Multi-Tenant Shopping
892-896 N Lexington Springmill Rd, Mansfield, OH 44906
For Sale
Contact for pricing
Mattress Firm and Aaron’s occupy the majority of the center under full NNN leases.
Property Size16,823 SF
Lot Size1.83 Acres
Price / SF$204.18
Days on Market21
Property Features for 892-896 N Lexington Springmill Rd
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Additional Details
Anchor Co-Tenants
Tenant in Place
Building Details
Tenancy
Listing Agency:
Colliers - Columbus, Ohio
Listed By:
Grant Chaney · License #OH 2013002810
(614) 800-9707
Source:
Crexi
Added: Oct 20
Changed: Nov 8
Last Checked: Nov 8 at 5:14PM
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 Colliers - Columbus, Ohio
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Investment Insights
Based on property information with market context.
This 16,823-SF retail center in Mansfield, Ohio, spans 1.83 acres and offers 55 parking spaces. Mattress Firm and Aaron’s account for 92% of the gross leasable area and operate under full NNN leases; GameDay Cuts is also a tenant.
The property is at 892-896 N Lexington Springmill Rd, within Mansfield’s retail corridor. Nearby national retailers include Lowe’s, Dunham’s, Hobby Lobby, Sam’s Club, and Target. A Chick-fil-A is under construction across the street.
The property is at 892-896 N Lexington Springmill Rd, within Mansfield’s retail corridor. Nearby national retailers include Lowe’s, Dunham’s, Hobby Lobby, Sam’s Club, and Target. A Chick-fil-A is under construction across the street.
Key Highlights
- 16,823 SF retail center on 1.83 acres
- 55 parking spaces
- Mattress Firm and Aaron’s comprise 92% of GLA on full NNN leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$162,454
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,249,080
$3.2M
Cap Rate 7%
$2,320,771
$2.3M
Cap Rate 9%
$1,805,044
$1.8M
Market Conditions
NOI Build-Up for 16,823 SF
Gross rent
$242.3K $14.40/SF
− Vacancy
−$10.2K −$0.60/SF
EGI
$232.1K $13.80/SF
− OpEx
−$69.6K −$4.14/SF
NOI
$162.5K $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%
$3,249,080
Cap Rate 7%
$2,320,771
Cap Rate 9%
$1,805,044
Alternative Uses
Best Use
Retail
$2.32M
$2.03M – $2.71M
NOI $162,454 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.95M
NOI $236,922 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 44906, OH
16,566
Population
8,613
Households
1.9
Avg Household Size
45
Median Age
22%
College-Educated
88%
High-School Grad
19.5 sq mi
ZIP Area
850
Density / Sq Mi
$51,358
Median Household Income
$36,087
Median Earnings
$783
Median Rent
$127,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Shopping center - Mattress Firm and Aaron’s occupy the majority of the center under full NNN leases.
Where is this shopping center located?
The property is located at 892-896 N Lexington Springmill Rd Mansfield, OH.
What is the asking price?
The asking price for this property is $3,435,000.
What are key features of this property?
This property features: 16,823 SF retail center on 1.83 acres; 55 parking spaces; Mattress Firm and Aaron’s comprise 92% of GLA on full NNN leases
