Renovated Office Building with
For Sale
$799,900
704 N Gloster St, Tupelo, MS 38804
COMMERCIAL - Tupelo, MS
Property Size7,000 SF
Lot Size0.27 Acres
Price / SF$114.27
Days on Market61
Property Features for 704 N Gloster St
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From crosstown go North on Gloster St building on the right
Subdivision
Northwest Tupelo
Standard status
Active
Size
7,000 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Book 1811 Page 678
Tax Annual Amount
7522
Legal Description
Book 1811 Page 678
Building Details
Floors in Building
2
Listing Agency:
TM REALTORS
(662) 842-3844
Listed By:
Monte Smith · License #S-47142
(662) 842-3844
Added: Jun 8
Changed: Aug 4
Last Checked: Aug 7 at 12:06AM
MLS# 26-2066
Copyright © 2026 Northeast Mississippi Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Art Deco 704 N Gloster St is a renovated office building designed to support multiple rental opportunities. Renovations include new windows, exterior and interior paint, flooring, updated bathrooms, and new light fixtures, along with a rear parking lot and additional improvements. The property is approximately 7,000 square feet overall.
Upstairs features 8 office suites and 2 bathrooms. Downstairs is arranged as two separate sides of 2,100 square feet each. The left side is ready for immediate move-in with a new bathroom, kitchenette, and storage, while the right side is currently occupied by Acapulco.
All information is subject to verification.
Upstairs features 8 office suites and 2 bathrooms. Downstairs is arranged as two separate sides of 2,100 square feet each. The left side is ready for immediate move-in with a new bathroom, kitchenette, and storage, while the right side is currently occupied by Acapulco.
All information is subject to verification.
Key Highlights
- Art Deco building at 704 N Gloster St with renovation upgrades including new windows, exterior/interior paint, flooring, bathrooms, and light fixtures.
- Upstairs features 8 office suites and 2 bathrooms.
- Downstairs offers two 2,100 SF sides.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,425
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,228,500
$1.2M
Cap Rate 7%
$877,500
$877.5K
Cap Rate 9%
$682,500
$682.5K
Market Conditions
NOI Build-Up for 7,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$105.0K $15.00/SF
− Vacancy
−$23.1K −$3.30/SF
EGI
$81.9K $11.70/SF
− OpEx
−$20.5K −$2.93/SF
NOI
$61.4K $8.78/SF
Area
Lee County, MS
Vacancy
22.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,228,500
Cap Rate 7%
$877,500
Cap Rate 9%
$682,500
Alternative Uses
Best Use
Office B
$877.5K
$767.8K – $1.02M
NOI $61,425 @ 7.0% cap · market cap 7.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,024 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 38804, MS
17,314
Population
7,978
Households
2.2
Avg Household Size
40
Median Age
30%
College-Educated
87%
High-School Grad
78.5 sq mi
ZIP Area
221
Density / Sq Mi
$63,837
Median Household Income
$37,416
Median Earnings
$858
Median Rent
$201,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Renovated office building with multiple suites across two levels and a rear parking lot.
Where is this office units located?
The property is located at 704 N Gloster St Tupelo, MS.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Art Deco building at 704 N Gloster St with renovation upgrades including new windows, exterior/interior paint, flooring, bathrooms, and light fixtures.; Upstairs features 8 office suites and 2 bathrooms.; Downstairs offers two 2,100 SF sides.
