26-28 Park Ave. West

26-28 Park Ave. West, Mansfield, OH

$1,341,000

Price

44,902 sqft

Building Size

 
Overview
Building Size
44,902 sqft
Description

THIS IS A CONFIDENTIAL OFFERING. TENANTS AND CUSTOMERS WILL NOT BE AWARE THESE PROPERTIES ARE FOR SALE. PLEASE DO NOT ENGAGE ANYONE ON THE PREMISES AT THE SUBJECT PROPERTIES AND LOCATIONS.

SVN Wilson Commercial Group is pleased to offer this rare opportunity to purchase stabilized multi tenant investment properties in the Mansfield Ohio trade area of Central Ohio. Two single story office buildings, one 12 Story downtown historical office high rise, and one retail asset. This Historical asset can qualify for a tax credit from State of Ohio equal to 40% of improvement outlays. This opportunity is offered as a portfolio, for which reason portfolio offers will receive a preferential review by the seller. However, properties may be sold individually at seller’s discretion.

26 – 28 Park Avenue West, built in 1928, is in the Opportunity Zone for the downtown area of Mansfield, and a future owner could likely find success in applying for the historical credits classification. Numerous downtown buildings have achieved. It is suggested, perhaps half of the building stays office, (the bottom half, which is 4 – 5 stories), and the balance of the 12 stories would be suitably economic for conversion to residential. Recent conversions are seeing approximately $1.20/SF/Month rents for downtown apartments. This way the office revenue would keep coming in while conversion takes place. The downtown of Mansfield is gentrifying, and local government is generally very supportive of such proposals.

Highlights
  • Historical (1928) Office Building located in a prime location in Mansfield, Ohio (Central, Ohio)
  • 56% leased with great leasing upside
  • "Rent by Room rate" approach to leasing results in high SF lease rates, $8-$30/SF modified gross.
  • Mansfield Ohio serves 200,000 person trade area.
  • Redevelopment as a residential conversion has strong local support.
  • Redevelopment of downtown Mansfield is accelerating.
  • Investor capital flows into the downtown residential development shows great promise.
  • Located in opportunity zone
Documents
Location