308 Airport RdPearl, MS 39208

Property Details for 308 Airport Rd

Year built

1995

Lot size

2.26 AC

Property size (Sq ft)

19,669 SF

Property type

Office buildings

APN

G08M000016 00010

APU

G08M00001600010

Description

This exceptional investment opportunity presents a 20,094-square-foot, single-tenant office building in Pearl, Mississippi. The property, located at 308 Airport Rd S, is fully occupied by the United States Geological Survey (USGS), a branch of the Department of the Interior, under a 15-year lease commencing June 30, 2022, and expiring June 29, 2037. This represents a remaining lease term of approximately 12.6 years. The building, constructed in 1995 and extensively renovated in 2024, boasts a strong financial profile. The current NOI is $181,387, yielding a 7.72% capitalization rate. A pro-forma NOI of $188,516 projects an 8.02% capitalization rate in years 6-13. The 2024 renovations included updated bathrooms, lighting, interior painting, and a resurfaced parking lot, totaling approximately $180,000 in improvements. The property sits on a 2.26-acre lot and is zoned for commercial use. The lease includes two rent bumps. This fee-simple offering is ideal for 1031 exchange investors seeking a stable, low-management investment with a strong government-backed tenant and significant upside potential. The property is classified as Class B and features a modified lease structure. The asking price is $2,350,000, translating to $116.95 per square foot.

• CAP approach

  CAP return

  Valuation

  6%

  $3,736,600

  6.5%

  $3,449,170

  7%

  $3,202,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,500,370

  Geo Method

  $3,836,640

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,800,920

  Retail / Commercial

  $3,485,460

  Mixed-Use / Specialty

  $3,471,440

  Hospitality / Lodging

  $2,544,820

  Institutional / Educational

  $3,608,340

  Residential Income

  $4,221,750

  Multifamily

  $5,072,150

  Automotive / Energy

  $3,092,860

  Parking / Income-Based Land

  $1,068,880

  Restaurant / Food Service

  $1,802,140

  Healthcare / Senior Housing

  $3,561,530

Location Insight

City

Pearl

County

Rankin

State

Mississippi

Latitude

32.2803

Longitude

-90.0731

CBSA code

27140

CBSA name

JACKSON, MS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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