1157 Park AveMansfield, OH 44906

Property Details for 1157 Park Ave

Year built

1955

Construction

FRAME

Lot size

17.40 AC

Property size (Sq ft)

160,891 SF

Property type

Retail properties

Property subtype

Community centers

APN

027-02-135-08-000

APU

270213508000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $44,546,768

  6.5%

  $41,120,096

  7%

  $38,182,944

• Comparable approach

  Method

  Valuation

  Relative Method

  $37,925,356

  Geo Method

  $37,925,356

• Alternative Use

  Use

  Valuation

  Residential

  $34,686,340

  Hospitality

  $31,772,500

  Educational

  $26,434,346

  Medical

  $27,343,464

  Retail

  $41,120,096

Location Insight

City

Mansfield

County

Richland

State

Ohio

Latitude

40.7581

Longitude

-82.5595

CBSA code

31900

CBSA name

MANSFIELD, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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