Occupied Two-Unit
New
For Sale
$195,000
438/440 N Spring St, Tupelo, MS 38804
MultiFamily, Tupelo, MS
Property Size1,265 SF
Lot Size0.17 Acres
Price / SF$154.15
Days on Market1
Property Features for 438/440 N Spring St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Family
Directions
From West Main St, turn left onto N Front St. turn left onto W Franklin St, then turn right onto N Spring St. The property is on your right.
Subdivision
Northeast Lee
Standard status
Active
Size
1,265 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
PT BLK 48 NE1/4 438/440 N SPRING ST HARRIS & THOMASON (SAME AS WEATHERFORD-HILDEBRAN) B 2024 P 001790 02/15/2024
Tax Annual Amount
930
Legal Description
PT BLK 48 NE1/4 438/440 N SPRING ST HARRIS & THOMASON (SAME AS WEATHERFORD-HILDEBRAN) B 2024 P 001790 02/15/2024
Amenities
covered front porch
Building Details
Floors in Building
1
Listing Agency:
ELITE REALTY · RE/MAX International
(662) 767-4700
Listed By:
Adam Holt · License #S-58978
(662) 416-5011
Added: Sep 22
Last Checked: Sep 22 at 7:06PM
MLS# 26-3530
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 side-by-side duplex contains 1,265 square feet on a 0.17-acre lot, with two residential units configured as two bedrooms and one bathroom each. Both units are currently occupied, and the property includes a covered front porch. Multi Family zoning supports the asset’s residential income use.
Located at 438/440 N Spring St in Tupelo, the property is near downtown, Fairpark, The Farmers Market, downtown shops, Huntington Bank Arena, and everyday conveniences. Its two-unit configuration and established occupancy provide a straightforward addition to a residential rental portfolio.
Located at 438/440 N Spring St in Tupelo, the property is near downtown, Fairpark, The Farmers Market, downtown shops, Huntington Bank Arena, and everyday conveniences. Its two-unit configuration and established occupancy provide a straightforward addition to a residential rental portfolio.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,265 square feet on a 0.17‑acre lot
- Both units currently occupied
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
$7,962
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
4.08%
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%
$159,240
$159.2K
Cap Rate 7%
$113,743
$113.7K
Cap Rate 9%
$88,467
$88.5K
Market Conditions
NOI Build-Up for 1,265 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
$12.3K $9.72/SF
− Vacancy
−$922 −$0.73/SF
EGI
$11.4K $8.99/SF
− OpEx
−$3.4K −$2.70/SF
NOI
$8.0K $6.29/SF
Area
Lee County, MS
Vacancy
7.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$159,240
Cap Rate 7%
$113,743
Cap Rate 9%
$88,467
Alternative Uses
Best Use
Multifamily LT 5
$113.7K
$99.5K – $132.7K
NOI $7,962 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$101.1K
$88.4K – $117.9K
NOI $7,074 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$237.6K
$207.9K – $277.2K
NOI $16,630 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,262
Businesses Nearby
Explore this area
Business Placement
Demographics for 38804, MS
17,314
Population
7,978
Households
2.2
Avg Household Size
40
Median Age
30%
College-Educated
87%
High-School Grad
78.5 sq mi
ZIP Area
221
Density / Sq Mi
$63,837
Median Household Income
$37,416
Median Earnings
$858
Median Rent
$201,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences feature two-bedroom, one-bath layouts, covered porch access, and existing tenants.
Where is this duplex located?
The property is located at 438/440 N Spring St Tupelo, MS.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,265 square feet on a 0.17‑acre lot; Both units currently occupied
