Renovated Multi-Suite Office
For Sale
$1,200,000
302 Highland Park Cove, Ridgeland, MS 39157
C-1 office property with renovated suites, dedicated parking, and access to Highland Colony Parkway and I-55.
Property Size4,784 SF
Price / SF$249.38
Days on Market194
Property Features for 302 Highland Park Cove
General Information
Standard status
Active
Size
4,784 SF
Class
A
Total Parking Spaces
17
Property subtype
Multi Tenant Office
Zoning
C-1
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Building Details
Building Size
4,784 SF
Year Built
2006
Year Renovated
2024
Buildings
1
Construction
concrete slab, stucco and brick veneer
Tenancy
Multi
Parking Ratio
3.53 per 1,000 SF
Owner Occupied
Yes
Properties For Sale
at 302 Highland Park Cove Contact us- Size
- 2,124 SF
- Lease Type
- Modified Gross
Ste. A
Listing Agency:
Overby Commercial
(601) 366-8511
Listed By:
Scott Overby · License #B16124
(601) 366-8511
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 1:53AM
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 Overby Commercial
Investment Insights
Based on property information with market context.
This 4,812± SF office building in Ridgeland was completed in 2006 and features a concrete slab with stucco-and-brick veneer construction. The property is divided into three suites: Suite A contains 2,124± SF, while Suites B and C contain 1,313± SF and 1,375± SF. Suite A was renovated in 2015 and is currently owner-occupied, with availability planned for year-end. Suites B and C underwent full renovations in 2024 and are leased to Haven: Pregnancy Wellness & Women’s Health.
The property includes 17 dedicated parking spaces and carries C-1 zoning. Its position near Highland Park Cove provides access to Highland Colony Parkway, I-55, the Natchez Trace Parkway, and Old Canton Road. Nearby commercial and lifestyle destinations include Renaissance at Colony Park, The Township at Colony Park, the Colony Park medical district, and the I-55 North office corridor.
The property includes 17 dedicated parking spaces and carries C-1 zoning. Its position near Highland Park Cove provides access to Highland Colony Parkway, I-55, the Natchez Trace Parkway, and Old Canton Road. Nearby commercial and lifestyle destinations include Renaissance at Colony Park, The Township at Colony Park, the Colony Park medical district, and the I-55 North office corridor.
Key Highlights
- 4,812± SF office building constructed in 2006
- Three suites totaling 4,812± SF: 2,124± SF, 1,313± SF, and 1,375± SF
- Suite A renovated in 2015 and planned for availability at year‑end
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
$51,179
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
4.26%
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%
$1,023,580
$1.0M
Cap Rate 7%
$731,129
$731.1K
Cap Rate 9%
$568,656
$568.7K
Market Conditions
NOI Build-Up for 4,812 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
$83.7K $17.40/SF
− Vacancy
−$15.5K −$3.22/SF
EGI
$68.2K $14.18/SF
− OpEx
−$17.1K −$3.55/SF
NOI
$51.2K $10.64/SF
Area
Madison County, MS
Vacancy
18.50%
Lease Rate
$17.40 /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%
$1,023,580
Cap Rate 7%
$731,129
Cap Rate 9%
$568,656
Alternative Uses
Best Use
Office B
$731.1K
$639.7K – $853.0K
NOI $51,179 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$916.6K – $1.22M
NOI $73,326 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 39157, MS
24,611
Population
11,690
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
94%
High-School Grad
30.0 sq mi
ZIP Area
820
Density / Sq Mi
$63,552
Median Household Income
$42,516
Median Earnings
$1,205
Median Rent
$259,900
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?
Office building - C-1 office property with renovated suites, dedicated parking, and access to Highland Colony Parkway and I-55.
Where is this office building located?
The property is located at 302 Highland Park Cove Ridgeland, MS.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4,812± SF office building constructed in 2006; Three suites totaling 4,812± SF: 2,124± SF, 1,313± SF, and 1,375± SF; Suite A renovated in 2015 and planned for availability at year‑end
