140 Wood StMansfield, OH 44903

Property Details for 140 Wood St

Year built

1973

Lot size

0.26 AC

Property type

Apartment buildings

Description

This exceptional 40-unit apartment building, situated on a 0.26-acre lot in Mansfield, Ohio, presents a compelling value-add investment opportunity. Constructed in 1973 and extensively renovated in 2021, the property boasts 18,900 square feet of net rentable space and currently enjoys a 95% occupancy rate, projected to reach full occupancy by November 12, 2024. The three-story building comprises predominantly one-bedroom units, each featuring approximately 473 square feet of living space with updated cabinetry, countertops, fixtures, and luxury vinyl plank flooring. Significant capital improvements exceeding $750,000 have been implemented since 2021, encompassing a new roof, vinyl windows, new siding, upgraded entryways and security systems, parking lot and catch basin replacement, a new retaining wall, and a renovated laundry facility. The property includes a large surface parking lot, secure entryway, and video surveillance. Tenants pay for electricity, while water/sewer and trash removal are currently covered by the owner, although a recently implemented RUBS program (Guardian) for water will soon shift these costs to tenants, significantly boosting net operating income. The property's convenient location near OH-42, Main Street, and Ohio Health Mansfield Hospital provides easy access to employment, shopping, and dining, with Interstate-71 just 5 miles away. The property is offered free and clear of existing debt and presents a strong potential for increased profitability due to the recent renovations and the implemented RUBS program. This property is also available as part of a larger portfolio. The property's APN is 0270102315000.

Location Insight

City

Mansfield

County

Richland

State

Ohio

Latitude

40.7552

Longitude

-82.5262

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