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    The Largest CRE Database in the US with Over 1 Million Listings

    240 Cook Rd Mansfield, OH 44907

    Sponsored
    For Sale
    $1,953,150

    13,021 SF Medical Office, High NOI

    Property size:
    13,021 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    421
    This exceptional 13,021-square-foot medical office building in Mansfield, Ohio, presents a compelling investment opportunity. The two-story, fully ADA-compliant building, constructed in 1974, sits on a spacious 3.67-acre lot and boasts 56 parking spaces. Currently 100% occupied by two tenants (one a surgery center, the other a medical office) on a month-to-month lease, generating a substantial net operating income (NOI) of $233,684. The building features a first-floor medical office space of 7,478 square feet and a lower-level surgery center encompassing 5,543 square feet, including two operating rooms and a dedicated patient drop-off area. The property is zoned C and benefits from high visibility on Cook Road, with convenient access to SR 42 and I-71. Its prime location places it near amenities such as restaurants, banks, other medical facilities, The Woods at Possum Run Golf Course, Mansfield Christian Academy, OhioHealth, and Mansfield Hospital, all within the Mansfield MSA. The well-maintained building is significantly below replacement cost, making it an attractive acquisition for owner-occupants or investors seeking a strong return. The property includes one building with a total of two stories. The APN is 028-90-118-05-000. Asking price is $1,953,150.

    Property Features for 240 Cook Rd

    General Information

    Property type
    Medical offices
    Square Feet
    13,021 SF
    Class
    C
    Lot Size
    159,865 SF

    Building Details

    Year Built
    1974
    Buildings
    1
    Stories
    2

    We can help!

    Listing Contact
    Andy Mills
    Andy Mills

    Learn more

    Property Insight Report

    HighLights

    • 13,021 SF freestanding medical office building with a 7,478 SF first‑floor medical office and a 5,543 SF lower‑level surgery center.
    • Surgery center features two operating rooms and a dedicated patient drop‑off.
    • Abundant on‑site parking is available.
    • Two‑story, fully ADA‑compliant building with elevator.
    • Conveniently located near The Woods at Possum Run Golf Course, Mansfield Christian Academy, OhioHealth Mansfield Hospital, and the Ohio State Reformatory, within the Mansfield MSA.
    • Well‑maintained building priced significantly below replacement cost.
    Property Profile Location Intelligence

    Current Use by Public Records

    D. James Schumer, ... Physician ReVision Lasik and Cataract ... Medical Clinic Dr. Thomas Litzinger Ophthalmologist Johnathan Beauchamp Physician Douglas James Schumer Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.525431166234
    Latitude
    40.732938947853

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    FAQs

    What type of property is this?
    Medical office - 13,021 SF Medical Office, High NOI
    Where is this medical office located?
    The property is located at 240 Cook Rd Mansfield, OH.
    What is the asking price?
    The asking price for this property is $1,953,150.
    What are key features of this property?
    This property features: 13,021 SF freestanding medical office building with a 7,478 SF first-floor medical office and a 5,543 SF lower-level surgery center.; Surgery center features two operating rooms and a dedicated patient drop-off.; Abundant on-site parking is available.
    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.

    More about this property
    240 Cook Rd Mansfield, OH 44907
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    We can help!
    Listing Contact
    Andy Mills
    Andy Mills
    Real Estate License ID: 2015001172
    Learn more
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