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    Historic Spengler's Corner Creative Space Title is generated by Realmo AI

    117 N State Street lot 21, Jackson, MS 39201

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    Claim this Listing
    For Lease
    $2,153/Mo $14 SF/Yr (calc)

    COMMERCIAL - Jackson, MS

    Type:Office
    Property size:
    1,845 SF
    Lot size:
    0.17 Acres
    Added:
    Dec 2, 2024
    Days on Market:
    551
    Last Refresh:
    Jun 6 at 5:06 am

    Property Features for 117 N State Street lot 21

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    0033-0008-000
    Size
    1,845 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    BEG 100 FT S INT W/L STATE ST S/L AMITE ST W 145 FT S 53.44 FT E 145 FT N 52.56 FT TO POB BEING S 2/3 LOT 3 SQ 1 NJ
    Tax Annual Amount
    18198

    Building Details

    Year built
    1924

    We can help!

    Listing Contact
    Alicen Blanchard
    Alicen Blanchard

    Listing agent Alicen Blanchard License #B24006

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

    Listing date Dec 2, 2024

    MLS# 4098010

    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.

    HighLights

    • Prime location in Jackson's historic and increasingly popular Spengler's Corner District, offering easy access to amenities, highways, and public transportation.
    • Flexible, open‑layout space adaptable to various business needs, including office, studio, gallery, or co‑working space.
    • Historic charm with original architectural details and abundant natural light, combined with modern appeal.
    • Located in the heart of downtown Jackson's revitalization zone, benefiting from ongoing investment and increasing foot traffic.
    • Attractive leasing terms with flexible options and competitive rental rates.
    • Versatile space suitable for office, loft, creative studio, co‑working, or professional use.

    Overview

    Located in the heart of Jackson's vibrant Spengler's Corner Historic District, this second-floor space offers a leasing opportunity. The property is situated in one of the city's areas. The expansive, open-layout second floor is ready to be transformed into a workspace. The space features historic architectural details, abundant natural light, and a flexible floor plan. The space can be adapted to suit a variety of uses, from professional offices to artist studios, co-working spaces, or design labs. The available space on the second floor measures 1845 square feet. The location provides access to major highways and public transportation and is surrounded by a mix of local dining, retail, and cultural attractions. The open layout allows for customization to meet the needs of a wide range of tenants. The building features original historic details, while offering modern conveniences like natural light and open spaces. The property benefits from ongoing investment in the area. The location is in a high-demand district. The property is part of the ongoing development of downtown Jackson. The lot size is 0.17 acres. The city of Jackson offers monthly parking permits for use in any metered spot for approximately $65 per month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Creative space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.180574
    Latitude
    32.299481

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    FAQs

    What type of property is this?
    Creative space - Versatile office/creative space in Jackson's historic Spengler's Corner District.
    Where is this creative space located?
    The property is located at 117 N State Street lot 21 Jackson, MS.
    What is the lease rate?
    The lease rate is $2,153 /Mo.
    What are key features of this property?
    This property features: Prime location in Jackson's historic and increasingly popular Spengler's Corner District, offering easy access to amenities, highways, and public transportation.; Flexible, open‑layout space adaptable to various business needs, including office, studio, gallery, or co‑working space.; **Historic charm with original architectural details and abundant natural light**, combined with modern appeal.
    (601) 260-0699
    We can help!
    Listing Contact
    Alicen Blanchard
    Alicen Blanchard
    Real Estate License ID: B24006
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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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