129 Sunnyslope Dr Mansfield, OH 44907

Property Details for 129 Sunnyslope Dr

Year built

1969

Property size

5,000 SF

Property type

Commercial real estate

APN

0270713914000

Description

This 6-unit apartment building, located at 129 Sunnyslope Dr, Mansfield, OH 44907, presents a compelling value-add investment opportunity. The property, built in 1969 and extensively renovated in 2024, boasts a total of 5,000 square feet and sits on a commercially zoned lot (C - COMMERCIAL). The building comprises three stories and includes six parking spaces. The complex features a mix of unit sizes: two identical one-bedroom, one-bathroom units and four identical two-bedroom, one-bathroom units. Recent renovations included new paint and flooring in all common areas and complete interior updates to all units, encompassing new paint, countertops, electrical and plumbing fixtures, and LVP flooring. All units also received new appliances. Current occupancy is vacant, allowing for immediate lease-up at market rates. Prior to renovation, two-bedroom units commanded $775 per month in rent, and one-bedroom units rented for $675. The asking price is $360,000 ($60,000 per unit), reflecting a pro-forma cap rate of 10.02% and a pro-forma NOI of $36,086. While the property is currently vacant, units 5 and 6 are 100% ready for occupancy, units 3 and 4 are 90% complete, and units 1 and 2 are 70% complete. Further renovation work is planned, including repairs to the parking canopy, for which estimates have been obtained. This property offers significant potential for increased revenue and return on investment. The Richland County location and commercial zoning provide flexibility for future development or expansion.