Historic Gothic Revival Investment
159 N Walnut Street Mansfield, OH 44902
For Sale
$349,000
MULTI_FAMILY - Mansfield, OH
Property Size2,352 SF
Lot Size0.17 Acres
Price / SF$148.38
Days on Market66
Property Features for 159 N Walnut Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Basement, Bathroom 2, Bathroom 3
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 Agency:
RE/MAX Real Estate Group
(440) 333-1230
Listed By:
Dante DiBenedetto · License #2026001332
(440) 822-0918
Added: May 23
Changed: Jul 17
Last Checked: Jul 27 at 2:06PM
MLS# 5212745
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Historic 2‑story, cross‑shaped brick property built in 1865 and divided into 2 apartments (front and rear).
- About 2,000 SF with a 3‑bedroom/2‑bath front unit and a rear two‑story loft apartment with open living/kitchen and half bath.
- Early Gothic Revival features include pointed arch, multi‑paned original restored windows and restored interior woodwork.
Financial Insights For Multifamily LT 5
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 | $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 Uses
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 authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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 2‑story, cross‑shaped brick property built in 1865 and divided into 2 apartments (front and rear).; About 2,000 SF with a 3‑bedroom/2‑bath front unit and a rear two‑story loft apartment with open living/kitchen and half bath.; Early Gothic Revival features include pointed arch, multi‑paned original restored windows and restored interior woodwork.
