1157 Park W Ave Mansfield, OH 44906-2855

Property Details for 1157 Park W Ave

Year built

1955

Construction

FRAME

Lot size

17.40 lot acres

Property size

160,891 SF

Property type

Community centers

APN

027-02-135-08-000

APU

270213508000

Description

This 157,478 square foot shopping center in Mansfield, Ohio presents a compelling value-add opportunity. Located at 1157 Park Ave W, this fee-simple property boasts 17.4 acres and features six tenants with a current 7% occupancy. Built in 1956 and renovated in 1984, the single-story building offers significant potential for redevelopment or asset-class conversion. The property generates a current NOI of $51,749, with a notable $31,000 NOI from a freestanding Little Caesars, valued at approximately $500,000. This component offers potential for re-platting and separate sale. The center benefits from a high-traffic location, with 13,242 vehicles per day on Park Ave W, providing 1,140 feet of frontage and three convenient entry points. Its strategic location is directly across from a Kroger, near other major retailers including Walmart, and within close proximity to US-30. The strong demographics, with 41,258 residents within 3 miles and 71,565 within 5 miles, coupled with consumer spending of $415 million within 3 miles and $700 million within 5 miles, underscore the significant market potential. Mansfield's position equidistant from Cleveland and Columbus further enhances its appeal. The asking price is $2,350,000, representing a well-below replacement cost of $15 per square foot. This property offers a unique chance to capitalize on a prime location and substantial upside potential.

Location Insight

City

Mansfield

County

Richland

State

Ohio

Longitude

-82.5595

Latitude

40.7581

CBSA code

31900

CBSA name

MANSFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments