Listing Agency: NAI Ohio Equities, Realtors Show Phone

Listed By: Charles Boggs · License #2023003870 Show Phone

Source: Maryhatem

Added: Mar 27 Changed: Oct 3 Last Checked: Oct 14 at 10:27PM

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Investment Insights

Based on property information with market context.

This is an approximately 5,675 SF freestanding retail building situated on a corner site along Lexington Avenue. The property is located in the Mansfield market and offers open retail space, storefront windows, and on-site parking. It sits on roughly 0.76 acres and features street presence along both Lexington Avenue and Greenwood Avenue, providing strong visibility and signage opportunities. The building is suitable for neighborhood retail, service-based businesses, or showroom concepts. The location provides easy access to US 30 and I 71, and is a short drive to Mansfield Lahm Regional Airport, serving both local customers and regional traffic. The building is available immediately.

Key Highlights

• High‑visibility corner location on Lexington and Greenwood Avenues.
• Approximately 5,675 SF freestanding building suitable for retail, service, or showroom.
• Immediate availability for quick occupancy.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$54,801

Cap Rate

7.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,096,020 $1.1M

Cap Rate 7%

$782,871 $782.9K

Cap Rate 9%

$608,900 $608.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,675 SF

Gross rent

$81.7K $14.40/SF

− Vacancy

−$3.4K −$0.60/SF

EGI

$78.3K $13.80/SF

− OpEx

−$23.5K −$4.14/SF

NOI

$54.8K $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%

$1,096,020

Cap Rate 7%

$782,871

Cap Rate 9%

$608,900

Alternative Uses

Best Use

Retail

$782.9K

$685.0K – $913.4K (±1% cap)

NOI $54,801 @ 7.0% cap · market cap 7.31%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.14M

$999.0K – $1.33M (±1% cap)

NOI $79,922 @ 7.0% cap · market cap 10.66%

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

Property Analytics

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Current Use

UPS Access Point ... Courier Service Advance Auto Parts Auto Parts Store

Suggested Use

Top Pick Big Box & Wholesale Store Electrical Service (Bike/Boat/Book/etc) Store Storage Facility Bakery Florist

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

788

Businesses Nearby

Under-served

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?

Storefront property - 5,675 SF retail building on 0.76 acres for sale.

Where is this storefront property located?

The property is located at 177 Lexington Avenue Mansfield, OH.

What is the asking price?

The asking price for this property is $750,000.

What are key features of this property?

This property features: High‑visibility corner location on Lexington and Greenwood Avenues.; Approximately 5,675 SF freestanding building suitable for retail, service, or showroom.; Immediate availability for quick occupancy.