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 Market724
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: Aug 7
Last Checked: Sep 3 at 10:41AM
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
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 = 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
$39,717
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
8.28%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office space in downtown Mount Vernon available for sale.
Where is this office units 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).
