Turnkey Creative Office
For Sale
$449,500
20 Mulberry St, Mansfield, OH 44902
COMMERCIAL - Mansfield, OH
Property Size1,712 SF
Lot Size0.08 Acres
Price / SF$262.56
Days on Market166
Property Features for 20 Mulberry St
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
North Mulbery just south of ParkAve West
Subdivision
Richland
Standard status
Active
APN
0270313908000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
4783 30 X 122
Tax Annual Amount
657
Legal Description
4783 30 X 122
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Amenities
ADA-compliant ramp
fully accessible bathroom with shower
gated and fenced backyard
gathering room
kitchen area
separate entrances
Building Details
Year built
1900
Roof type
Aluminum
Listing Agency:
Keller Williams Legacy Group Realty · Keller Williams Realty
(419) 540-0533
Listed By:
Lori Holden Sjostedt
(419) 571-4353
Added: Feb 24
Changed: Aug 4
Last Checked: Aug 9 at 6:06PM
MLS# 9070528
Copyright © 2026 Mansfield Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turnkey creative office space was completely rebuilt in 2016 and offers a flexible interior layout designed for collaboration. The space includes a gathering room suitable for team meetings or client presentations, two private offices, and a small kitchen area on the first floor. A bonus 100 SF loft provides additional room for a private office or creative workspace.
The building is accessible via an ADA-compliant ramp and includes a fully accessible bathroom with shower. The property also features a fully gated and fenced backyard.
Located on Mulberry St in downtown Mansfield, the property is described as being near the intersection of Park Ave West, one of the area’s primary thoroughfares.
The building is accessible via an ADA-compliant ramp and includes a fully accessible bathroom with shower. The property also features a fully gated and fenced backyard.
Located on Mulberry St in downtown Mansfield, the property is described as being near the intersection of Park Ave West, one of the area’s primary thoroughfares.
Key Highlights
- 1,712 SF interior office/creative space rebuilt in 2016 near Park Ave W
- Layout includes a gathering room, two private offices (each with a separate entrance), and a small kitchen area
- 100 SF loft provides an additional private office or flexible workspace
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,027
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$360,540
$360.5K
Cap Rate 7%
$257,529
$257.5K
Cap Rate 9%
$200,300
$200.3K
Market Conditions
NOI Build-Up for 1,712 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.8K $18.00/SF
− Vacancy
−$6.8K −$3.96/SF
EGI
$24.0K $14.04/SF
− OpEx
−$6.0K −$3.51/SF
NOI
$18.0K $10.53/SF
Area
Richland County, OH
Vacancy
22.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$360,540
Cap Rate 7%
$257,529
Cap Rate 9%
$200,300
Alternative Uses
Best Use
Office B
$257.5K
$225.3K – $300.5K
NOI $18,027 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$344.4K
$301.4K – $401.8K
NOI $24,110 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 44902, OH
4,891
Population
2,240
Households
2.2
Avg Household Size
35
Median Age
4%
College-Educated
83%
High-School Grad
2.0 sq mi
ZIP Area
2,446
Density / Sq Mi
$31,619
Median Household Income
$25,636
Median Earnings
$842
Median Rent
$58,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Rebuilt in 2016 with private offices, a gathering room, and a 100 SF loft, plus ADA access and a gated yard.
Where is this creative space located?
The property is located at 20 Mulberry St Mansfield, OH.
What is the asking price?
The asking price for this property is $449,500.
What are key features of this property?
This property features: 1,712 SF interior office/creative space rebuilt in 2016 near Park Ave W; Layout includes a gathering room, two private offices (each with a separate entrance), and a small kitchen area; 100 SF loft provides an additional private office or flexible workspace
