26 - 28 Park Ave W

Retail: Freestanding Bank

26 - 28 Park Ave W, OntarioOH 44906

Property Details

Location

Address
26 - 28 Park Ave W, OntarioOH 44906
County
Richland
Submarket
Parcels
027-03-127-13-000
In Opportunity Zone
Yes

Building Size

Building Size
44,902 SF

Building Details

Type
 Retail: Freestanding Bank
Number of Buildings
1
Occupancy Type
Multi-tenant
Percent Occupied
100%
Building Class
Building Status
Existing
Floors
12
Year Built
1928
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.17 Acres
Land (SF)
7,405 SF
Zoning
Lot Depth
122 ft
Lot Width
60 ft

Contacts

Current Listings

26 - 28 Park Ave W

$1,341,000
Cap Rate: 19.57%
SVN Wilson Commercial

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.

SVN Wilson Commercial

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.

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

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