tree.

For branding and customer access, the offering includes signage visibility. Under new ownership and management, a modern style exterior remodel is described as underway, alongside new leasing incentives.

Key Highlights

• White box ready retail/office suite with a wide open layout plus restroom in Unit #1440
• Unit #1440 offers 4,750 sq ft of retail/office space
• Located in Appleseed Shopping Center at the signalized intersection of Lexington Ave (SR 42) & Trimble Rd

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,869

Suggested Prices Based on Cap Rates

Cap Rate 5%

$917,380 $917.4K

Cap Rate 7%

$655,271 $655.3K

Cap Rate 9%

$509,656 $509.7K

What to ask about pricing

Market Conditions

NOI Build-Up for 4,750 SF

Gross rent

$68.4K $14.40/SF

− Vacancy

−$2.9K −$0.60/SF

EGI

$65.5K $13.80/SF

− OpEx

−$19.7K −$4.14/SF

NOI

$45.9K $9.66/SF

Area

Richland County, OH

Vacancy

4.20%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$917,380

Cap Rate 7%

$655,271

Cap Rate 9%

$509,656

Alternative Uses

Best Use

Retail

$655.3K

$573.4K – $764.5K (±1% cap)

NOI $45,869 @ 7.0% cap · market cap 1,931.33%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$955.6K

$836.2K – $1.11M (±1% cap)

NOI $66,895 @ 7.0% cap · market cap 2,816.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Rent-A-Center Furniture & Home Goods

Suggested Use

Top Pick Building Supply Real Estate Agency Law Firm Restaurant Auto Repair Shop Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

379

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 44907, OH

15,014

Population

7,798

Households

1.9

Avg Household Size

44

Median Age

19%

College-Educated

91%

High-School Grad

7.8 sq mi

ZIP Area

1,925

Density / Sq Mi

$44,033

Median Household Income

$34,528

Median Earnings

$788

Median Rent

$130,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - White box ready suite with a wide open layout and restroom, positioned within Appleseed Shopping Center.

Where is this shopping center located?

The property is located at 1440 Lexington Ave Mansfield, OH.

What are key features of this property?

This property features: White box ready retail/office suite with a wide open layout plus restroom in Unit #1440; Unit #1440 offers 4,750 sq ft of retail/office space; Located in Appleseed Shopping Center at the signalized intersection of Lexington Ave (SR 42) & Trimble Rd