For Sale
$5,100,000

2885 Lamar BlvdOxford, MS 38655

High-yield Oxford property, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 3.77-acre mixed-use property at 2885-91 South Lamar Blvd, Oxford, MS, presents a compelling value-add investment opportunity. The 27,190 square foot building, renovated in 2022, currently boasts 80% occupancy with five tenants under NNN leases averaging 7.4 years remaining. The property features five buildings, each one story, totaling 5 units with 4 beds and 70 parking spaces. The current NOI is $351,138, yielding a 6.89% cap rate, with a pro-forma NOI of $382,450 and a pro-forma cap rate of 7.50%. Located just two miles from Oxford Square, this prime location benefits from high visibility on South Lamar Boulevard and is zoned SCO, allowing for diverse development options. The asking price is $5,100,000, translating to $187.57 per square foot and $1,020,000 per unit. Built in 1985, this property offers significant upside potential through lease renewals with 3% annual rent bumps and further development opportunities within the rapidly growing Oxford market. The property's strong existing cash flow, combined with its redevelopment potential, makes it an attractive investment for discerning buyers. The Lafayette County location offers easy access to the University of Mississippi and the vibrant Oxford Square. This is a rare chance to acquire a well-positioned asset in a thriving Mississippi market.

Highlights

  • 3.77-acre commercial property in Oxford, MS, two miles from Oxford Square and Ole Miss.
  • 27,190 square foot building, 80% leased, recently remodeled.
  • High-density zoning allows for multi-family, single-family, commercial, and office development.
  • Direct South Lamar Boulevard access.
  • Strong cash flow from existing leases, prime location near downtown and the university, significant development potential.

Property Details for 2885 Lamar Blvd

Property type
Office properties, Medical offices
Square Feet
27,190 SF
Class
B
Year Built/Renovated
1985/2022
Buildings
5
Stories
1
Lot Size (sq. ft)
164,221 SF
Units
5

Location Insight

City
Oxford
County
Lafayette
State
Mississippi
Latitude
34.335605106657
Longitude
-89.519349773596
2885 Lamar Blvd, Oxford, Mississippi

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2885 Lamar Blvd
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