Renovated Flex
For Sale
$699,900
794 E Main, Tupelo, MS 38804
COMMERCIAL - Tupelo, MS
Property Size5,800 SF
Lot Size0.48 Acres
Price / SF$120.67
Days on Market212
Property Features for 794 E Main
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From downtown, head E on Main St, property on Right.
Subdivision
Northeast Tupelo
Standard status
Active
Size
5,800 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
Bk 2022 Page 012685
Tax Annual Amount
15016
Legal Description
Bk 2022 Page 012685
Amenities
retail showing
lobby
multiple offices
storage room/warehouse
4 restrooms
full kitchen/laundry
fixtures
displays
security
safes
Building Details
Year built
2000
Floors in Building
1
Listing Agency:
TM REALTORS
(662) 842-3844
Listed By:
Kevin Knight · License #S48856
(662) 842-3844
Added: Jan 19
Changed: Aug 4
Last Checked: Aug 19 at 6:06AM
MLS# 26-242
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 5,800-square-foot flex space, built in 2000 and recently renovated, offers a combination of retail presentation space, lobby, multiple offices, storage, and warehouse area. The building also includes 4 restrooms, a full kitchen, and laundry facilities. Furnishings and operational fixtures include displays, security equipment, and safes. The property has most recently been configured for a licensed dispensary, with that setup in place from 2022-current.
Located at 794 E Main in Tupelo, Mississippi, the property occupies 0.4821 acres in ZIP Code 38804. Its mix of office, retail, storage, and warehouse components supports a range of commercial configurations within a single building.
Located at 794 E Main in Tupelo, Mississippi, the property occupies 0.4821 acres in ZIP Code 38804. Its mix of office, retail, storage, and warehouse components supports a range of commercial configurations within a single building.
Key Highlights
- 5,800‑square‑foot flex space on 0.4821 acres
- Recently renovated building with 2022‑current licensed dispensary setup
- Retail presentation area, lobby, multiple offices, storage, and warehouse space
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
$48,145
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
6.88%
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%
$962,900
$962.9K
Cap Rate 7%
$687,786
$687.8K
Cap Rate 9%
$534,944
$534.9K
Market Conditions
NOI Build-Up for 5,800 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
$75.2K $12.96/SF
− Vacancy
−$6.4K −$1.10/SF
EGI
$68.8K $11.86/SF
− OpEx
−$20.6K −$3.56/SF
NOI
$48.1K $8.30/SF
Area
Lee County, MS
Vacancy
8.50%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
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%
$962,900
Cap Rate 7%
$687,786
Cap Rate 9%
$534,944
Alternative Uses
Best Use
Retail
$687.8K
$601.8K – $802.4K
NOI $48,145 @ 7.0% cap · market cap 6.88%
Second Best
Flex RnD
$652.6K
$571.0K – $761.4K
NOI $45,683 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$1.09M
$953.1K – $1.27M
NOI $76,248 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Well-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial 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?
Flex space - Versatile commercial space combines customer-facing areas, offices, warehouse storage, and support amenities in one furnished property.
Where is this flex space located?
The property is located at 794 E Main Tupelo, MS.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 5,800‑square‑foot flex space on 0.4821 acres; Recently renovated building with 2022‑current licensed dispensary setup; Retail presentation area, lobby, multiple offices, storage, and warehouse space
