Fire-Damaged Multifamily
New
For Sale
$245,000
2655 Belvedere Drive, Jackson, MS 39212
COMMERCIAL - Jackson, MS
Property Size3,627 SF
Lot Size1.40 Acres
Price / SF$67.55
Days on Market3
Property Features for 2655 Belvedere Drive
General Information
Property type
Commercial Sale
Property subtype
Apartment
Elementary school
Key
Middle school
Peeples
Standard status
Active
APN
615352
Size
3,627 SF
Lot size
1.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BEG W/L BELVEDERE DR & S/L MCDOWELL RD S 650 FT TO POB S 382.7 FT W 235 FT N APPROX 382.7 FT E 233.16 FT TO POB PT NE 1/4 SEC 19 & PT NW 1/4 SEC 20 T5N R1E
Tax Annual Amount
28346
Legal Description
BEG W/L BELVEDERE DR & S/L MCDOWELL RD S 650 FT TO POB S 382.7 FT W 235 FT N APPROX 382.7 FT E 233.16 FT TO POB PT NE 1/4 SEC 19 & PT NW 1/4 SEC 20 T5N R1E
Building Details
Year built
1967
Floors in Building
2
Listing Agency:
Ekey Realty, LLC
(601) 790-9030
Listed By:
Harriott Expose · License #S41262
(601) 594-4218
Added: Aug 5
Last Checked: Aug 7 at 12:06PM
MLS# 4158219
Copyright © 2026 MLS United. 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 multifamily property includes a 3,627-square-foot existing structure on 1.4 acres. Built in 1967, the building has sustained significant fire damage and requires substantial rehabilitation or redevelopment. The seller will make no repairs, and the property is being conveyed in its present condition.
The site is located at 2655 Belvedere Drive in Jackson, near schools, shopping, dining, and major roadways. Buyers may evaluate the existing structure for renovation or consider a rebuild project, subject to their own inspections and verification of relevant property information.
The site is located at 2655 Belvedere Drive in Jackson, near schools, shopping, dining, and major roadways. Buyers may evaluate the existing structure for renovation or consider a rebuild project, subject to their own inspections and verification of relevant property information.
Key Highlights
- 3,627‑square‑foot multifamily structure
- 1.4‑acre site in Jackson, MS
- Existing building constructed in 1967
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
$22,310
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
9.11%
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%
$446,200
$446.2K
Cap Rate 7%
$318,714
$318.7K
Cap Rate 9%
$247,889
$247.9K
Market Conditions
NOI Build-Up for 3,627 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
$43.5K $12.00/SF
− Vacancy
−$3.0K −$0.82/SF
EGI
$40.6K $11.18/SF
− OpEx
−$18.3K −$5.03/SF
NOI
$22.3K $6.15/SF
Area
Jackson, MS
Vacancy
6.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$446,200
Cap Rate 7%
$318,714
Cap Rate 9%
$247,889
Alternative Uses
Best Use
Apartment 5plus
$318.7K
$278.9K – $371.8K
NOI $22,310 @ 7.0% cap · market cap 9.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$621.5K
$543.8K – $725.1K
NOI $43,507 @ 7.0% cap · market cap 17.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 39212, MS
29,087
Population
12,738
Households
2.3
Avg Household Size
36
Median Age
22%
College-Educated
89%
High-School Grad
29.6 sq mi
ZIP Area
983
Density / Sq Mi
$53,300
Median Household Income
$31,604
Median Earnings
$1,128
Median Rent
$105,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Existing improvements require substantial rehabilitation or redevelopment and are offered in their current condition.
Where is this multifamily property located?
The property is located at 2655 Belvedere Drive Jackson, MS.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 3,627‑square‑foot multifamily structure; 1.4‑acre site in Jackson, MS; Existing building constructed in 1967
