Warehouse with Office and
For Sale
Contact for pricing
121 LUNDY LN, Hattiesburg, MS 39401
A mixed warehouse, private office, and showroom building suited for parts retailers or small contractors.
Property Size13,525 SF
Price / SF$73.57
Days on Market68
Property Features for 121 LUNDY LN
General Information
Standard status
Active
Size
13,525 SF
Property subtype
Industrial
Zoning
B-3
Investment Type
Owner/User
Building Details
Year Built
1996
Stories
1
Units
1
Listing Agency:
Gulf States Commercial Properties, LLC
(601) 297-1780
Listed By:
Joshua Blackledge, CCIM · License #22495
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 11 at 6:25PM
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 Gulf States Commercial Properties, LLC
Investment Insights
Based on property information with market context.
The property is a 13,125 SF building that combines warehouse space with private offices and a showroom. This layout supports operations that need both light warehousing and a dedicated space for customer-facing presentation. The building is offered for sale as a single commercial facility.
Located at 121 Lundy Ln in Hattiesburg, MS, the property is positioned for day-to-day business use where on-site storage and an office/showroom component can streamline workflow. The offering includes the warehouse area along with the office and showroom portions within the same building.
For tenants or buyers looking for a small, functional footprint, the mix of warehouse space and private office makes the site practical for businesses that store inventory or equipment while maintaining an organized front-facing area. The showroom can accommodate customer visits and product display, making the building a logical fit for a parts store or a small contractor that needs both operational space and a professional in-person presence.
Located at 121 Lundy Ln in Hattiesburg, MS, the property is positioned for day-to-day business use where on-site storage and an office/showroom component can streamline workflow. The offering includes the warehouse area along with the office and showroom portions within the same building.
For tenants or buyers looking for a small, functional footprint, the mix of warehouse space and private office makes the site practical for businesses that store inventory or equipment while maintaining an organized front-facing area. The showroom can accommodate customer visits and product display, making the building a logical fit for a parts store or a small contractor that needs both operational space and a professional in-person presence.
Key Highlights
- 13,125 SF building with warehouse space, private offices, and a showroom
- Year built 1996
- Layout includes warehouse plus dedicated private office and showroom areas
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
$88,194
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
8.86%
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%
$1,763,880
$1.8M
Cap Rate 7%
$1,259,914
$1.3M
Cap Rate 9%
$979,933
$979.9K
Market Conditions
NOI Build-Up for 13,525 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
$154.2K $11.40/SF
− Vacancy
−$18.5K −$1.37/SF
EGI
$135.7K $10.03/SF
− OpEx
−$47.5K −$3.51/SF
NOI
$88.2K $6.52/SF
Area
Forrest County, MS
Vacancy
12.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,763,880
Cap Rate 7%
$1,259,914
Cap Rate 9%
$979,933
Alternative Uses
Best Use
Office B
$1.63M
$1.42M – $1.90M
NOI $113,935 @ 7.0% cap · market cap 11.45%
Second Best
Flex RnD
$1.26M
$1.10M – $1.47M
NOI $88,194 @ 7.0% cap · market cap 8.86%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,808 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
930
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39401, MS
43,183
Population
20,232
Households
2.1
Avg Household Size
32
Median Age
28%
College-Educated
89%
High-School Grad
188.9 sq mi
ZIP Area
229
Density / Sq Mi
$40,287
Median Household Income
$25,697
Median Earnings
$932
Median Rent
$120,100
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?
Flex space - A mixed warehouse, private office, and showroom building suited for parts retailers or small contractors.
Where is this flex space located?
The property is located at 121 LUNDY LN Hattiesburg, MS.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 13,125 SF building with warehouse space, private offices, and a showroom; Year built 1996; Layout includes warehouse plus dedicated private office and showroom areas
