Art Deco Office
For Sale
$799,900
704 N Gloster St, Tupelo, MS 38804
Commercial Sale, Tupelo, MS
Property Size7,000 SF
Lot Size0.27 Acres
Price / SF$114.27
Days on Market107
Property Features for 704 N Gloster St
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From crosstown go North on Gloster St building on the right
Subdivision
Northwest Tupelo
Standard status
Active
Size
7,000 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Book 1811 Page 678
Tax Annual Amount
7522
Legal Description
Book 1811 Page 678
Building Details
Floors in Building
2
Listing Agency:
TM REALTORS
(662) 842-3844
Listed By:
Monte Smith · License #S-47142
(662) 871-2833
Added: Jun 8
Changed: Aug 19
Last Checked: Sep 22 at 4:06PM
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.
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 = 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
$61,425
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
7.68%
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%
$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
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
$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 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%
$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 7.68%
Second Best
Mixed Use
$552.6K
$483.5K – $644.7K
NOI $38,682 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,024 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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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 $799,900.
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
