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    103 W Washington Street lot B6 Ridgeland, MS 39157

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    Claim this Listing
    For Lease
    $1,720/Mo $22 SF/Yr (calc)

    COMMERCIAL - Ridgeland, MS

    Type:Office
    Property size:
    938 SF
    Lot size:
    0.15 Acres
    Added:
    Aug 21, 2025
    Days on Market:
    252
    Last Refresh:
    Apr 29 at 11:06 pm

    Property Features for 103 W Washington Street lot B6

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    072d-19d-046-01-00
    Size
    938 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    TRACT C - CITY MARKET

    Building Details

    Year built
    2008
    Flooring type
    Vinyl

    We can help!

    Listing Contact
    Matthew Benton

    Listing agent Matthew Benton License #S49807

    Listing office Overby, Inc. 800 Woodlands Pkwy Ste 206, Jackson, MS

    Listing date Aug 21, 2025

    MLS# 4123260

    Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Prime Mixed-Use Commercial Development

    City Market is a mixed-use commercial development consisting of three two-story buildings for retail and office use. It is located along Highway 51 in Ridgeland, Mississippi, offering visibility and signage opportunities with frontage on a primary north-south corridor. The property benefits from traffic and convenient access. Designed for retail, service, and professional office tenants, City Market provides flexible floor plans suitable for street-level retail with second-floor office or service uses. The two-story configuration provides an efficient layout for owner-users, investors, and tenants seeking a visible presence in a commercial market. The property is surrounded by residential neighborhoods, retail, and major employers, and is located within Ridgeland's business district, offering proximity to Interstate 55, regional amenities, and the Jackson metro area. A 938 square foot second-floor Class A office suite offers a modern work environment with an open floor plan and 11 ft. ceilings. The lot size is 0.15 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    David Cowger Golf ... Gym & Fitness Center Fit Revival Inc Gym & Fitness Center Health Revival Physician Images of Love Medical Clinic MANN AGENCY LLC Marketing & Advertising

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ridgeland
    County
    Madison
    State
    Mississippi
    Longitude
    -90.129255
    Latitude
    32.431051

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    FAQs

    What type of property is this?
    Office units - Well-located mixed-use property with high visibility and flexible floor plans.
    Where is this office units located?
    The property is located at 103 W Washington Street lot B6 Ridgeland, MS.
    What is the lease rate?
    The lease rate is $1,720 /Mo.
    What are key features of this property?
    This property features: Prime location on Highway 51 in Ridgeland, MS, offering exceptional visibility and signage opportunities.; Versatile mixed‑use property suitable for retail, service, and professional office tenants or owner‑users.; Convenient access to Interstate 55, regional amenities, and the Jackson metro area.
    (601) 366-8511
    We can help!
    Listing Contact
    Matthew Benton
    Real Estate License ID: S49807
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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