140 Wood Street Apartments 140 Wood St

BID DATE SET! OFFERS DUE FRIDAY 12/6
Charles Hart Multifamily Group is pleased to present Wood Street, a 40-unit apartment community located in Mansfield, OH. The property was originally built in 1973 and is comprised of one residential building nestled on a quarter acre. Wood Street provides an excellent opportunity to acquire a stable, well-located asset, with very little deferred maintenance and upside potential.
Wood Street consists of predominately one-bedroom units with 473 square feet of living space. All units have undergone a renovation and feature updated cabinetry, countertops, fixtures, as well as luxury vinyl plank flooring. The community features include a large surface parking lot, secure entryway, video surveillance, and a laundry facility. The units are all electric which the tenant pays. Currently the owner pays for water/sewer and trash removal but has recently implemented a RUBS program (Guardian) for water. Once implemented, all of the month-to-month tenants will be immediately enrolled into the program leaving only those in a lease remaining.
A new owner will immediately benefit from the capital infusion over the past three years since current ownership purchased the property. In total, more than $750,000 has been spent at the property since 2021 including a new roof, vinyl windows, new siding, upgrading entryways/security, replacement of a majority of the parking lot and catch basin, building a retaining wall, and renovating the laundry facility. In addition to the exterior capital projects, all 40 units have been renovated since current ownership purchased the building as well.
The property is conveniently located in Mansfield just off of Wood Street and is less than a mile to OH-42, Main Street, and the Ohio Health Mansfield Hospital. The property’s location provides tenants with easy access to all of the area’s employment, shopping, and dining. Additionally, Interstate-71 is 5 miles from the property providing access to the rest of the greater Ohio area. Mansfield is situated 65 miles northeast of Columbus and 81 miles southwest of Cleveland.
Wood Street is being offered free and clear of existing debt and can be purchased individually or in conjunction with the other two properties in the Mansfield 333 portfolio.