504 Chrisman Ave Cleveland, MS 38732
- Office buildings
- 5,200 SF
- 1.63 lot acres
Current Use by Public Records
- Office buildings
Property Details for 504 Chrisman Ave
- Year built
- 2000
- Lot size
- 1.63 lot acres
- Property size
- 5,200 SF
- Property type
- Office buildings
- APN
- 33-16-830-00-01100-
- APU
- 33168300001100
Description
This exceptional 15,093+/- square foot office building in Cleveland, MS, presents a compelling investment opportunity. Situated on a 0.64-acre lot at 504 N Chrisman Avenue in the downtown area, the property boasts a newly signed five-year lease (August 1, 2024 – July 31, 2029) with the Mississippi Division of Medicaid. A significant portion (8,000+ sq ft) underwent renovations in 2012 to accommodate the tenant's specific needs, ensuring a modern and functional workspace. The remaining space, currently used for storage, offers significant potential for additional lease income through renovation and lease to a secondary tenant. The property features a recently restriped, expansive 18,000+/- square foot paved parking lot, providing ample parking for tenants and visitors. This low-risk, low-management investment is projected to yield a capitalization rate of approximately 9.2%, making it an attractive addition to any commercial real estate portfolio. The property's strong tenant and favorable lease terms contribute to its exceptional investment potential. The location in downtown Cleveland offers convenient access to local amenities and services. This is a rare opportunity to acquire a stable, income-producing asset with significant upside potential. The building's size, location, and existing lease make it an ideal investment for those seeking a secure and profitable venture.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Bolivar
- State
- Mississippi
- Longitude
- -90.7175
- Latitude
- 33.751
- CBSA code
- 17380
- CBSA name
- CLEVELAND, MS MICROPOLITAN STATISTICAL AREA
