Fully Leased Professional Office
For Sale
Contact for pricing
993 Tommy Munro Dr, Biloxi, MS 39532
Turnkey, fully leased professional office building with an included improved expansion parcel and dedicated parking lot.
Property Size4,500 SF
Price / SF$266.67
Days on Market194
Property Features for 993 Tommy Munro Dr
General Information
Standard status
Active
Size
4,500 SF
Property subtype
OFFICE
Listing Agency:
Southeast Commercial of MS, LLC
(228) 276-2700
Listed By:
Victoria Chambers · License #S-48764
(228) 224-4777
Source:
Moodyscre
Added: Feb 27
Changed: Sep 3
Last Checked: Aug 14 at 7:51AM
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 Southeast Commercial of MS, LLC
Investment Insights
Based on property information with market context.
Turnkey professional office building offered for sale, totaling approximately 4,500 square feet and currently fully leased to tenants. The property is presented as an investment opportunity with stable occupancy.
The building is located in Biloxi Commerce Park with visibility and access described as being just off I-10 along the Popps Ferry Road and Cedar Lake Road corridor. The site is positioned within a well-established business area with proximity to major employers, retail, and interstate connectivity.
In addition to the existing office building, an additional contiguous one-acre parcel is included. The expansion parcel is already improved with a dedicated parking lot, providing options for future growth, additional office development, or complementary development consistent with the property’s current configuration.
The building is located in Biloxi Commerce Park with visibility and access described as being just off I-10 along the Popps Ferry Road and Cedar Lake Road corridor. The site is positioned within a well-established business area with proximity to major employers, retail, and interstate connectivity.
In addition to the existing office building, an additional contiguous one-acre parcel is included. The expansion parcel is already improved with a dedicated parking lot, providing options for future growth, additional office development, or complementary development consistent with the property’s current configuration.
Key Highlights
- Fully leased 4,500 SF professional office building
- 100% leased to tenants for stable, immediate income
- Included expansion parcel: additional contiguous 1‑acre parcel with a dedicated parking lot
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
$35,867
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
2.99%
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%
$717,340
$717.3K
Cap Rate 7%
$512,386
$512.4K
Cap Rate 9%
$398,522
$398.5K
Market Conditions
NOI Build-Up for 4,500 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
$58.3K $12.96/SF
− Vacancy
−$10.5K −$2.33/SF
EGI
$47.8K $10.63/SF
− OpEx
−$12.0K −$2.66/SF
NOI
$35.9K $7.97/SF
Area
Harrison County, MS
Vacancy
18.00%
Lease Rate
$12.96 /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%
$717,340
Cap Rate 7%
$512,386
Cap Rate 9%
$398,522
Alternative Uses
Best Use
Office B
$512.4K
$448.3K – $597.8K
NOI $35,867 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$725.0K
$634.3K – $845.8K
NOI $50,747 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Explore this area
Business Placement
Demographics for 39532, MS
34,348
Population
15,466
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
86%
High-School Grad
82.2 sq mi
ZIP Area
418
Density / Sq Mi
$65,892
Median Household Income
$40,751
Median Earnings
$1,098
Median Rent
$227,400
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 - Turnkey, fully leased professional office building with an included improved expansion parcel and dedicated parking lot.
Where is this office building located?
The property is located at 993 Tommy Munro Dr Biloxi, MS.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully leased 4,500 SF professional office building; 100% leased to tenants for stable, immediate income; Included expansion parcel: additional contiguous 1‑acre parcel with a dedicated parking lot
