Mansfield, Ohio Real Estate Investing
Mansfield, Ohio is a value-add multifamily hotspot in north-central Ohio. Located in Richland County at the crossroads of I-71 and US Route 30, Mansfield offers affordable per-unit pricing in the $30,000-$50,000 per door range, steady employment from OhioHealth Mansfield Hospital, Avita Health System, Gorman-Rupp, Thermo Fisher Scientific, AK Steel, and the General Motors Mansfield Stamping Plant, and virtually no new apartment construction. LV5 Capital operates Pine Bridge Apartments — a 180+ unit value-add multifamily community — in Mansfield, where the firm is executing a comprehensive interior renovation program with in-unit laundry upgrades.
Frequently asked questions
Why is Mansfield, Ohio a good market for apartment investing?
Mansfield offers some of the most affordable per-unit pricing in Ohio (often $30,000-$50,000 per door), steady employment from OhioHealth Mansfield Hospital, Avita Health System, Gorman-Rupp, Thermo Fisher Scientific, AK Steel, and the GM Mansfield Stamping Plant, and virtually no new multifamily construction. The combination creates strong cash-on-cash returns and meaningful value-add upside.
What is the rental market like in Mansfield?
Mansfield's rental market is supported by a workforce of healthcare, manufacturing, and logistics employees who need quality, affordable housing. Average rents trail Columbus and Cleveland but have grown steadily over the past decade. Vacancy rates in well-managed Class B/C properties typically run in the low single digits, and Section 8 demand provides additional rent support and government-backed payment reliability.
Where is Mansfield, Ohio located?
Mansfield sits in Richland County in north-central Ohio, roughly midway between Columbus (75 miles south) and Cleveland (75 miles north), with direct access to I-71 and US Route 30. The location supports both the local workforce and logistics employment from regional distribution centers.
What is LV5 Capital's footprint in Mansfield?
LV5 Capital operates Pine Bridge Apartments — a 180+ unit value-add multifamily community — in Mansfield, Ohio. The firm acquired the property in 2024 and is executing a comprehensive interior renovation program with in-unit laundry upgrades, common-area improvements, and tighter operations.
Is Mansfield a Section 8 friendly market?
Yes. Mansfield has an active Section 8 voucher program with strong demand for quality housing. Many well-managed Class B/C properties accept vouchers and benefit from the rent reliability of HUD-backed payments. LV5 Capital accepts vouchers at Pine Bridge Apartments.
How do property taxes work in Richland County?
Richland County property taxes are set by the county auditor and vary by school district and municipal millage. Effective rates on multifamily properties are generally 1.5-2% of assessed value. Properties are reassessed every six years with triennial updates. Operators typically file appeals after acquisition to align taxable value with the actual purchase price.
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