Flex Space with Office and
For Sale
$265,000
4451 U.S 49, Hattiesburg, MS 39401
COMMERCIAL - Hattiesburg, MS
Property Size1,200 SF
Price / SF$220.83
Days on Market8
Property Features for 4451 U.S 49
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Subdivision
Dixie
Standard status
Active
Taxes and HOA fees
Tax Description
BEG 259.5FT E SWC NE1/4 SE1/4 E 200FT NW ALG W LN H/W 400FT W 200FTSE TO BEG B355 P563 12/71
Tax Annual Amount
1821
Legal Description
BEG 259.5FT E SWC NE1/4 SE1/4 E 200FT NW ALG W LN H/W 400FT W 200FTSE TO BEG B355 P563 12/71
Building Details
Building materials
Pre-Eng Steel/Metal, Brick Veneer, Steel Frame
Listing Agency:
Vines Realty & Land
(601) 261-3236
Listed By:
Tony Hession · License #S-50523
(601) 408-6470
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 148247
Copyright © 2026 Hattiesburg Area Association 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 flex property at 4451 U.S. 49 in Hattiesburg includes separate office and shop buildings. The 1,200-square-foot office building measures 40' x 30' and contains three private offices, a lobby and reception area, kitchenette, and restroom. A 2,400-square-foot shop building measuring 60' x 40' adds space for equipment storage, fabrication, warehousing, or service operations.
The property is positioned along Highway 49 with access to a heavily traveled commercial corridor. Shopping, restaurants, medical facilities, and major transportation routes are located minutes away. Construction materials include pre-engineered steel and metal, brick veneer, and steel frame components.
The property is positioned along Highway 49 with access to a heavily traveled commercial corridor. Shopping, restaurants, medical facilities, and major transportation routes are located minutes away. Construction materials include pre-engineered steel and metal, brick veneer, and steel frame components.
Key Highlights
- 1,200‑square‑foot office building with three private offices, lobby/reception area, kitchenette, and restroom
- 2,400‑square‑foot shop building measuring 60' x 40'
- Office building measures 40' x 30'
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
$10,109
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
3.81%
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%
$202,180
$202.2K
Cap Rate 7%
$144,414
$144.4K
Cap Rate 9%
$112,322
$112.3K
Market Conditions
NOI Build-Up for 1,200 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
$17.3K $14.40/SF
− Vacancy
−$3.8K −$3.17/SF
EGI
$13.5K $11.23/SF
− OpEx
−$3.4K −$2.81/SF
NOI
$10.1K $8.42/SF
Area
Forrest County, MS
Vacancy
22.00%
Lease Rate
$14.40 /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%
$202,180
Cap Rate 7%
$144,414
Cap Rate 9%
$112,322
Alternative Uses
Best Use
Office B
$144.4K
$126.4K – $168.5K
NOI $10,109 @ 7.0% cap · market cap 3.81%
Second Best
Flex RnD
$111.8K
$97.8K – $130.4K
NOI $7,825 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$197.5K
$172.8K – $230.4K
NOI $13,824 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39401, MS
43,183
Population
20,232
Households
2.1
Avg Household Size
32
Median Age
28%
College-Educated
89%
High-School Grad
188.9 sq mi
ZIP Area
229
Density / Sq Mi
$40,287
Median Household Income
$25,697
Median Earnings
$932
Median Rent
$120,100
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?
Flex space - Office and shop buildings provide a combined setup for business, storage, and service operations.
Where is this flex space located?
The property is located at 4451 U.S 49 Hattiesburg, MS.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,200‑square‑foot office building with three private offices, lobby/reception area, kitchenette, and restroom; 2,400‑square‑foot shop building measuring 60' x 40'; Office building measures 40' x 30'
