2305 Lakeland DrFlowood, MS 39232

Property Details for 2305 Lakeland Dr

Year built

1987

Lot size

2.74 AC

Property size (Sq ft)

27,126 SF

Property type

Office buildings

APN

E10K000001 00010

APU

E10K00000100010

Description

This exceptional investment opportunity presents a 30,000-square-foot, two-story Class B office building situated on a 2.74-acre lot in Flowood, Mississippi. Currently vacant, this property offers significant upside potential. Built in 1987 and renovated in 2016, the building boasts 220 parking spaces and is zoned C-3 (General Commercial), allowing for diverse uses. The property's strong financial performance is highlighted by a substantial net operating income (NOI) of $369,817, resulting in an attractive 11.17% capitalization rate. Located at 2305 Lakeland Drive, 39232, the property benefits from high visibility on a road with 51,000 vehicles per day. The existing structure presents a unique opportunity for conversion to a Class A office building or a medical office facility, capitalizing on Flowood's growing medical district and limited Class A office space. The ample parking and expansive lot size further enhance the property's appeal and potential for future development. This is a compelling investment prospect with strong cash flow potential and significant long-term growth opportunities. The asking price is $3,310,000.

• CAP approach

  CAP return

  Valuation

  6%

  $5,153,230

  6.5%

  $4,756,830

  7%

  $4,417,060

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,069,200

  Geo Method

  $5,291,200

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $9,379,310

  Retail / Commercial

  $4,806,880

  Mixed-Use / Specialty

  $4,787,560

  Hospitality / Lodging

  $3,509,620

  Institutional / Educational

  $4,976,340

  Residential Income

  $5,822,320

  Multifamily

  $6,995,130

  Automotive / Energy

  $4,265,440

  Parking / Income-Based Land

  $1,474,120

  Restaurant / Food Service

  $2,485,370

  Healthcare / Senior Housing

  $4,911,790

Location Insight

City

Flowood

County

Rankin

State

Mississippi

Latitude

32.3291

Longitude

-90.1244

CBSA code

27140

CBSA name

JACKSON, MS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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