Current Use by Public Records
- Office Spaces
Property Details for 2885 Lamar Blvd
- Year built
- 1985
- Lot size
- 3.77 lot acres
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional 3.77-acre mixed-use property at 2885-91 South Lamar Blvd, Oxford, MS, presents a compelling value-add investment opportunity. The 27,190 square foot building, renovated in 2022, currently boasts 80% occupancy with five tenants under NNN leases averaging 7.4 years remaining. The property features five buildings, each one story, totaling 5 units with 4 beds and 70 parking spaces. The current NOI is $351,138, yielding a 6.89% cap rate, with a pro-forma NOI of $382,450 and a pro-forma cap rate of 7.50%. Located just two miles from Oxford Square, this prime location benefits from high visibility on South Lamar Boulevard and is zoned SCO, allowing for diverse development options. The asking price is $5,100,000, translating to $187.57 per square foot and $1,020,000 per unit. Built in 1985, this property offers significant upside potential through lease renewals with 3% annual rent bumps and further development opportunities within the rapidly growing Oxford market. The property's strong existing cash flow, combined with its redevelopment potential, makes it an attractive investment for discerning buyers. The Lafayette County location offers easy access to the University of Mississippi and the vibrant Oxford Square. This is a rare chance to acquire a well-positioned asset in a thriving Mississippi market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oxford
- County
- Lafayette
- State
- Mississippi
- Longitude
- -89.5193
- Latitude
- 34.3356
