Office Warehouse Facility in
For Sale
Contact for pricing
10278 Corporate Drive, Gulfport, MS 39503
Office warehouse with climate-controlled storage and covered loading area.
Property Size8,978 SF
Lot Size1.00 Acre
Price / SF$130.88
Days on Market724
Property Features for 10278 Corporate Drive
General Information
Standard status
Active
Size
8,978 SF
Class
A
Lot size
1.00 Acre
Property subtype
Office
Zoning
I-3
Building Details
Year Built
2010
Listing Agency:
Coldwell Banker Commercial Alfonso Realty, Inc.
(228) 287-1200
Listed By:
Carl LaRosa · License #MS
Source:
Crexi
Added: Aug 28, 2024
Changed: Aug 21
Last Checked: Aug 14 at 5:58AM
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 Coldwell Banker Commercial Alfonso Realty, Inc.
Investment Insights
Based on property information with market context.
Located just south of Interstate 10 off Seaway Road in Gulfport, this office warehouse facility is zoned I-3 and situated on a one-acre parcel. The property comprises 8963 square feet of gross building area, including 6458 square feet of office area and climate-controlled storage, along with 2505 square feet of warehouse space. Originally built in 2011 and expanded in 2013, the west building features a foyer and reception area, nine offices, an employee lounge, two handicap restrooms, a storage room, and a 2505 square foot warehouse with two 12 x 13 rollup doors. A 23 x 50 covered delivery and unloading area with a 19-foot eve height connects the west and east buildings. The east building includes a reception area, five offices, two restrooms, a conference room, and a large 1358 square foot climate-controlled storage area with 9'10'' ceilings that could be converted into additional offices. Parking is available at the front and rear of the building.
Key Highlights
- Prime location: Just south of Interstate 10 off Seaway Road in Gulfport.
- Substantial size: 8,963 SqFt gross building area on a one‑acre parcel.
- Flexible space: Combination of office (6,458 SqFt) and warehouse (2,505 SqFt) 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
$69,429
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
5.91%
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%
$1,388,580
$1.4M
Cap Rate 7%
$991,843
$991.8K
Cap Rate 9%
$771,433
$771.4K
Market Conditions
NOI Build-Up for 8,978 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
$116.4K $12.96/SF
− Vacancy
−$9.5K −$1.06/SF
EGI
$106.8K $11.90/SF
− OpEx
−$37.4K −$4.16/SF
NOI
$69.4K $7.73/SF
Area
Harrison County, MS
Vacancy
8.20%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,388,580
Cap Rate 7%
$991,843
Cap Rate 9%
$771,433
Alternative Uses
Best Use
Flex RnD
$991.8K
$867.9K – $1.16M
NOI $69,429 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$640.8K
$560.7K – $747.6K
NOI $44,853 @ 7.0% cap · market cap 3.82%
Theoretical Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,245 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 39503, MS
53,643
Population
22,533
Households
2.4
Avg Household Size
37
Median Age
24%
College-Educated
92%
High-School Grad
114.3 sq mi
ZIP Area
469
Density / Sq Mi
$61,298
Median Household Income
$36,241
Median Earnings
$1,087
Median Rent
$193,000
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 - Office warehouse with climate-controlled storage and covered loading area.
Where is this flex space located?
The property is located at 10278 Corporate Drive Gulfport, MS.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Prime location: Just south of Interstate 10 off Seaway Road in Gulfport.; Substantial size: 8,963 SqFt gross building area on a one‑acre parcel.; Flexible space: Combination of office (6,458 SqFt) and warehouse (2,505 SqFt) areas.
