Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Flowood Office Building For Sale Title is generated by Realmo AI

    438 Katherine Drive, Flowood, MS 39232

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,154,795

    Multi-tenant office building in Flowood, MS, 100% leased.

    Type:Office
    Added:
    Mar 6, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 5 at 11:43 pm

    Property Features for 438 Katherine Drive

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    2008

    We can help!

    Listing Contact
    BB Mitchell, CCIM

    Listing agent BB Mitchell, CCIM

    Listing office

    Listing date Mar 6, 2026

    Source Pinpointcres

    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 BB Mitchell, CCIM

    HighLights

    • 100% Leased Office Opportunity
    • National Credit Tenant Roster: USI & VeriClaim
    • Capitalization Rate: 8.25%
    • Robust Submarket: Flowood, MS
    • New Roof (2023)
    • Conveniently located alongside Katherine Drive in between Lakeland Drive and Flowood Drive

    Overview

    Located on Katherine Drive in Flowood, Mississippi, this multi-tenant office building is available for sale. The property is 100% leased to two national credit tenants, USI and Vericlaim. The building benefits from a new roof installed in 2023. The property is situated between Lakeland Drive and Flowood Drive in the Flowood submarket.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Real Estate Agency Auto Repair Shop Dental Office Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Flowood
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.0936
    Latitude
    32.332

    Nearby Similar for Sale

    • $3,500,000
      10,000 SF

      Flowood Commercial Buildings on Lakeland

      Two modern commercial buildings totaling 10,007 SF on 2.88 acres.
      5076 Lakeland Drive, Flowood, MS 39232
      View Details
    • $1,200,000

      Turnkey Restaurant Opportunity in Flowood

      Freestanding restaurant with drive-thru, fully equipped and ready.
      1002 Treetops Boulevard, Flowood, MS 39232
      View Details
    • $599,900
      3,638 SF

      Flowood Freestanding Office Building

      Freestanding 3,638 SF office building in Flowood, Mississippi.
      2627 Courthouse Cir, Flowood, MS 39232
      View Details
    • $1,700,000
      11,000 SF

      Flowood Office Building For Sale

      Beautiful office building in the heart of Flowood, Mississippi.
      781 Liberty Road, Flowood, MS 39232
      View Details
    • $995,000
      5,200 SF

      Functional Industrial Facility with Fuel Tank

      5,200 SF industrial facility with office, warehouse, and fuel tank.
      662 Casey's Lane, Flowood, MS 39232
      View Details
    • $912,620

      NNN Investment Opportunity in Flowood

      NNN leased investment property with newly executed lease extension.
      128 Riverview Drive, Flowood, Mississippi 39232
      View Details
    • $14
      30,000 SF

      Premier Flowood Office Development

      Two-story office complex in a desirable Flowood location.
      660 Lakeland East Drive, Flowood, MS 39232
      View Details
    • Contact for pricing
      5,397 SF

      Retail Property Near Jackson Airport

      Retail property with high visibility near major transportation routes.
      2520 Lakeland Dr, Flowood, MS 39232
      View Details
    • Contact for pricing

      Lakeland East Multifamily Investment Opportunity

      Multifamily property in Flowood, MS, near major employers and medical district.
      1045 Flynt Drive, Flowood, MS 39232-9745
      View Details
    • Contact for pricing

      Commercial Property for Sale

      Commercial property available for sale in Flowood, Mississippi.
      1000 Top St, Flowood, MS 39232
      View Details
    • $1,700,000
      6,452 SF

      Beautiful Office Building in Flowood

      Excellent Flowood office building suitable for various professional uses.
      781 Liberty Road, Flowood, MS 39232
      View Details
    • $1,100,000
      3,250 SF

      Former Bank Building on Lakeland

      Well-maintained 3,250 SF commercial building with high visibility.
      2351 Lakeland Dr, Flowood, MS
      View Details

    FAQs

    What type of property is this?
    Office building - Multi-tenant office building in Flowood, MS, 100% leased.
    Where is this office building located?
    The property is located at 438 Katherine Drive Flowood, MS.
    What is the asking price?
    The asking price for this property is $1,154,795.
    What are key features of this property?
    This property features: 100% Leased Office Opportunity; National Credit Tenant Roster: USI & VeriClaim; Capitalization Rate: 8.25%
    (601) 586-3220
    We can help!
    Listing Contact
    BB Mitchell, CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    438 Katherine Drive, Flowood, MS 39232
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!