Creative Space in Historic
For Sale
Contact for pricing
20 N Mulberry St, Mansfield, OH 44902
Turnkey creative space in downtown Mansfield with flexible layout.
Property Size1,712 SF
Price / SF$262.56
Days on Market147
Property Features for 20 N Mulberry St
General Information
Standard status
Active
Size
1,712 SF
Property subtype
Office, Retail
Lease Type
NNN
Listing Agency:
KW Commercial Keller Williams Legacy Group
(330) 879-5000
Listed By:
Jared Dutton · License #2005014275
Source:
Crexi
Added: Mar 18
Changed: Aug 8
Last Checked: Aug 11 at 4:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial Keller Williams Legacy Group
Investment Insights
Based on property information with market context.
This 1,712 square foot creative space, completely rebuilt in 2016, is located in downtown Mansfield near Park Ave West. The interior is designed for collaboration and flexibility, featuring a gathering room suitable for team meetings or client presentations, along with two private offices, each with its own separate entrance, making it suitable for shared professionals or dual business use. A small kitchen area is available for staff and client use. A 100 square foot loft provides a setting for a private office or creative workspace. The property includes an ADA-compliant ramp for entry and a fully accessible bathroom with shower. The property also features a gated and fenced backyard. This is a turnkey opportunity for creatives, consultants, wellness providers, or boutique professional offices.
Key Highlights
- Prime location in Downtown Mansfield's historic district, near a major thoroughfare.
- Turnkey, move‑in ready condition after a complete rebuild in 2016.
- Flexible 1,712 SF interior designed for collaboration, including a gathering room and two private offices with separate entrances.**
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
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 - Turnkey creative space in downtown Mansfield with flexible layout.
Where is this creative space located?
The property is located at 20 N 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: Prime location in Downtown Mansfield's historic district, near a major thoroughfare.; Turnkey, move‑in ready condition after a complete rebuild in 2016.; Flexible 1,712 SF interior designed for collaboration, including a gathering room and two private offices with separate entrances.**
