504 Chrisman AveCleveland, MS 38732

Property Details for 504 Chrisman Ave

Year built

2000

Lot size

1.63 AC

Property size (Sq ft)

5,200 SF

Property type

Office properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $749,238

  6.5%

  $691,604

  7%

  $642,204

• Comparable approach

  Method

  Valuation

  Relative Method

  $387,706

  Geo Method

  $405,392

• Alternative Use

  Use

  Valuation

  Residential

  $857,589

  Hospitality

  $785,547

  Educational

  $653,566

  Medical

  $676,043

  Retail

  $1,016,658

Location Insight

City

Cleveland

County

Bolivar

State

Mississippi

Latitude

33.751

Longitude

-90.7175

CBSA code

17380

CBSA name

CLEVELAND, MS MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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