Former Bank Building on
For Sale
Contact for pricing
Pending
2351 Lakeland Dr, Flowood, MS 39232
3,250 SF commercial building with high visibility on Lakeland Drive.
Property Size3,250 SF
Days on Market720
Property Features for 2351 Lakeland Dr
General Information
Standard status
Pending
Size
3,250 SF
Class
C
Total Parking Spaces
22
Property subtype
Office, Retail
Zoning
C3 General Commercial
Building Details
Year Built
1999
Buildings
1
Stories
1
Listing Agency:
Estes Bush Real Estate LLC
Listed By:
Brian E. Estes · License #MS B12489
(901) 461-3635
Source:
Crexi
Added: Sep 18, 2024
Changed: Aug 8
Last Checked: Jul 25 at 12:42PM
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
Investment Insights
Based on property information with market context.
This 3,250 square foot building, formerly a bank, is located on Lakeland Drive in Flowood, Mississippi. The property features four offices, a breakroom, a copy room, and two bathrooms. The building is well-maintained and offers visibility with frontage on Lakeland Drive. A property sign is already in place. Zoned C-3 General Commercial, the property is located in Flowood. The property offers potential for various business types.
Key Highlights
- High‑visibility Lakeland Drive frontage.
- Located in the desirable Flowood area.
- Zoned C‑3 General Commercial, allowing for multiple business types.
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
$41,243
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
4.23%
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%
$824,860
$824.9K
Cap Rate 7%
$589,186
$589.2K
Cap Rate 9%
$458,256
$458.3K
Market Conditions
NOI Build-Up for 3,250 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
$58.5K $18.00/SF
− Vacancy
−$3.5K −$1.08/SF
EGI
$55.0K $16.92/SF
− OpEx
−$13.7K −$4.23/SF
NOI
$41.2K $12.69/SF
Area
Rankin County, MS
Vacancy
6.00%
Lease Rate
$18.00 /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%
$824,860
Cap Rate 7%
$589,186
Cap Rate 9%
$458,256
Alternative Uses
Best Use
Specialty Retail
$589.2K
$515.5K – $687.4K
NOI $41,243 @ 7.0% cap · market cap 4.23%
Second Best
Retail
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$891.4K
$780.0K – $1.04M
NOI $62,400 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
722
Businesses Nearby
Explore this area
Business Placement
Demographics for 39232, MS
9,052
Population
4,204
Households
2.2
Avg Household Size
37
Median Age
51%
College-Educated
97%
High-School Grad
25.6 sq mi
ZIP Area
354
Density / Sq Mi
$83,389
Median Household Income
$49,760
Median Earnings
$1,412
Median Rent
$293,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - 3,250 SF commercial building with high visibility on Lakeland Drive.
Where is this bank located?
The property is located at 2351 Lakeland Dr Flowood, MS.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: High‑visibility Lakeland Drive frontage.; Located in the desirable Flowood area.; Zoned C‑3 General Commercial, allowing for multiple business types.
