Historic Gothic Revival Investment
159 N Walnut Street, Mansfield, OH 44902
New
MULTI_FAMILY - Mansfield, OH
Property size:
2,352 SFLot size:
0.17 AcresPrice / SF:
$148/SF- Added:
- May 23, 2026
- Days on Market:
- 4
- Last Refresh:
- May 26 at 4:06 pm
Property Features for 159 N Walnut Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Bathroom 4, Basement, Bedroom 1, Bathroom 1
- Parking features
- Carport
- Standard status
- Active
- APN
- 027-03-089-04-000
- Size
- 2,352 SF
- Lot size
- 0.17 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 327 E PT 60 X 125
- Tax Annual Amount
- 393
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1865
- Floors in Building
- 2
- Building materials
- Brick
- Roof type
- Asphalt
Listing agent Dante DiBenedetto License #2026001332 (440) 822-0918
Listing office RE/MAX Real Estate Group 186 Lear Road, Suite A, Cleveland, OH (440) 333-1230
Listing date May 23, 2026
MLS# 5212745
Listing URL
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Historic Gothic Revival architecture listed on the National Register of Historic Places.
- Two fully occupied units, ideal for rental income or in‑law suite.
- Prime downtown location near the Carrousel District's shops, restaurants, and cafes.
- Restored original features, including pointed arch windows and fine interior woodwork.
- Front unit boasts 3 bedrooms, 2 baths, grand staircase, vaulted ceilings, and skylighted study loft.
- New concrete driveway, 2 1/2 car carport, custom cabinetry, stainless steel appliances, and hardwood floors.
Overview
This historic, fully occupied investment property, known as The Hedrick House, is a rare example of Early Gothic Revival style brick architecture. Situated on a prominent raised corner lot in downtown Mansfield, it is listed on the National Register of Historic Places. The 2-story, cross-shaped house has approximately 2,352 square feet of space and is divided into two apartments, front and rear. It features distinctive pointed arch multi-paned original restored windows, plus fine interior woodwork that is intact and restored. The front unit has 3 spacious bedrooms and 2 baths, with a grand curving staircase and semi-circular wall as its central feature. The kitchen/dining room and main bedroom and bath are downstairs. Upstairs, there are two grand bedrooms with 16-ft vaulted ceilings, plus a vaulted living room with skylighted study loft above. A laundry is located off the living room, and a spacious double bowl vanity is between the bedrooms. The lower rear wing contains the two-story loft apartment, featuring an open living/kitchen area with 3 skylights and a half bath. The loft overlooking the living room includes a bedroom, closet, and bath with laundry. The spacious lot has a new concrete driveway with front pull-out, and there is a 2 1/2 car carport enclosed by privacy shrubs. The units each have custom cabinetry, stainless steel appliances, and hardwood floors. The property is centrally located to the Carrousel District, which includes shops, restaurants, and cafes, on a lot of approximately 0.1722 acres.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$217.2K
NOI $19,544 @ 9.00% cap · cautious / downside scenario
Moderate
$279.2K
NOI $19,544 @ 7.00% cap · market / base-case scenario
Aggressive
$390.9K
NOI $19,544 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.6k | $12.60 |
| − Vacancy | −$1.7k | −$0.73 |
| EGI | $27.9k | $11.87 |
| − OpEx | −$8.4k | −$3.56 |
| NOI | $19.5k | $8.31 |
2,352 SF · lease $12.60/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$279.2K
$244.3K – $325.7K
NOI $19,544 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$249.9K
$218.7K – $291.5K
NOI $17,492 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$473.2K
$414.1K – $552.1K
NOI $33,124 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Mansfield
- County
- Richland
- State
- Ohio
- Longitude
- -82.516523
- Latitude
- 40.762869
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Fully occupied duplex in downtown Mansfield's Carrousel District.
Where is this duplex located?
The property is located at 159 N Walnut Street Mansfield, OH.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Historic Gothic Revival architecture listed on the National Register of Historic Places.; Two fully occupied units, ideal for rental income or in‑law suite.; Prime downtown location near the Carrousel District's shops, restaurants, and cafes.
