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    Property profile & analytics

    123 State St Jackson, MS 39201

    • Office buildings
    • 5,044 SF
    • 0.09 lot acres
    For Sale
    View listing
    $525,000
    Last Sale
    Sep 15, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US50-0149631
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 123 State St

    Year built
    1982
    Lot size
    0.09 lot acres
    Property size
    5,044 SF
    Property type
    Office buildings
    APN
    0033 0010 000
    APU
    330010000

    Description

    This exceptional value-add investment opportunity presents a historic three-story office building located at 123 N State St in the heart of Jackson, Mississippi. Known as "The Lavorn," this mixed-use property boasts a total of 5,044 square feet, currently operating at 50% occupancy. The asking price is $525,000, translating to $104.08 per square foot. The building's traditional office layout offers multiple rooms and/or offices on each of its three floors, providing significant potential for renovation and increased rental income. Situated in Hinds County, zip code 39201, this property presents a unique chance to capitalize on the revitalization of downtown Jackson. The building's prime location and historic character offer a compelling investment proposition for those seeking a value-add project with substantial upside potential. The property's existing infrastructure provides a solid foundation for future improvements and tenant enhancements. This is an excellent opportunity to acquire a significant piece of Jackson's history and contribute to its ongoing growth. Further details are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $223,000
      Market price range: $176k - $419k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $285,000
      Current use
      MEDICAL BUILDING
      $405,000
      Change: +43% Conversion: Easy
      COMMERCIAL (GENERAL)
      $375,000
      Change: +32% Conversion: Easy
      RETAIL STORES
      $360,000
      Change: +27% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $315,000
      Change: +11% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Hinds
    State
    Mississippi
    Longitude
    -90.1806
    Latitude
    32.3
    CBSA code
    27140
    CBSA name
    JACKSON, MS METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,670
    $14,498
    $15,273
    $29,771
    -
    $96,650
    $101,820
    $198,470

    Comparable in this City

    • Value Estimation
      $485,000
      9,984 SF

      401 State St

      OFFICE BUILDING • 9,984 SF
      401 State St, Jackson, MS 39201
      View Details
    • Value Estimation
      $1,025,000
      113,582 SF

      200 Lamar St

      OFFICE BUILDING • 113,582 SF
      200 Lamar St, Jackson, MS 39201-4013
      View Details
    • Value Estimation
      $535,000
      15,246 SF

      600 Amite St

      OFFICE BUILDING • 15,246 SF
      600 Amite St, Jackson, MS 39201-2807
      View Details
    • Value Estimation
      $420,000
      10,249 SF

      500 Capitol St

      OFFICE BUILDING • 10,249 SF
      500 Capitol St, Jackson, MS 39201-2703
      View Details
    • Value Estimation
      $910,000
      24,480 SF

      217 Capitol St

      OFFICE BUILDING • 24,480 SF
      217 Capitol St, Jackson, MS 39201-2004
      View Details
    • Value Estimation
      $480,000
      12,675 SF

      329 Capitol St

      OFFICE BUILDING • 12,675 SF
      329 Capitol St, Jackson, MS 39201-3404
      View Details

    Similar Nearby for Sale

    • $1,098,540
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      Downtown Office Building Opportunity

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      Downtown Jackson Mixed-Use Investment

      Mixed-use property in historic district with income and value-add potential.
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    • Contact for pricing
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      I-55 Plaza Office Complex

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      Downtown Jackson Office Building

      Historic 3-Story Office Building, Value-Add Opportunity
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      Electric 308: Jackson Office Gem

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    Similar Nearby for Lease

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      Office Space Available For Lease

      Office space for lease featuring full service lease terms.
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      View Details
    • $12 SF/Yr
      2,361 SF

      Office Space Available For Rent

      Office space available for lease in Jackson, MS.
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      View Details
    • $6 SF/Yr
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      Jackson Office Space Solutions

      Flexible Offices, Coworking, & More
      317 Capitol St, Jackson, MS 39201
      View Details
    • $17 SF/Yr
      266,000 SF

      Downtown Jackson Office Space

      Class A Office Suites, 437-15,543 SF
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      View Details
    • $2,153 /Mo
      1,845 SF

      Historic Spengler's Corner Creative Space

      Versatile office/creative space in Jackson's historic Spengler's Corner District.
      117 N State St, Jackson, MS 39201
      View Details
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    Jackson, MS 39201
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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