Freestanding Restaurant and Retail
For Sale
$3,500,000
5076 Lakeland Drive, Flowood, MS 39232
COMMERCIAL - Flowood, MS
Property Size10,000 SF
Lot Size2.89 Acres
Price / SF$350
Days on Market331
Property Features for 5076 Lakeland Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Standard status
Active
APN
G11-000044-00212
Size
10,000 SF
Lot size
2.89 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
A LOT 297.04 X 140.73 X 344.24 X 148.44 BEING APPROX 1.035 X IN SW4 SW4 & SE4 SW4
Tax Annual Amount
25452
Legal Description
A LOT 297.04 X 140.73 X 344.24 X 148.44 BEING APPROX 1.035 X IN SW4 SW4 & SE4 SW4
Building Details
Year built
2019
Listing Agency:
Real Broker
(228) 471-5211
Listed By:
Jeff Hadley · License #S50828
(601) 951-5318
Added: Sep 11, 2025
Changed: Aug 4
Last Checked: Aug 7 at 6:06AM
MLS# 4125360
Copyright © 2026 MLS United. 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 offering includes two separate, modern commercial buildings built in 2019: a freestanding IHOP restaurant of approximately 4,007 SF and a three-unit retail center of approximately 6,000 SF. The buildings are positioned together and are described as having separate utilities. High-clear ceilings are noted as part of the improvements.
The property is located right on Lakeland Drive in Flowood, MS (Rankin County). The remarks cite approximately 45,000 vehicles per day on the highway and recent corridor retail investment comps indicating roughly 32,000–47,000 cars daily. The area is described as having a dense mix of national brands, with nearby retailers including Target, Walmart, Best Buy, Kroger, and Lowe’s.
The owner’s materials indicate flexibility to hold the asset as one investment or sell the pieces separately. Additional details are available upon request, including the rent roll.
The property is located right on Lakeland Drive in Flowood, MS (Rankin County). The remarks cite approximately 45,000 vehicles per day on the highway and recent corridor retail investment comps indicating roughly 32,000–47,000 cars daily. The area is described as having a dense mix of national brands, with nearby retailers including Target, Walmart, Best Buy, Kroger, and Lowe’s.
The owner’s materials indicate flexibility to hold the asset as one investment or sell the pieces separately. Additional details are available upon request, including the rent roll.
Key Highlights
- Prime location on Lakeland Drive with high visibility and approximately 45,000 vehicles per day.
- Two modern commercial buildings (IHOP restaurant and retail center) totaling +/-10,007SF built in 2019.
- Located in Flowood, Rankin County, one of Mississippi's fastest‑growing counties.
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
$126,900
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
3.63%
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%
$2,538,000
$2.5M
Cap Rate 7%
$1,812,857
$1.8M
Cap Rate 9%
$1,410,000
$1.4M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$10.8K −$1.08/SF
EGI
$169.2K $16.92/SF
− OpEx
−$42.3K −$4.23/SF
NOI
$126.9K $12.69/SF
Area
Rankin County, MS
Vacancy
6.00%
Lease Rate
$18.00 /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%
$2,538,000
Cap Rate 7%
$1,812,857
Cap Rate 9%
$1,410,000
Alternative Uses
Best Use
Specialty Retail
$1.81M
$1.59M – $2.12M
NOI $126,900 @ 7.0% cap · market cap 3.63%
Second Best
Retail
$1.50M
$1.31M – $1.75M
NOI $105,017 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,000 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
47,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two modern buildings built in 2019 on Lakeland Drive, offering a freestanding restaurant plus a three-unit retail center.
Where is this conventional restaurant located?
The property is located at 5076 Lakeland Drive Flowood, MS.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime location on Lakeland Drive with high visibility and approximately 45,000 vehicles per day.; Two modern commercial buildings (IHOP restaurant and retail center) totaling +/-10,007SF built in 2019.; Located in Flowood, Rankin County, one of Mississippi's fastest‑growing counties.
