308 Airport RdPearl, MS 39208

  • Office properties
  • 19,669 SF
For Sale
$2,350,000 View listing

Property Details for 308 Airport Rd

Year built
1995
Lot size
2.26 AC
Property size (Sq ft)
19,669 SF
Property type
Office properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,296,998
    6.5%
    $3,043,383
    7%
    $2,825,998
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,500,369
    Geo Method
    $3,836,635
  • Alternative Use

    Use
    Valuation
    Residential
    $3,773,795
    Hospitality
    $3,456,776
    Educational
    $2,875,997
    Medical
    $2,974,907
    Retail
    $4,473,772
308 Airport Rd, Pearl, Mississippi

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2019
$26,670
-
-
$231,573
-
$345,780
$1,198,040
$1,543,820

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