Multi-Unit Warehouse
For Sale
$999,590
1993 McCullough, Tupelo, MS 38801
Commercial Sale, Tupelo, MS
Property Size12,070 SF
Lot Size0.83 Acres
Price / SF$82.82
Days on Market502
Property Features for 1993 McCullough
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Take McCullough Blvd west towards Belden. Once you pass Mt. Vernon Rd property is on the left. See sign.
Subdivision
Northwest Tupelo
Standard status
Active
Size
12,070 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Description
Book 2021 Page 00282
Tax Annual Amount
14848
Legal Description
Book 2021 Page 00282
Building Details
Year built
2007
Floors in Building
1
Listing Agency:
TM REALTORS
(662) 842-3844
Listed By:
Mikey Hunter · License #S-56843
(662) 842-3844
Added: Apr 11, 2025
Changed: Aug 19
Last Checked: Aug 25 at 1:06AM
MLS# 25-1297
Copyright © 2026 Northeast Mississippi Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained commercial warehouse building includes three separate units measuring 1,500, 9,070, and 1,500 square feet. The property is offered for sale and supports flexible use as either a multi-tenant setup or owner-occupancy with additional rental space.
Public remarks indicate the property is located on a highly trafficked corridor with 19,804 daily traffic counts, along with ample parking, excellent visibility, and a loading dock. All information is subject to verification.
The total building size is listed as 12,070 square feet on a 0.83-acre lot.
Public remarks indicate the property is located on a highly trafficked corridor with 19,804 daily traffic counts, along with ample parking, excellent visibility, and a loading dock. All information is subject to verification.
The total building size is listed as 12,070 square feet on a 0.83-acre lot.
Key Highlights
- Year built 2007 commercial property with 19,804 daily traffic counts
- 3‑unit layout with unit sizes of 1,500 SF, 9,070 SF, and 1,500 SF (total 12,070 SF)
- Ample parking included
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
$90,646
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
9.07%
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%
$1,812,920
$1.8M
Cap Rate 7%
$1,294,943
$1.3M
Cap Rate 9%
$1,007,178
$1.0M
Market Conditions
NOI Build-Up for 12,070 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
$114.4K $9.48/SF
− Vacancy
−$7.8K −$0.64/SF
EGI
$106.6K $8.84/SF
− OpEx
−$16.0K −$1.33/SF
NOI
$90.6K $7.51/SF
Area
Lee County, MS
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$1,812,920
Cap Rate 7%
$1,294,943
Cap Rate 9%
$1,007,178
Alternative Uses
Best Use
Warehouse
$1.29M
$1.13M – $1.51M
NOI $90,646 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.98M – $2.64M
NOI $158,675 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38801, MS
29,795
Population
13,717
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
86%
High-School Grad
73.0 sq mi
ZIP Area
408
Density / Sq Mi
$63,447
Median Household Income
$35,596
Median Earnings
$954
Median Rent
$187,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- McCullough Recreational Storage — 2177 McCullough Blvd, Tupelo, MS 38801
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- Storage City of Tupelo — 1930 McCullough Blvd, Tupelo, MS 38801
- Styles Moving — 1713 McCullough Blvd A, Tupelo, MS 38804
Frequently Asked Questions
What type of property is this?
Warehouse - Well-maintained warehouse building with three units, loading dock, ample parking, and stated daily traffic counts.
Where is this warehouse located?
The property is located at 1993 McCullough Tupelo, MS.
What is the asking price?
The asking price for this property is $999,590.
What are key features of this property?
This property features: Year built 2007 commercial property with 19,804 daily traffic counts; 3‑unit layout with unit sizes of 1,500 SF, 9,070 SF, and 1,500 SF (total 12,070 SF); Ample parking included
