Flowood Office Building For
For Sale
$1,154,795
438 Katherine Drive, Flowood, MS 39232
Multi-tenant office building in Flowood, MS, 100% leased.
Property Size6,384 SF
Days on Market214
Property Features for 438 Katherine Drive
General Information
Standard status
Active
Size
6,384 SF
Class
A
Property subtype
Office
Building Details
Building Size
6,384 SF
Year Built
2008
Listed By:
BB Mitchell, CCIM
(601) 934-5008
Source:
Pinpointcres
Added: Mar 6
Changed: Oct 6
Last Checked: Oct 5 at 4:34PM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 100% Leased Office Opportunity
- National Credit Tenant Roster: USI & VeriClaim
- Capitalization Rate: 8.25%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,947
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,378,940
$1.4M
Cap Rate 7%
$984,957
$985.0K
Cap Rate 9%
$766,078
$766.1K
Market Conditions
NOI Build-Up for 6,384 SF
Gross rent
$114.9K $18.00/SF
− Vacancy
−$23.0K −$3.60/SF
EGI
$91.9K $14.40/SF
− OpEx
−$23.0K −$3.60/SF
NOI
$68.9K $10.80/SF
Area
Rankin County, MS
Vacancy
20.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,378,940
Cap Rate 7%
$984,957
Cap Rate 9%
$766,078
Alternative Uses
Best Use
Office B
$985.0K
$861.8K – $1.15M
NOI $68,947 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,573 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 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%
