Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    311 Lexington-Springmill Rd Ontario, OH 44906

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    311 Lexington-Springmill Rd Ontario, OH 44906

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 311 Lexington-Springmill Rd

    Property type
    Retail properties & Spaces

    Description

    Invest in a prime retail opportunity at Applewood Plaza, a thriving strip center in Mansfield, Ohio's main retail corridor. This single-story center offers excellent visibility and accessibility, boasting a Walmart anchor tenant for consistent traffic. Nine individual retail spaces are currently available, ranging in size from 1,200 square feet to 3,200 square feet, providing flexibility for various business needs. The property benefits from a high-traffic location, with Lexington Springmill Road seeing 18,204 vehicles per day and Lane Avenue recording 7,903 vehicles per day. This strong traffic flow ensures maximum exposure for your business. Further enhancing its appeal, pylon signage opportunities are available, providing excellent branding potential. Located in Richland County, Applewood Plaza presents a compelling investment prospect in a bustling retail environment. The multiple tenancy structure offers a diverse tenant mix, creating a vibrant and attractive shopping destination. This is an exceptional chance to secure a space in a well-established and highly visible retail center. Contact us today to learn more about the available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Ontario
    County
    Richland
    State
    Ohio
    Longitude
    -82.5904
    Latitude
    40.7684

    Comparable in this City

    • Value Estimation
      $9,955,000
      131,816 SF

      940 Lexington Springmill Rd

      DEPARTMENT STORE • 131,816 SF
      940 Lexington Springmill Rd, Ontario, OH 44906-1119
      View Details
    • Value Estimation by Request
      33,000 SF

      33 Briggs Dr

      Retail properties & Spaces • 33,000 SF
      33 Briggs Dr, Ontario, OH 44906
      View Details
    • Value Estimation by Request
      8,205 SF

      801 Lexington-Springmill Rd

      Medical space • 8,205 SF
      801 Lexington-Springmill Rd, Ontario, OH 44906
      View Details
    • Value Estimation by Request
      27,000 SF

      832 Lexington-Springmill Rd

      Individual retail properties • 27,000 SF
      832 Lexington-Springmill Rd, Ontario, OH 44906
      View Details
    • Value Estimation
      $4,475,000
      60,000 SF

      2166 4th St

      DEPARTMENT STORE • 60,000 SF
      2166 4th St, Ontario, OH 44906-1203
      View Details
    • Value Estimation by Request
      11,296 SF

      994 Lexington-Springmill Rd

      Neighborhood centers • 11,296 SF
      994 Lexington-Springmill Rd, Ontario, OH 44906
      View Details

    Similar Nearby for Sale

    • $550,000
      1.14 Acres

      Mansfield Redevelopment Opportunity

      Prime commercial land for redevelopment in Mansfield, Ohio.
      788 Park Ave West, Mansfield, OH 44906
      View Details
    • $750,000
      2.14 Acres

      Redevelopment Opportunity in Mansfield, OH

      Income-producing commercial property with redevelopment potential in a high-traffic area.
      800 Park Ave West, Mansfield, OH 44906
      View Details
    • Contact for pricing

      Prime Commercial Development Opportunity

      10 acres of B2 zoned land with utilities available.
      Walker Lake Rd, Ontario, OH 44906
      View Details
    • $1,300,000
      35,410 SF

      Mansfield Redevelopment Opportunity

      Multi-parcel commercial property with redevelopment potential in Mansfield, OH.
      788800 Park Ave West, Mansfield, OH 44906
      View Details
    • Contact for pricing
      Pending

      Commercial Building with Retail Space

      Commercial building with retail and garage space for sale.
      278 Trimble Rd, Mansfield, OH 44906
      View Details
    • New
      $362,999
      2,400 SF

      Ontario Commercial Building For Sale

      Professional building in Ontario, ideal for office or retail.
      25 Lexington Springmill Rd, Mansfield, OH 44906
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Mansfield, OH

      Retail space available for lease in Mansfield, Ohio.
      311 N Lexington Springmill Rd, Mansfield, OH 44906
      View Details
    • Contact for pricing
      1,200 SF

      New Retail Space in Mansfield

      New construction retail space available in Raemelton Park.
      1029 S Trimble Rd, Mansfield, OH 44906
      View Details
    • Contact for pricing

      Retail/Office Space Available

      Approximately 1,400 SF retail or office space for rent.
      33 Briggs Dr, Mansfield, OH 44906
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space Near Kroger

      Retail space available near shopping centers and health systems.
      1157 Park Ave W, Mansfield, OH 44906
      View Details
    • $800 /Mo
      100 SF

      Retail Space with Salon Features

      Retail space featuring salon infrastructure, ready for immediate occupancy.
      667 Lindaire Ln E, Mansfield, OH 44906
      View Details
    • Contact for pricing

      Retail Space in Ontario, Ohio

      Retail spaces available in Lowe’s-anchored building with high visibility.
      994 N Lexington-Springmill Rd, Ontario, OH 44906
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    311 Lexington-Springmill Rd
    Ontario, OH 44906
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!