Two-Story Office
For Sale
$1,700,000
781 Liberty Road, Flowood, MS 39232
COMMERCIAL - Flowood, MS
Property Size6,452 SF
Lot Size1.08 Acres
Price / SF$263.48
Days on Market1331
Property Features for 781 Liberty Road
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
3
Half bathrooms
5
Rooms
Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2
Subdivision
Metes And Bounds
Standard status
Active
APN
F10p-000010-00020
Size
6,452 SF
Lot size
1.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 2 LAKELAND BUSINESS PARK LESS LIBERTY ROAD
Tax Annual Amount
17323
Legal Description
LOT 2 LAKELAND BUSINESS PARK LESS LIBERTY ROAD
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2009
Flooring type
Carpet, Wood
Roof type
Shingle
Listing Agency:
Blue South Real Estate Group,LLC dba Blue South
(601) 398-2377
Listed By:
Calah Hall · License #B22304
(601) 717-2660
Added: Dec 30, 2022
Changed: Aug 4
Last Checked: Aug 22 at 9:06AM
MLS# 4036121
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 two-story office building is designed for a tenant-ready workplace, with interior access from a stairway and an elevator-side sitting area. The downstairs level includes a reception area, seven offices, a conference room, a full kitchen, utility/IT room, two bathrooms, and a stairway to the upper level. The upstairs level features a reception area, kitchenette, conference room, break room, file room, nine offices including smaller assistant offices, and two bathrooms, plus a janitor closet. Office doors are glass with shades, and the space includes multiple windows for natural light.
A garage/storage area at the back provides additional enclosed space with double doors. The building is described as having soundproof offices and exterior walls intended to support a quieter work environment.
The present owner is open to renting out a portion of the building, though it is not required.
A garage/storage area at the back provides additional enclosed space with double doors. The building is described as having soundproof offices and exterior walls intended to support a quieter work environment.
The present owner is open to renting out a portion of the building, though it is not required.
Key Highlights
- Office building built in 2009 with public water and public sewer
- Downstairs includes reception, 7 offices, conference room, full kitchen, utility/IT room, and 2 bathrooms
- Upstairs features reception, kitchenette, conference room, break room, file room, 9 offices, and 2 bathrooms
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
$69,682
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
4.10%
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%
$1,393,640
$1.4M
Cap Rate 7%
$995,457
$995.5K
Cap Rate 9%
$774,244
$774.2K
Market Conditions
NOI Build-Up for 6,452 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
$116.1K $18.00/SF
− Vacancy
−$23.2K −$3.60/SF
EGI
$92.9K $14.40/SF
− OpEx
−$23.2K −$3.60/SF
NOI
$69.7K $10.80/SF
Area
Rankin County, MS
Vacancy
20.00%
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%
$1,393,640
Cap Rate 7%
$995,457
Cap Rate 9%
$774,244
Alternative Uses
Best Use
Office B
$995.5K
$871.0K – $1.16M
NOI $69,682 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,878 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with reception areas, multiple offices, conference rooms, and a rear garage/storage with double doors.
Where is this office building located?
The property is located at 781 Liberty Road Flowood, MS.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Office building built in 2009 with public water and public sewer; Downstairs includes reception, 7 offices, conference room, full kitchen, utility/IT room, and 2 bathrooms; Upstairs features reception, kitchenette, conference room, break room, file room, 9 offices, and 2 bathrooms
