Retail Investment
For Sale
Contact for pricing
64 Lexington Avenue, Mansfield, OH 44907
For sale retail property offering a stated 7.50% cap rate on 8,008 sq. ft.
Property Size8,008 SF
Price / SF$116.76
Days on Market121
Property Features for 64 Lexington Avenue
General Information
Standard status
Active
Size
8,008 SF
Total Parking Spaces
31
Property subtype
Retail
Zoning
B-1: Neighborhood Business
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$74,800
Additional Details
Cap Rate
7.5%
Building Details
Year Built
2004
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Patrick R. Luther, CCIM · License #01912215
(480) 221-4221
Source:
Crexi
Added: May 8
Changed: Aug 21
Last Checked: Sep 5 at 8:14AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This for-sale retail property is presented as a retail investment, with Public Remarks citing a 7.50% cap rate. The offering includes 8,008 square feet of retail space.
The property is located at 64 Lexington Avenue in Mansfield, Ohio 44907. The information provided does not include a tenant roster, lease terms, or unit breakdown, so interested parties should confirm all operating details during due diligence.
The property is located at 64 Lexington Avenue in Mansfield, Ohio 44907. The information provided does not include a tenant roster, lease terms, or unit breakdown, so interested parties should confirm all operating details during due diligence.
Key Highlights
- Stated 7.50% cap rate
- 8,008 sq ft retail property
- Built in 2004
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
$77,330
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
8.27%
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%
$1,546,600
$1.5M
Cap Rate 7%
$1,104,714
$1.1M
Cap Rate 9%
$859,222
$859.2K
Market Conditions
NOI Build-Up for 8,008 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
$115.3K $14.40/SF
− Vacancy
−$4.8K −$0.60/SF
EGI
$110.5K $13.80/SF
− OpEx
−$33.1K −$4.14/SF
NOI
$77.3K $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%
$1,546,600
Cap Rate 7%
$1,104,714
Cap Rate 9%
$859,222
Alternative Uses
Best Use
Retail
$1.10M
$966.6K – $1.29M
NOI $77,330 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,778 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,141
Businesses Nearby
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?
Retail space - For sale retail property offering a stated 7.50% cap rate on 8,008 sq. ft.
Where is this retail space located?
The property is located at 64 Lexington Avenue Mansfield, OH.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Stated 7.50% cap rate; 8,008 sq ft retail property; Built in 2004
