135 Cook Rd, Mansfield, OH 44907

Property Details for 135 Cook Rd

Year built

1974

Lot size

14.94 lot acres

Property type

Apartment buildings

Description

This exceptional 180-unit apartment community, built in 1974, presents a compelling value-add investment opportunity. Situated on nearly 15 acres in Mansfield, Ohio, this property comprises 13 three-story buildings with a mix of one-, two-, and three-bedroom units ranging from 510 to 816 square feet. The property boasts a 95% occupancy rate (as of November 12, 2024) and features a total net rentable area of 117,075 square feet. Significant capital improvements exceeding $1,500,000 have been implemented since 2021, encompassing new roofs, stairwells, brickwork, balconies/patios, and extensive unit renovations including updated cabinetry, countertops, and flooring. Many units feature updated kitchens with dishwashers and microwaves, and washer/dryer connections. Community amenities include a leasing office, picnic area with grills, two playgrounds, video surveillance, and laundry facilities. The property benefits from a recently implemented RUBS program for water, projecting a substantial increase in net operating income. Tenants pay for electricity, while water/sewer and trash removal are currently covered by the owner. Conveniently located off Cook Road and OH-13, with easy access to I-71, this property offers excellent proximity to employment centers, shopping, and dining. The property is offered free and clear of existing debt and can be purchased individually or as part of a larger portfolio. This presents a rare chance to acquire a stable, well-maintained asset with significant upside potential. The property's location, combined with the recent capital improvements and the potential for increased revenue, makes this an attractive investment prospect.

Location Insight

City

Mansfield

County

Richland

State

Ohio

Longitude

-82.5058

Latitude

40.7333