Office Building on Highway
For Sale
Contact for pricing
7379 US-98, Hattiesburg, MS 39402
4,342 SF office building on approximately 3 acres.
Property Size4,342 SF
Lot Size3.00 Acres
Price / SF$207.28
Days on Market735
Property Features for 7379 US-98
General Information
Standard status
Active
Size
4,342 SF
Class
B
Lot size
3.00 Acres
Property subtype
Office
Zoning
Lamar County
Building Details
Year Built
2007
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Gulf States Commercial Properties, LLC
(601) 297-1780
Listed By:
Joshua Blackledge, CCIM · License #22495
Source:
Crexi
Added: Aug 27, 2024
Changed: Aug 8
Last Checked: Aug 29 at 1:34AM
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 Gulf States Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This is a 4,342 square foot office building situated on approximately 3 acres. The property fronts Highway 98, located just west of Highway 589. The building is currently occupied, and showings are available by appointment only.
Key Highlights
- 4,342 SF office space available
- +/- 3 acre lot size
- Frontage on Hwy 98
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
$36,577
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
4.06%
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%
$731,540
$731.5K
Cap Rate 7%
$522,529
$522.5K
Cap Rate 9%
$406,411
$406.4K
Market Conditions
NOI Build-Up for 4,342 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
$62.5K $14.40/SF
− Vacancy
−$13.8K −$3.17/SF
EGI
$48.8K $11.23/SF
− OpEx
−$12.2K −$2.81/SF
NOI
$36.6K $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%
$731,540
Cap Rate 7%
$522,529
Cap Rate 9%
$406,411
Alternative Uses
Best Use
Office B
$522.5K
$457.2K – $609.6K
NOI $36,577 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.6K
$625.3K – $833.7K
NOI $50,020 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Explore this area
Business Placement
Demographics for 39402, MS
44,633
Population
18,780
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
93.2 sq mi
ZIP Area
479
Density / Sq Mi
$71,254
Median Household Income
$41,552
Median Earnings
$1,183
Median Rent
$255,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 4,342 SF office building on approximately 3 acres.
Where is this office building located?
The property is located at 7379 US-98 Hattiesburg, MS.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 4,342 SF office space available; +/- 3 acre lot size; Frontage on Hwy 98
