Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Former School Building For Sale Title is generated by Realmo AI

    156 N Flag Chapel Rd, Jackson, MS 39209

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    34,142 SF former school building available for repurposing.

    Type:Special Purpose
    Property size:
    34,142 SF
    Added:
    Jul 26, 2024
    Days on Market:
    677
    Last Refresh:
    May 12 at 9:21 pm

    Property Features for 156 N Flag Chapel Rd

    General Information

    Standard status
    Active
    Size
    34,142 SF
    Property subtype
    Special Purpose

    We can help!

    Listing Contact
    Brian E. Estes

    Listing agent Brian E. Estes License #MS B12489

    Listing office Estes Bush Real Estate LLC

    Listing date Jul 26, 2024

    Source Crexi

    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 Estes Bush Real Estate LLC

    HighLights

    • Large single‑story building offering 34,142 SF.
    • Part of the JPS Repurposing Initiative.
    • Opportunity for reuse and redevelopment.
    • Potential to transform into a valuable asset.
    • Contributes to the growth of Jackson's neighborhoods.
    • Formerly Raines Elementary School.

    Overview

    This single-story building, formerly Raines Elementary School, encompasses 34,142 square feet. The property is part of the Jackson Public Schools Repurposing Initiative, which aims to promote the reuse and redevelopment of surplus school sites. The primary goal of the initiative is to spur redevelopment of surplus and undeveloped properties, transforming them into valuable assets that contribute to the growth and prosperity of Jackson’s neighborhoods.
    Property Profile Location Intelligence

    Current Use by Public Records

    Raines Elementary School High School

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Skin Care Clinic Kitchen & Bath Showroom Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.2646722
    Latitude
    32.3334263

    Nearby Similar for Sale

    • $549,900
      5,605 SF

      Historic Office Building on State

      Renovated historic office with modern amenities in prime location.
      737 N State Street, Jackson, MS 39202
      View Details
    • $799,000
      12,318 SF

      Retail/Warehouse Property on Old Square

      Retail/warehouse property with dock high access in vibrant Jackson.
      1434 Old Square Road, Jackson, MS 39211
      View Details
    • $199,000
      9,614 SF

      Updated Office Space Downtown

      Updated office space with high visibility and live-work option.
      617 Rio, Jackson, MS 39202
      View Details
    • $400,000
      8,651 SF

      High-Visibility Commercial Property in Jackson

      Commercial property in established retail corridor near Jackson Medical Mall.
      320 W Woodrow Wilson Avenue, Jackson, MS 39213
      View Details
    • $500,000
      50,000 SF

      High-Visibility Commercial Opportunity in Jackson

      Expansive commercial building for sale at unbeatable price.
      2861 Terry Rd, Jackson, MS 39212
      View Details
    • $189,000
      9,567 SF

      Commercial Property Near Historic District

      Commercial property near historic districts with strong income potential.
      360 E Fortification Street, Jackson, MS 39202
      View Details
    • $345,000
      4,679 SF

      Northeast Jackson Office Building

      Professional office building in Northeast Jackson with 4,679 square feet.
      17 Northtown Drive, Jackson, MS 39211
      View Details
    • $249,000
      3,045 SF

      University Boulevard Commercial Opportunity

      Gas station with tanks and pumps, remodel opportunity.
      1141 University Boulevard, Jackson, MS 39204
      View Details
    • $149,000
      32,000 SF

      Former Kroger Store on 4.65 Acres

      Vacant 32,000 SF commercial building on 4.65 acres.
      3171 Robinson Road, Jackson, MS 39209
      View Details
    • $249,900
      1,843 SF

      Tudor-Style Office Building For Sale

      Charming office building with convenient access to major districts.
      629 N Jefferson Street, Jackson, MS 39202
      View Details
    • $106,000
      9,600 SF

      Large Commercial Storefront in Jackson

      9,600 sq ft commercial building ready for transformation.
      1240 Ellis Avenue, Jackson, MS 39209
      View Details
    • $315,000
      2,588 SF

      Office Building For Sale

      Single-story office building with subdivision potential in Jackson, MS.
      4515 Office Park Drive, Jackson, MS 39206
      View Details

    FAQs

    What type of property is this?
    School - 34,142 SF former school building available for repurposing.
    Where is this school located?
    The property is located at 156 N Flag Chapel Rd Jackson, MS.
    What are key features of this property?
    This property features: Large single‑story building offering 34,142 SF.; Part of the JPS Repurposing Initiative.; Opportunity for reuse and redevelopment.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brian E. Estes
    Real Estate License ID: MS B12489
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    156 N Flag Chapel Rd, Jackson, MS 39209
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!