135 Cook Rd Mansfield, OH 44907

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.