Flex Space with Garage
For Sale
$379,000
817 Highway 35, Forest, MS 39074
Four offices, reception space, storage, and a large parking area support varied commercial configurations.
Property Size3,375 SF
Days on Market60
Property Features for 817 Highway 35
General Information
Standard status
Active
Size
3,375 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
3
Service Bays
3
Amenities
private offices
waiting/reception area
storage areas
Building Details
Building Size
3,375 SF
Year Built
2005
Stories
1
Listing Agency:
White Oak Properties, LLC
(601) 480-6373
Listed By:
Beau Burns
(601) 480-6373
Source:
Jdanielrealtysells
Added: Jul 1
Changed: Aug 28
Last Checked: Aug 23 at 6:49AM
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 White Oak Properties, LLC
Investment Insights
Based on property information with market context.
This flex space at 817 Highway 35 includes four private offices, a waiting and reception area, three garage bays, and additional storage areas. The building previously operated as a car dealership and combines office, customer-facing, service, and storage components within one property.
The site is positioned along Highway 35 in Forest, Mississippi. A large lot provides parking and room for expansion. The existing garage bays and office layout create a practical foundation for automotive, retail, service, or professional operations, subject to applicable approvals and final use requirements.
The site is positioned along Highway 35 in Forest, Mississippi. A large lot provides parking and room for expansion. The existing garage bays and office layout create a practical foundation for automotive, retail, service, or professional operations, subject to applicable approvals and final use requirements.
Key Highlights
- Four private offices within the building
- Three garage bays plus additional storage areas
- Waiting and reception area for customer‑facing operations
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
$33,453
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
8.83%
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%
$669,060
$669.1K
Cap Rate 7%
$477,900
$477.9K
Cap Rate 9%
$371,700
$371.7K
Market Conditions
NOI Build-Up for 3,375 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
$50.6K $15.00/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$47.8K $14.16/SF
− OpEx
−$14.3K −$4.25/SF
NOI
$33.5K $9.91/SF
Area
Scott County, MS
Vacancy
5.60%
Lease Rate
$15.00 /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%
$669,060
Cap Rate 7%
$477,900
Cap Rate 9%
$371,700
Alternative Uses
Best Use
Retail
$477.9K
$418.2K – $557.6K
NOI $33,453 @ 7.0% cap · market cap 8.83%
Second Best
Industrial
$156.1K
$136.6K – $182.1K
NOI $10,926 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$578.3K
$506.1K – $674.7K
NOI $40,484 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Drive-in doors
3
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39074, MS
14,552
Population
6,222
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
75%
High-School Grad
277.4 sq mi
ZIP Area
52
Density / Sq Mi
$46,890
Median Household Income
$31,378
Median Earnings
$795
Median Rent
$114,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Four offices, reception space, storage, and a large parking area support varied commercial configurations.
Where is this flex space located?
The property is located at 817 Highway 35 Forest, MS.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Four private offices within the building; Three garage bays plus additional storage areas; Waiting and reception area for customer‑facing operations
