140 Wood St Mansfield, OH 44903

Property Details for 140 Wood St

Year built

1973

Lot size

0.26 lot acres

Property type

Commercial real estate

APN

0270102315000

Description

This exceptional 40-unit apartment building, situated on a 0.26-acre lot in Mansfield, Ohio, presents a compelling value-add investment opportunity. Constructed in 1973 and extensively renovated in 2021, the property boasts 18,900 square feet of net rentable space and currently enjoys a 95% occupancy rate, projected to reach full occupancy by November 12, 2024. The three-story building comprises predominantly one-bedroom units, each featuring approximately 473 square feet of living space with updated cabinetry, countertops, fixtures, and luxury vinyl plank flooring. Significant capital improvements exceeding $750,000 have been implemented since 2021, encompassing a new roof, vinyl windows, new siding, upgraded entryways and security systems, parking lot and catch basin replacement, a new retaining wall, and a renovated laundry facility. The property includes a large surface parking lot, secure entryway, and video surveillance. Tenants pay for electricity, while water/sewer and trash removal are currently covered by the owner, although a recently implemented RUBS program (Guardian) for water will soon shift these costs to tenants, significantly boosting net operating income. The property's convenient location near OH-42, Main Street, and Ohio Health Mansfield Hospital provides easy access to employment, shopping, and dining, with Interstate-71 just 5 miles away. The property is offered free and clear of existing debt and presents a strong potential for increased profitability due to the recent renovations and the implemented RUBS program. This property is also available as part of a larger portfolio. The property's APN is 0270102315000.