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    140 Mansfield Ave Shelby, OH 44875
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    Property profile & analytics

    140 Mansfield Ave, Shelby, OH 44875

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    • Grocery and convenience stores
    • 39,637 SF
    • 1.94 lot acres
    For Sale
    $1,150,000
    View Listing →
    Shelby Ohio Retail Center For Sale
    $1,150,000
    39,637 SF

    Shelby Ohio Retail Center

    High-traffic, vacant shopping center

    Little London, OH 44875
    View Listing
    Property ID
    US66-1328302
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 140 Mansfield Ave

    Year built
    1963
    Construction
    FRAME
    Lot size
    1.94 lot acres
    Property type
    Grocery and convenience stores
    APN
    046-08-068-02-000
    APU
    460806802000

    Description

    This exceptional 39,637 square foot commercial property, located at 140 Mansfield Avenue, Shelby, Ohio 44875, presents a unique investment opportunity. Situated on a 1.94-acre lot (APN 046-08-068-02-000), this single-tenant building boasts a rich history as a former grocery store and retail center. Its versatile layout and ample space make it ideal for adaptive reuse, catering to a wide range of businesses. Imagine transforming this space into an indoor pickleball facility, a vibrant entertainment zone, creative office spaces, or a specialty retail establishment. The property's convenient location, near Mickey Rd., and abundant parking further enhance its appeal. The property comes with an existing carryout license and Sunday sales permit. This is a rare chance to acquire a substantial commercial property with significant upside potential in a desirable location. The property's size and adaptability offer a blank canvas for a creative entrepreneur seeking a distinctive and functional space. Don't miss this opportunity to own a piece of Shelby's commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $425,000
      ML approach
      $670,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $862,000
      Market price range: $863k - $3.75M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Shelby
    County
    Richland
    State
    Ohio
    Longitude
    -82.6489
    Latitude
    40.8723
    CBSA code
    31900
    CBSA name
    MANSFIELD, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,485
    $32,550
    $123,420
    $155,970
    -
    $93,000
    $352,630
    $445,630

    Comparable in this City

    • Value Estimation by Request
      9,180 SF

      17 Mansfield Ave

      Restaurants
      17 Mansfield Ave, Shelby, OH 44875
      View Details
    • Value Estimation by Request
      1,463 SF

      97 Main St

      CONVENIENCE STORE
      97 Main St, Shelby, OH 44875-1478
      View Details
    • Value Estimation by Request
      3,636 SF

      10 Broadway St

      CONVENIENCE STORE
      10 Broadway St, Shelby, OH 44875-1210
      View Details
    • Value Estimation
      $500,000
      1,176 SF

      147 Mansfield Ave

      CONVENIENCE STORE
      147 Mansfield Ave, Shelby, OH 44875-1868
      View Details
    • Value Estimation by Request
      1,462 SF

      116 Main St

      CONVENIENCE STORE
      116 Main St, Shelby, OH 44875-1411
      View Details
    • Value Estimation by Request
      9,180 SF

      17 Mansfield Ave

      Restaurants
      17 Mansfield Ave, Shelby, OH 44875
      View Details

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      Shelby Mixed-Use Investment Opportunity

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    • $1,150,000
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      Shelby Ohio Retail Center

      High-traffic, vacant shopping center
      140 Mansfield Ave, Shelby, OH 44875
      View Details
    • $169,900
      3,287 SF

      Spacious Duplex in Shelby, OH

      Versatile duplex perfect for investors or multi-generational living.
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      Downtown Shelby Commercial Lot

      Prime 0.34-acre lot, endless potential.
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    Similar Nearby for Lease

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      2,765 SF

      Freestanding Building with Drive-Thru

      2,765 SF freestanding building with drive-thru in Shelby, Ohio.
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      View Details
    • $348 /Mo
      39,637 SF

      Prime Shelby Commercial Property

      Spacious former grocery store, adaptive reuse potential.
      140 Mansfield Ave, Shelby, OH 44875
      View Details
    View Listing
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    Shelby, OH 44875
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    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
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