199 Saddle Creek Dr Tupelo, MS 38801
- Office Properties & Spaces
- 14,700 SF
- 3.76 lot acres
Current Use by Public Records
- Social Security Administration / Social Security Office
Property Details for 199 Saddle Creek Dr
- Year built
- 2006
- Lot size
- 3.76 lot acres
- Property size
- 14,700 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a 14,700 square-foot, single-tenant office building in Tupelo, Mississippi. Built in 2006, the property is currently 100% occupied by the Social Security Administration (SSA) under a gross lease with a firm two-year extension expiring August 22, 2026. The lease provides a stable income stream backed by the US Government's AA+ S&P credit rating, generating a Net Operating Income (NOI) of $482,804 and a 9.00% cap rate. Situated on a 3.76-acre lot with 80 parking spaces, the building enjoys convenient access from Highway 45 and serves the entire Lee County area. The SSA's decision to extend the lease, despite exploring alternative locations, highlights the property's strategic importance and long-term viability. The absence of any competing SSA offices within 53 miles further underscores this. This presents a compelling value-add opportunity for investors to negotiate a new long-term lease, maximizing returns through either long-term ownership or future disposition. Tupelo, the seventh largest city in Mississippi, thrives as a commercial, industrial, and cultural hub in North Mississippi, boasting a growing tourism sector. The asking price for this property is $5,365,000, translating to $364.97 per square foot.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tupelo
- County
- Lee
- State
- Mississippi
- Longitude
- -88.7522
- Latitude
- 34.2529
