308 Airport RdPearl, MS 39208
- Office properties
- 19,669 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].