Freestanding Retail Building on
For Sale
Contact for pricing
177 Lexington Ave, Mansfield, OH 44907
5,675 SF retail building on 0.76 acres for sale.
Property Size5,675 SF
Lot Size0.76 Acres
Price / SF$132.16
Days on Market193
Property Features for 177 Lexington Ave
General Information
Standard status
Active
Size
5,675 SF
Lot size
0.76 Acres
Property subtype
Retail
Zoning
Commercial
Lease Type
NNN
Building Details
Year Built
1997
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
NAI Ohio Equities, LLC
(614) 629-5261
Listed By:
Chad Boggs · License #2023003870
Source:
Crexi
Added: Feb 19
Changed: Aug 17
Last Checked: Aug 29 at 11:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Ohio Equities, LLC
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,801
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,096,020
$1.1M
Cap Rate 7%
$782,871
$782.9K
Cap Rate 9%
$608,900
$608.9K
Market Conditions
NOI Build-Up for 5,675 SF
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $79,922 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 Ave 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.
