Office-Warehouse Flex
For Sale
$1,509,496
1207 Pin Oak Dr, Flowood, MS 39232
Two separately positioned buildings combine renovated offices, warehouse storage, and a fenced outdoor laydown area.
Property Size10,341 SF
Lot Size2.10 Acres
Price / SF$145.97
Days on Market194
Property Features for 1207 Pin Oak Dr
General Information
Standard status
Active
Size
10,341 SF
Class
B
Lot size
2.10 Acres
Property subtype
Factory
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
1,950 SF
Drive-In Doors
2
Additional Details
Cap Rate
9.25%
Building Details
Building Size
10,341 SF
Year Built
1991
Buildings
2
Listing Agency:
Payne Realty
(601) 940-9503
Listed By:
Tommy Payne · License #B-21592
(601) 940-9503
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 12:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Payne Realty
Investment Insights
Based on property information with market context.
This flex property includes two freestanding buildings totaling approximately 10,341 square feet on approximately 2.1 acres. The 1207 building contains approximately 4,266 square feet of renovated office area and approximately 1,950 square feet of warehouse storage, with reception areas, private offices, work areas, a break room, bathrooms, and two grade-level roll-up doors. The 1209 building provides approximately 4,125 square feet of office space and was constructed in 2015, with eight private offices, a large conference room, breakroom, and storage room.
The buildings are situated on Pin Oak Drive in Flowood, Mississippi, adjacent to Jackson Prep and just off Lakeland Drive. A chain-link fence connects the properties and encloses the laydown yard. Both buildings are leased on a NNN basis, with an approximate 9.25% cap rate.
The buildings are situated on Pin Oak Drive in Flowood, Mississippi, adjacent to Jackson Prep and just off Lakeland Drive. A chain-link fence connects the properties and encloses the laydown yard. Both buildings are leased on a NNN basis, with an approximate 9.25% cap rate.
Key Highlights
- Two freestanding office and warehouse buildings on approximately 2.1 acres
- Approximately 4,266 SF of renovated office space plus approximately 1,950 SF of warehouse storage at 1207 Pin Oak Drive
- 1209 Pin Oak Drive includes approximately 4,125 square feet and was built in 2015
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
$111,683
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
7.40%
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%
$2,233,660
$2.2M
Cap Rate 7%
$1,595,471
$1.6M
Cap Rate 9%
$1,240,922
$1.2M
Market Conditions
NOI Build-Up for 10,341 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
$186.1K $18.00/SF
− Vacancy
−$37.2K −$3.60/SF
EGI
$148.9K $14.40/SF
− OpEx
−$37.2K −$3.60/SF
NOI
$111.7K $10.80/SF
Area
Rankin County, MS
Vacancy
20.00%
Lease Rate
$18.00 /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%
$2,233,660
Cap Rate 7%
$1,595,471
Cap Rate 9%
$1,240,922
Alternative Uses
Best Use
Office B
$1.60M
$1.40M – $1.86M
NOI $111,683 @ 7.0% cap · market cap 7.40%
Second Best
Warehouse
$1.11M
$970.8K – $1.29M
NOI $77,661 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,547 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,248
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39232, MS
9,052
Population
4,204
Households
2.2
Avg Household Size
37
Median Age
51%
College-Educated
97%
High-School Grad
25.6 sq mi
ZIP Area
354
Density / Sq Mi
$83,389
Median Household Income
$49,760
Median Earnings
$1,412
Median Rent
$293,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two separately positioned buildings combine renovated offices, warehouse storage, and a fenced outdoor laydown area.
Where is this flex space located?
The property is located at 1207 Pin Oak Dr Flowood, MS.
What is the asking price?
The asking price for this property is $1,509,496.
What are key features of this property?
This property features: Two freestanding office and warehouse buildings on approximately 2.1 acres; Approximately 4,266 SF of renovated office space plus approximately 1,950 SF of warehouse storage at 1207 Pin Oak Drive; 1209 Pin Oak Drive includes approximately 4,125 square feet and was built in 2015
