Downtown Mount Vernon Office
For Sale
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206 S Mulberry Street #C, Mount Vernon, OH 43050
Professional office space in downtown Mount Vernon available for sale.
Property Size3,464 SF
Price / SF$138.54
Days on Market769
Property Features for 206 S Mulberry Street #C
General Information
Standard status
Active
Size
3,464 SF
Property subtype
Mixed Use
Listing Agency:
Howard Hanna Real Estate Svcs
Listed By:
Courtney Culbertson · License #2007000285
Source:
Crexi
Added: Sep 11, 2024
Changed: Oct 16
Last Checked: Oct 19 at 6:13AM
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 Howard Hanna Real Estate Svcs
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Investment Insights
Based on property information with market context.
Located in downtown Mount Vernon, this professional office space offers an opportunity for ownership. The unit, identified as Suite C at 206 S. Mulberry St, encompasses 3,464 square feet and features two separate lobbies. The layout includes 14 rooms of a considerable size, with approximately half equipped with water access, sinks, and counter space. There are four bathrooms in total, two of which are handicap accessible. Additional amenities include several storage rooms, a laundry area with a mop sink, and a security system. A large paved parking lot provides ample parking. Suite C is part of a condo association for the entire building and is subject to a monthly association fee. The property is located on the corner of S. Mulberry St and Ohio Ave. Previous tenants were paying $5,000 a month in rent. The property was appraised in January for $560,000.
Key Highlights
- Appraised for $560,000 in January.
- 3,464 sq ft professional office space in downtown Mount Vernon.
- Potential rental income of $5,000 per month (previous tenants).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,717
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,340
$794.3K
Cap Rate 7%
$567,386
$567.4K
Cap Rate 9%
$441,300
$441.3K
Market Conditions
NOI Build-Up for 3,464 SF
Gross rent
$71.1K $20.52/SF
− Vacancy
−$18.1K −$5.23/SF
EGI
$53.0K $15.29/SF
− OpEx
−$13.2K −$3.82/SF
NOI
$39.7K $11.47/SF
Area
Knox County, OH
Vacancy
25.50%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$794,340
Cap Rate 7%
$567,386
Cap Rate 9%
$441,300
Alternative Uses
Best Use
Office B
$567.4K
$496.5K – $662.0K
NOI $39,717 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$966.2K
$845.4K – $1.13M
NOI $67,635 @ 7.0% cap · market cap 14.09%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 43050, OH
29,594
Population
13,416
Households
2.2
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
154.1 sq mi
ZIP Area
192
Density / Sq Mi
$65,044
Median Household Income
$38,709
Median Earnings
$933
Median Rent
$199,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Professional office space in downtown Mount Vernon available for sale.
Where is this office unit located?
The property is located at 206 S Mulberry Street #C Mount Vernon, OH.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Appraised for $560,000 in January.; 3,464 sq ft professional office space in downtown Mount Vernon.; Potential rental income of $5,000 per month (previous tenants).
