Historic Duplex with
For Sale
$299,000
331 Prescott St, Mansfield, OH 44903
Separate residences offer kitchens, bedrooms, laundry, full baths, and living areas on each level.
Property Size2,312 SF
Price / SF$129.33
Days on Market15
Property Features for 331 Prescott St
General Information
Standard status
Active
Size
2,312 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$156
Amenities
private balconies
cupola loft
common area basement storage
in-suite laundry
Building Details
Year Built
1860
Buildings
1
Construction
Italianate
Listing Agency:
RE/MAX Real Estate Group
(440) 333-1230
Listed By:
Dante DiBenedetto · License #2026001332
(440) 822-0918
Source:
Exprealty
Added: Oct 1
Changed: Oct 11
Last Checked: Oct 15 at 12:00AM
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 RE/MAX Real Estate Group
Investment Insights
Based on property information with market context.
Known as the Allonas House, this historic Italianate residence is configured as two units, one on each level. Each residence has a full kitchen, two bedrooms, an en suite laundry area, a full bath, living space, and 10-foot ceilings. Private balconies serve both floors, while the upper unit also includes a cupola loft. The property has shared basement storage and a covered carport with space for two vehicles. Its rehabilitation was overseen by the Ohio Historic Preservation Office and the Ohio Department of Development, and a tax abatement is included.
The grounds span seven city lots. A small park with a fountain and waterfall sits across the street, and Oak Hill Cottage, home to the county historical society, is nearby. I-71, restaurants, and shopping are within a five-minute drive.
The grounds span seven city lots. A small park with a fountain and waterfall sits across the street, and Oak Hill Cottage, home to the county historical society, is nearby. I-71, restaurants, and shopping are within a five-minute drive.
Key Highlights
- Two residences, each with a full kitchen, two bedrooms, en suite laundry, full bath, and living area
- Private balconies on both levels; upper residence also has a cupola loft
- 10‑foot ceilings and shared basement storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,211
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$384,220
$384.2K
Cap Rate 7%
$274,443
$274.4K
Cap Rate 9%
$213,456
$213.5K
Market Conditions
NOI Build-Up for 2,312 SF
Gross rent
$29.1K $12.60/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$27.4K $11.87/SF
− OpEx
−$8.2K −$3.56/SF
NOI
$19.2K $8.31/SF
Area
Richland County, OH
Vacancy
5.79%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$384,220
Cap Rate 7%
$274,443
Cap Rate 9%
$213,456
Alternative Uses
Best Use
Multifamily LT 5
$274.4K
$240.1K – $320.2K
NOI $19,211 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$245.6K
$214.9K – $286.6K
NOI $17,194 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$465.1K
$407.0K – $542.7K
NOI $32,560 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 44903, OH
25,613
Population
11,425
Households
2.2
Avg Household Size
42
Median Age
20%
College-Educated
92%
High-School Grad
114.1 sq mi
ZIP Area
224
Density / Sq Mi
$65,421
Median Household Income
$36,553
Median Earnings
$811
Median Rent
$177,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate residences offer kitchens, bedrooms, laundry, full baths, and living areas on each level.
Where is this duplex located?
The property is located at 331 Prescott St Mansfield, OH.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two residences, each with a full kitchen, two bedrooms, en suite laundry, full bath, and living area; Private balconies on both levels; upper residence also has a cupola loft; 10‑foot ceilings and shared basement storage
