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    Flowood Office Space For Lease Title is generated by Realmo AI

    2607 Courthouse Cir, Flowood, MS 39232

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    2,866 SF office space in the heart of Flowood medical district.

    Type:OFFICE
    Property size:
    2,866 SF
    Lot size:
    0.45 Acres
    Added:
    Nov 5, 2024
    Days on Market:
    551
    Last Refresh:
    Apr 5 at 8:33 pm

    Property Features for 2607 Courthouse Cir

    General Information

    Standard status
    Active
    Size
    2,866 SF
    Lot size
    0.45 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 2607 Courthouse Cir Contact us

    We can help!

    Listing Contact
    Steve Cook, CCIM, SIOR

    Listing agent Steve Cook, CCIM, SIOR

    Listing office Cook Commercial Properties LLC

    Listing date Nov 5, 2024

    Source Moodyscre

    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 Cook Commercial Properties LLC

    HighLights

    • Located in the heart of Flowood medical district, off Lakeland Drive (51,000 AADT).
    • Direct access off Lakeland Drive/Hwy 25 and frontage on Courthouse Circle with ample parking.
    • 2,866 SF office space with flexible configuration: 8 private offices or large open space.
    • Features a large conference/training room, storage/utility room, and full kitchen & break room.
    • New LED security lighting and new 5 Ton HVAC units.
    • Zoned C‑3 with potential allowance for Tenant Improvements.

    Overview

    This 2,866 square foot office space is available for lease in the heart of Flowood's medical district, situated one building off Lakeland Drive, which sees an average annual daily traffic of 51,000 vehicles. The office layout includes a reception and waiting area, and can accommodate 8 private offices or be configured with a large open space suitable for cubicles. Additional features include a large conference or training room, a storage or utility room, and a full kitchen and break room. The property benefits from new LED security lighting and new 5-ton HVAC units. It offers direct access off Lakeland Drive/Hwy 25, with ample parking provided through contiguous Urgent Care lot's deeded ingress and egress and parking easements. The stand-alone, two-tenant building also has direct access and frontage on Courthouse Circle. The property is zoned C-3. Tenant improvement allowances are available; inquire for details.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Flowood
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.1157
    Latitude
    32.3281

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    FAQs

    What type of property is this?
    Office units - 2,866 SF office space in the heart of Flowood medical district.
    Where is this office units located?
    The property is located at 2607 Courthouse Cir Flowood, MS.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Located in the heart of Flowood medical district, off Lakeland Drive (51,000 AADT).; Direct access off Lakeland Drive/Hwy 25 and frontage on Courthouse Circle with ample parking.; **2,866 SF office space with flexible configuration: 8 private offices or large open space.**
    (601) 201-1360 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steve Cook, CCIM, SIOR
    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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