Art Deco Office
704 N Gloster St, Tupelo, MS 38804
For Sale
$775,000
Commercial Sale, Tupelo, MS
Property Size7,000 SF
Lot Size0.27 Acres
Price / SF$110.71
Days on Market152
Property Features for 704 N Gloster St
General Information
Property type
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Subdivision
Standard status
Size
Lot size
Taxes and HOA fees
Tax Description
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Legal Description
Building Details
Floors in Building
Listing Agency:
TM REALTORS
Listed By:
Monte Smith · License #S-47142
(662) 842-3844
Added: Jun 8
Changed: Oct 14
Last Checked: Nov 6 at 9:06PM
MLS# 26-2066
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.
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Investment Insights
Based on property information with market context.
This Art Deco office building contains approximately 7,000 square feet across two levels. The upper floor includes 8 office suites and 2 bathrooms. The lower level is divided into two 2,100-square-foot areas; one has a new bathroom, kitchenette, and storage, while Acapulco occupies the other side. Recent improvements include new windows, interior and exterior paint, updated flooring, bathroom work, light fixtures, and a rear parking lot. The property is located at 704 N Gloster St in Tupelo, Mississippi, with a configuration that supports multiple office occupants and distinct areas within the building.
Key Highlights
- Approximately 7,000 square feet across two levels
- 8 upstairs office suites with 2 bathrooms
- Downstairs includes two 2,100‑square‑foot areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,425
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,228,500
$1.2M
Cap Rate 7%
$877,500
$877.5K
Cap Rate 9%
$682,500
$682.5K
Market Conditions
NOI Build-Up for 7,000 SF
Gross rent
$105.0K $15.00/SF
− Vacancy
−$23.1K −$3.30/SF
EGI
$81.9K $11.70/SF
− OpEx
−$20.5K −$2.93/SF
NOI
$61.4K $8.78/SF
Area
Lee County, MS
Vacancy
22.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,228,500
Cap Rate 7%
$877,500
Cap Rate 9%
$682,500
Alternative Uses
Best Use
Office B
$877.5K
$767.8K – $1.02M
NOI $61,425 @ 7.0% cap · market cap 7.93%
Second Best
Mixed Use
$552.6K
$483.5K – $644.7K
NOI $38,682 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,024 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Renovated multi-suite property with office rooms, kitchenette, storage, bathrooms, and a rear parking lot.
Where is this office building located?
The property is located at 704 N Gloster St Tupelo, MS.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Approximately 7,000 square feet across two levels; 8 upstairs office suites with 2 bathrooms; Downstairs includes two 2,100‑square‑foot areas
