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    Corner-Lot Retail Store with Drive-Through Title is generated by Realmo AI

    233 Lexington Avenue, Mansfield, OH 44907

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    For Sale
    $139,000

    COMMERCIAL - Mansfield, OH

    Property size:
    2,204 SF
    Lot size:
    0.27 Acres
    Price / SF:
    $63/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 9:06 pm

    Property Features for 233 Lexington Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    0270701611000, 0270701609000 see a2a
    Size
    2,204 SF
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Description
    7863 51.4 X 200.3, 7861 36.9 X 118.3 SUBJ HWY EASE see a2a
    Tax Annual Amount
    845

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    1935

    We can help!

    Listing Contact
    Courtney Bradley

    Listing agent Courtney Bradley

    Listing office Sluss Realty 1641 Park Avenue West, OH

    Listing date Jun 4, 2026

    MLS# 9073616

    Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 1935‑built corner‑lot commercial property with prominent roadside signage and a drive‑through window
    • Previously a convenience and beverage store, with dedicated cashier area and extensive product display space
    • Includes multiple cooler units and walk‑in coolers, plus existing retail‑ready infrastructure
    • Unfinished loft area for potential storage or office space
    • Significant improvements completed in 2024: HVAC, hot water heater, electrical and plumbing updates, and parking lot improvements
    • Public sewer service and ample on‑site parking

    Overview

    This corner-lot commercial building was formerly operated as a convenience and beverage store and includes several retail-ready features. The property has a drive-through window, a dedicated cashier area, extensive product display space, and multiple cooler units with walk-in coolers already in place. An unfinished loft offers additional space that may be used for storage or office needs, depending on the operator’s requirements. In addition to the interior buildout, improvements completed in 2024 include HVAC, a hot water heater, electrical and plumbing updates, and parking lot improvements.

    Located at 233 Lexington Avenue in Mansfield, Ohio (Richland County), the site offers ample parking and prominent roadside signage as described in the remarks. The corner-lot positioning and on-site drive-through functionality can support operators seeking an easy-to-find storefront experience.

    The flexible layout makes the property worth consideration for a range of neighborhood retail, food and beverage, or specialty market concepts, particularly those that benefit from existing refrigeration and a drive-through service model. With the 2024 system upgrades and parking lot improvements already completed, the space may appeal to businesses looking to reduce near-term capital needs while leveraging a functional retail configuration.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bentleys carry out ... Food Processing Plant Quick Carry Out ... Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • La Mexicana Market — 1329 Lexington Ave, Mansfield, OH 44907

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5208626
    Latitude
    40.7473504

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    FAQs

    What type of property is this?
    Grocery and convenience store - Corner-lot storefront with drive-through window, walk-in coolers, and updated building systems, suited for retail or food service.
    Where is this grocery and convenience store located?
    The property is located at 233 Lexington Avenue Mansfield, OH.
    What is the asking price?
    The asking price for this property is $139,000.
    What are key features of this property?
    This property features: 1935‑built corner‑lot commercial property with prominent roadside signage and a drive‑through window; Previously a convenience and beverage store, with dedicated cashier area and extensive product display space; Includes multiple cooler units and walk‑in coolers, plus existing retail‑ready infrastructure
    (419) 543-8305
    We can help!
    Listing Contact
    Courtney Bradley
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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