1632 Lexington AveOntario, OH 44906

Property Details for 1632 Lexington Ave

Year built

1990

Property size (Sq ft)

1,200 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 28-unit apartment complex in Mansfield, Ohio, presents a compelling investment opportunity. Located on SR42 near major retail and convenient to SR13/I71 and SR30, this property comprises four two-story buildings totaling 1,200-1,250 square feet per unit. Built in 1990 and renovated in 2014, the complex features 54 parking spaces, a mix of two-bedroom townhomes with full basements (many finished), and private entrances. Ten units boast one-car garages in the basement, while eighteen offer attached garages. The property benefits from recent capital improvements including roof replacements (2014), flooring upgrades in 25 units (15 with new laminate), and window replacements in two units. Exterior maintenance is minimized with vinyl siding and brick. All units include private patios and courtyards. Current rents average $850/month, significantly below market value ($0.95-$1.10/SF as-is, potential for $1.10-$1.25/SF with upgrades). Two units are currently generating higher income via Airbnb. Residents pay all utilities except trash. This property offers a strong value-add potential with significant upside in rental income. The asking price is $3,200,000.

Location Insight

City

Ontario

County

Richland

State

Ohio

Latitude

40.7153

Longitude

-82.5483

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