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283 Park Ave W 6 Unit Apartment Building $474,900 ($79,150/Unit) 10.63% Cap Rate Mansfield, OH 44902
Executive Summary
Welcome to 283 Park Avenue West, a historic 6-unit brick building in downtown Mansfield, formerly “The Colonial,” currently generating $5,300/month in rents. Major updates include a new flat rubber roof (2025) and brand new A/C units for all 6 units (2025), plus updated vinyl flooring in kitchens, dining areas & 1 bedroom per unit (2022). Each spacious unit offers 3 beds, 1 bath (Unit 4 includes a half bath) with 1,300+ sq ft, featuring central air, in-unit laundry (washer/dryer included), private back decks, and front balconies overlooking Park Ave. Units blend modern updates with original charm—hardwood floors, built-ins, wood trim, doors & knobs—plus dining rooms, pantries, and ample storage. Owner supplies all appliances and pays trash; tenants pay gas, water, sewer & electric. Additional highlights include a private parking lot (2 spaces per unit), common front entry, and full basement for storage. Strong cash-flowing asset—schedule your showing today!
Property Facts
| Price | $474,900 | Building Class | C |
| Price Per Unit | $79,150 | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 12,170 SF |
| Cap Rate | 10.63% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 1.12/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | Commerical | ||
| Price | $474,900 |
| Price Per Unit | $79,150 |
| Sale Type | Investment |
| Cap Rate | 10.63% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 12,170 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 1.12/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Commerical |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Hardwood Floors
- Range
- Basement
- Pantry
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 6 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 027-01-089-12-000 | Improvements Assessment | $76,540 |
| Land Assessment | $21,000 | Total Assessment | $97,540 |
Property Taxes
Parcel Number
027-01-089-12-000
Land Assessment
$21,000
Improvements Assessment
$76,540
Total Assessment
$97,540
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283 Park Ave W