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    Property profile & analytics

    22 Lexington Ave Mansfield, OH 44902

    • Retail space
    • 3,680 SF
    • 0.43 lot acres
    For Sale
    View listing
    $1,250
    Last Sale
    Jul 24, 2023
    $87,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US66-1790748
    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.

    Current Use by Public Records

    • Verve Graphix / T-Shirt Company / T-Shirt Store

    Property Details for 22 Lexington Ave

    Year built
    1962
    Construction
    FRAME
    Lot size
    0.43 lot acres
    Property size
    3,680 SF
    Property type
    Retail space
    APN
    027-01-093-03-000
    APU
    270109303000

    Description

    This exceptional 1,840 square foot retail/office space is available for lease on Lexington Avenue in Mansfield, Ohio. Boasting a prime location with approximately 15,000 vehicles passing daily, this property offers unparalleled visibility and accessibility for any business. Its strategic placement next to the recently opened Asian Taste Restaurant provides added convenience and potential synergy for prospective tenants. The interior is highly adaptable, offering the flexibility to remain as a wide-open space or be easily partitioned into individual offices to suit diverse operational needs. This versatility makes it ideal for a range of businesses, from small startups to established companies seeking a prominent location. The lease terms are straightforward, with the tenant responsible for all utilities, including gas, electricity, and water/sewer. This allows for greater control over operational costs and budgeting. The high volume of daily traffic ensures significant exposure to potential customers, making this an exceptional opportunity for businesses seeking a thriving location in Mansfield. Don't miss this chance to secure a highly visible and adaptable space in a rapidly developing area. Inquire today to learn more about leasing this exceptional property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $90,000
      ML approach
      $115,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $113,000
      Market price range: $80.9k - $362k
      AI Estimate
      $105,000
      Market price range: $102k - $315k

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

    Location Insight

    • Map
    • Local Demand
    City
    Mansfield
    County
    Richland
    State
    Ohio
    Longitude
    -82.5171
    Latitude
    40.7523
    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
    $1,986
    $5,340
    $22,730
    $28,070
    -
    $15,270
    $64,930
    $80,200

    Comparable in this City

    • Value Estimation
      $260,000
      7,602 SF

      155 Cline Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,602 SF
      155 Cline Ave, Mansfield, OH 44907-1107
      View Details
    • Value Estimation
      $800,000
      5,592 SF

      1509 Lexington Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,592 SF
      1509 Lexington Ave, Mansfield, OH 44907-2631
      View Details
    • Value Estimation
      $60,000
      2,687 SF

      343-345 Lexington Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,687 SF
      343-345 Lexington Ave, Mansfield, OH 44907
      View Details
    • Value Estimation
      $270,000
      3,038 SF

      173 Cline Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,038 SF
      173 Cline Ave, Mansfield, OH 44907-1107
      View Details
    • Value Estimation
      $260,000
      3,117 SF

      169 Cline Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,117 SF
      169 Cline Ave, Mansfield, OH 44907-1107
      View Details
    • Value Estimation
      $265,000
      2,340 SF

      594 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,340 SF
      594 Main St, Mansfield, OH 44907-1362
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Retail/Office Space in Mansfield, OH

      9500 sq ft retail/office space in Appleseed Shopping Center.
      1436 Lexington Ave, Mansfield, OH 44907
      View Details
    • Contact for pricing
      Pending

      Retail Space in Appleseed Center

      Retail/office space in a high-traffic shopping center.
      1446 Lexington Ave, Mansfield, OH 44907
      View Details
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      2,500 SF

      Lexington Avenue Commercial Space Available

      Office/medical/retail space for lease on Lexington Avenue.
      1475 Lexington Ave, Mansfield, OH 44907
      View Details
    • Contact for pricing
      Pending

      Retail Space in Appleseed Center

      2100 SF retail/office space in a busy shopping center.
      1444 Lexington Ave, Mansfield, OH 44907
      View Details
    • Contact for pricing
      730 SF

      Retail Space in Mansfield, OH

      Retail property for sale in Mansfield, Ohio, 730 square feet.
      1251 Lexington Ave, Mansfield, OH 44907
      View Details
    • Contact for pricing
      750 SF

      Versatile Commercial Space in Mansfield

      750 sq ft commercial space ideal for various businesses.
      270 Lexington Ave, Mansfield, OH 44907
      View Details
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    22 Lexington Ave
    Mansfield, OH 44902
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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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