349 Jennings Ave Mansfield, OH 44907

Property Details for 349 Jennings Ave

Year built

1971

Lot size

7.80 lot acres

Property type

Commercial real estate

APN

0289012918000

Description

This exceptional 113-unit apartment community in Mansfield, Ohio, presents a compelling value-add investment opportunity. Built between 1971 and 1992, the property comprises 20 buildings situated on 7.8 acres. The complex features a mix of one- and two-bedroom units ranging from 604 to 892 square feet, including townhome and garden-style layouts. Many units boast updated cabinetry, countertops, fixtures, and luxury vinyl plank flooring. Community amenities include a leasing office, carport parking, and laundry facilities. Tenants pay for electricity, while water/sewer and trash removal are currently covered by the owner, although a recently implemented RUBS (Renters Utility Billing System) program for water will significantly reduce future expenses. Over $850,000 in capital improvements have been made since 2021, including stairwell replacements, parking lot repairs, window replacements, and unit renovations. Roofs were replaced in phases over the past 5-10 years. The property enjoys a 90% occupancy rate as of November 12, 2024, and offers substantial loss-to-lease potential exceeding $90,000. Its convenient location near OH-13 and Interstate-71 provides easy access to employment, shopping, and dining, with Mansfield situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland. The property is offered free and clear of debt and can be purchased individually or as part of a larger portfolio. The total net rentable square footage is 78,288. The property's address is 349 Jennings Ave, Mansfield, OH 44907.