Flowood Freestanding Office
For Sale
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2627 Courthouse Cir, Flowood, MS 39232
Freestanding 3,638 SF office building in Flowood, Mississippi.
Property Size3,638 SF
Price / SF$164.90
Days on Market184
Property Features for 2627 Courthouse Cir
General Information
Standard status
Active
Size
3,638 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
2004
Year Renovated
2025
Listing Agency:
NAI UCR Properties
(601) 981-6800
Listed By:
Micah McCullough · License #MS B-18980
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 21 at 9:10AM
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 NAI UCR Properties
Investment Insights
Based on property information with market context.
Located in Flowood, Mississippi, the property at 2637 Courthouse Circle is a 3,638 ± SF, free-standing, single-story brick office building. Constructed in 2004, the property has a functional layout. Previously utilized as a medical office, the configuration is suited for medical, professional, or administrative users seeking efficient space. The property is located just off Lakeland Drive, one of Flowood’s primary commercial corridors, providing access to retail, dining, and service destinations. The location is within minutes of national and regional retailers, financial institutions, medical offices, and professional services. The Courthouse Circle area is known for its concentration of professional and medical users, offering a stable business environment connected to Flowood’s commercial activity. The location balances accessibility, visibility, and long-term market relevance.
Key Highlights
- Prime Location: Situated just off Lakeland Drive in Flowood, offering immediate access to major retail, dining, and service destinations.
- Functional Layout: The 3,638 ± SF building offers a highly functional layout suitable for medical, professional, or administrative use.
- Professional Image: A free‑standing, single‑story brick building constructed in 2004, presenting a clean and professional image.
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
$41,026
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
6.84%
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%
$820,520
$820.5K
Cap Rate 7%
$586,086
$586.1K
Cap Rate 9%
$455,844
$455.8K
Market Conditions
NOI Build-Up for 3,638 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
$76.4K $21.00/SF
− Vacancy
−$8.0K −$2.21/SF
EGI
$68.4K $18.80/SF
− OpEx
−$27.4K −$7.52/SF
NOI
$41.0K $11.28/SF
Area
Rankin County, MS
Vacancy
10.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$820,520
Cap Rate 7%
$586,086
Cap Rate 9%
$455,844
Alternative Uses
Best Use
Healthcare Medical
$586.1K
$512.8K – $683.8K
NOI $41,026 @ 7.0% cap · market cap 6.84%
Second Best
Office B
$561.3K
$491.1K – $654.8K
NOI $39,290 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$997.9K
$873.1K – $1.16M
NOI $69,850 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,323
Businesses Nearby
Well-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding 3,638 SF office building in Flowood, Mississippi.
Where is this medical office space located?
The property is located at 2627 Courthouse Cir Flowood, MS.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Prime Location: Situated just off Lakeland Drive in Flowood, offering immediate access to major retail, dining, and service destinations.; Functional Layout: The 3,638 ± SF building offers a highly functional layout suitable for medical, professional, or administrative use.; Professional Image: A free‑standing, single‑story brick building constructed in 2004, presenting a clean and professional image.
