Multi-Tenant Office
For Sale
$1,650,000
612 North Mulberry Road, Derby, KS 67037
Two single-story buildings offer a range of office suite configurations for established occupancy.
Property Size9,398 SF
Days on Market42
Property Features for 612 North Mulberry Road
General Information
Standard status
Active
Size
9,398 SF
Class
A
Total Parking Spaces
62
Property subtype
OFC
Zoning
B-2, Neighborhood Business
Building Details
Building Size
9,398 SF
Year Built
2001
Buildings
2
Stories
1
Listing Agency:
Listed By:
Joshua Turner
Source:
Realnex
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 31 at 12:33PM
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 Joshua Turner
Investment Insights
Based on property information with market context.
Mulberry Place is an office property comprising two single-story buildings and six office suites. The suites range from 1,160 SF to 2,200 SF within approximately 9,000 SF of total building area. Constructed in 2001, the center is configured for multiple office occupants and is currently 100% occupied.
The property is located at 612 North Mulberry Road in Derby, Kansas, and carries B-2, Neighborhood Business zoning. Its multi-building layout and varied suite sizes support a diversified office configuration within a single commercial asset.
The property is located at 612 North Mulberry Road in Derby, Kansas, and carries B-2, Neighborhood Business zoning. Its multi-building layout and varied suite sizes support a diversified office configuration within a single commercial asset.
Key Highlights
- Approximately 9,000 SF of office space
- Two single‑story office buildings
- Six office suites ranging from 1,160 SF to 2,200 SF
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
$124,006
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
7.52%
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%
$2,480,120
$2.5M
Cap Rate 7%
$1,771,514
$1.8M
Cap Rate 9%
$1,377,844
$1.4M
Market Conditions
NOI Build-Up for 9,398 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
$182.7K $19.44/SF
− Vacancy
−$17.4K −$1.85/SF
EGI
$165.3K $17.59/SF
− OpEx
−$41.3K −$4.40/SF
NOI
$124.0K $13.19/SF
Area
Sedgwick County, KS
Vacancy
9.50%
Lease Rate
$19.44 /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%
$2,480,120
Cap Rate 7%
$1,771,514
Cap Rate 9%
$1,377,844
Alternative Uses
Best Use
Office B
$1.77M
$1.55M – $2.07M
NOI $124,006 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.29M
NOI $137,116 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 67037, KS
30,005
Population
12,680
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
96%
High-School Grad
53.6 sq mi
ZIP Area
560
Density / Sq Mi
$84,666
Median Household Income
$46,305
Median Earnings
$1,085
Median Rent
$227,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two single-story buildings offer a range of office suite configurations for established occupancy.
Where is this office building located?
The property is located at 612 North Mulberry Road Derby, KS.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Approximately 9,000 SF of office space; Two single‑story office buildings; Six office suites ranging from 1,160 SF to 2,200 SF
