Office Building with Adjacent
For Sale
Contact for pricing
Pending
6184 US-98, Hattiesburg, MS 39402
For sale office building package includes included land and optional additional adjacent land; seller financing is available.
Property Size30,174 SF
Days on Market1118
Property Features for 6184 US-98
General Information
Standard status
Pending
Size
30,174 SF
Class
C
Property subtype
Office
Lease Type
Modified Gross
Investment Type
Institutional
Building Details
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
London & Stetelman
Listed By:
Andy Stetelman,SIOR,GRI · License #MS 8774
Source:
Crexi
Added: Aug 17, 2023
Changed: Aug 8
Last Checked: Jul 24 at 5:31AM
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 London & Stetelman
Investment Insights
Based on property information with market context.
This for-sale offering includes an office building along with a 1.62+/- land footprint. A separate 2.79+/- parcel of land adjacent to the south is available by negotiation, allowing the buyer to potentially expand beyond the included footprint.
The property is located at 6184 US-98 in Hattiesburg, Mississippi. Ownership is open to seller financing, which may provide additional flexibility for qualified buyers looking to structure the transaction.
The property is located at 6184 US-98 in Hattiesburg, Mississippi. Ownership is open to seller financing, which may provide additional flexibility for qualified buyers looking to structure the transaction.
Key Highlights
- Office building included in the purchase price with a 1.62+/- land footprint
- Additional 2.79+/- AC of adjacent land available to purchase by negotiation
- Seller financing is available
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
$254,186
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
8.20%
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%
$5,083,720
$5.1M
Cap Rate 7%
$3,631,229
$3.6M
Cap Rate 9%
$2,824,289
$2.8M
Market Conditions
NOI Build-Up for 30,174 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
$434.5K $14.40/SF
− Vacancy
−$95.6K −$3.17/SF
EGI
$338.9K $11.23/SF
− OpEx
−$84.7K −$2.81/SF
NOI
$254.2K $8.42/SF
Area
Forrest County, MS
Vacancy
22.00%
Lease Rate
$14.40 /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%
$5,083,720
Cap Rate 7%
$3,631,229
Cap Rate 9%
$2,824,289
Alternative Uses
Best Use
Office B
$3.63M
$3.18M – $4.24M
NOI $254,186 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.79M
NOI $347,604 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
757
Businesses Nearby
Explore this area
Business Placement
Demographics for 39402, MS
44,633
Population
18,780
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
93.2 sq mi
ZIP Area
479
Density / Sq Mi
$71,254
Median Household Income
$41,552
Median Earnings
$1,183
Median Rent
$255,400
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 building - For sale office building package includes included land and optional additional adjacent land; seller financing is available.
Where is this office building located?
The property is located at 6184 US-98 Hattiesburg, MS.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Office building included in the purchase price with a 1.62+/- land footprint; Additional 2.79+/- AC of adjacent land available to purchase by negotiation; Seller financing is available
