480 Glessner Ave Mansfield, OH 44903-2056

Property Details for 480 Glessner Ave

Year built

1953

Lot size

0.14 lot acres

Property size

2,720 SF

Property type

Medical offices

Property subtype

Medical centers

APN

027-02-056-12-000

APU

270205612000

Description

This exceptional Class A medical office condo in Mansfield, Ohio presents a compelling investment opportunity. The property, totaling 5,440 square feet, is currently 100% occupied by TD Dental under a new 15-year absolute NNN lease with 3% annual rent increases, guaranteeing a stable and growing income stream. The $1,400,000 asking price translates to $257.35 per square foot, offering an attractive 8% cap rate based on a current NOI of $112,000. The lease features two 5-year renewal options, further enhancing long-term value. The property is situated within a thriving medical office complex, just one minute from OhioHealth Mansfield Hospital, a significant advantage for patient referrals. The tenant, TD Dental, is a multi-unit dental service organization with experienced management and a proven track record. This hands-off investment requires zero landlord responsibilities, making it ideal for passive income seekers and 1031 exchange investors. Built in 1953, the property benefits from the tenant's recent 2024 expansion, demonstrating their long-term commitment to the location. The property consists of two units and offers significant potential for appreciation within the robust and growing dental industry. This is a truly exceptional opportunity to acquire a high-quality, low-maintenance investment property with significant long-term growth potential.

Location Insight

City

Mansfield

County

Richland

State

Ohio

Longitude

-82.5336

Latitude

40.7537

CBSA code

31900

CBSA name

MANSFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments