For Sale
$2,350,000

1157 Park AveMansfield, OH 44906

Value-Add Retail Center, High Growth Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This 157,478 square foot shopping center in Mansfield, Ohio presents a compelling value-add opportunity. Located at 1157 Park Ave W, this fee-simple property boasts 17.4 acres and features six tenants with a current 7% occupancy. Built in 1956 and renovated in 1984, the single-story building offers significant potential for redevelopment or asset-class conversion. The property generates a current NOI of $51,749, with a notable $31,000 NOI from a freestanding Little Caesars, valued at approximately $500,000. This component offers potential for re-platting and separate sale. The center benefits from a high-traffic location, with 13,242 vehicles per day on Park Ave W, providing 1,140 feet of frontage and three convenient entry points. Its strategic location is directly across from a Kroger, near other major retailers including Walmart, and within close proximity to US-30. The strong demographics, with 41,258 residents within 3 miles and 71,565 within 5 miles, coupled with consumer spending of $415 million within 3 miles and $700 million within 5 miles, underscore the significant market potential. Mansfield's position equidistant from Cleveland and Columbus further enhances its appeal. The asking price is $2,350,000, representing a well-below replacement cost of $15 per square foot. This property offers a unique chance to capitalize on a prime location and substantial upside potential.

Highlights

  • 157,478 SF value-add community center in Mansfield, OH (Mansfield MSA: 125,000 people).
  • $15/SF below replacement cost; potential for conversion or redevelopment.
  • $31,000 NOI freestanding NNN Little Caesars included (approx. $500,000 value); re-plat and sell opportunity.
  • Across from Kroger; within 10-13 minutes of two other Kroger stores.
  • 1.75 miles to the only Walmart in Mansfield.
  • 13,242 VPD on Park Ave W; 1,140 feet of frontage; three entry points, one traffic signal.

Property Details for 1157 Park Ave

Property type
Lifestyle centers, Power centers
Square Feet
157,478 SF
Year Built/Renovated
1956/1984
Stories
1
Lot Size (sq. ft)
757,944 SF
Units
36

Location Insight

City
Mansfield
County
Richland
State
Ohio
Latitude
40.7581879
Longitude
-82.559347
1157 Park Ave, Mansfield, Ohio

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1157 Park Ave
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