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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1508 Government St Ocean Springs, MS 39564-3826

    • Office buildings
    • 1,536 SF
    • 0.20 lot acres
    OFF-MARKET
    Last Sale
    Dec 27, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US50-0162214
    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

    • Serenity Coast Counseling, LLC / Mental Health Service
    • TALLstudio Architecture / Architect
    • Nested Therapy- Jaime Parker, PhD, LPC / Mental Health Service
    • Holly Regan / Social Worker / Practitioner Service Location

    Property Details for 1508 Government St

    Year built
    1950
    Lot size
    0.20 lot acres
    Property size
    1,536 SF
    Property type
    Office buildings
    APN
    60130190.000
    APU
    60130190000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Ocean Springs
    County
    Jackson
    State
    Mississippi
    Longitude
    -88.822
    Latitude
    30.4133
    CBSA code
    25060
    CBSA name
    GULFPORT-BILOXI, 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
    $2,387
    $7,998
    $8,390
    $16,388
    -
    $53,320
    $55,935
    $109,255

    Comparable in this City

    • Value Estimation
      $1,040,000
      7,098 SF

      424 Washington Ave

      PROFESSIONAL BUILDING • 7,098 SF
      424 Washington Ave, Ocean Springs, MS 39564-4630
      View Details
    • Value Estimation
      $1,955,000
      15,000 SF

      6217 Washington Ave

      OFFICE BUILDING • 15,000 SF
      6217 Washington Ave, Ocean Springs, MS 39564-2652
      View Details
    • Value Estimation by Request
      1,135 SF

      2011 Government St

      OFFICE BUILDING • 1,135 SF
      2011 Government St, Ocean Springs, MS 39564-3934
      View Details
    • Value Estimation by Request
      3,430 SF

      916 Bechtel Blvd

      PROFESSIONAL BUILDING • 3,430 SF
      916 Bechtel Blvd, Ocean Springs, MS 39564-3057
      View Details
    • Value Estimation by Request
      1,938 SF

      2318 Bienville Blvd

      PROFESSIONAL BUILDING • 1,938 SF
      2318 Bienville Blvd, Ocean Springs, MS 39564-3122
      View Details
    • Value Estimation by Request
      816 SF

      2112 Bienville Blvd

      OFFICE BUILDING • 816 SF
      2112 Bienville Blvd, Ocean Springs, MS 39564-3052
      View Details

    Similar Nearby for Sale

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      Commercial Office Space For Sale

      Prime location with tenant in place, great investment opportunity.
      6200 Washington Ave, Ocean Springs, MS 39564
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    • $345,000

      Commercial Space on Government Street

      Prime location for office or retail in Ocean Springs.
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    • $1,850,000
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      Ocean Springs Medical Office

      High-yield, 100% occupied medical building
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    • New
      $395,000
      0.12 Acres

      Prime Highway 90 Commercial Opportunity

      High-visibility commercial property in Ocean Springs' dynamic corridor.
      1807 School St, Ocean Springs, MS 39564
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    • $2,699,000
      44.00 Acres

      I-10 & Hwy 57 Prime Development Land

      44 Acres, Ocean Springs, MS - $2.7M
      I-10 Highway 57, Ocean Springs, MS 39564
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    • $2,699,000
      44.00 Acres

      Ocean Springs Development Land

      44 Acres, I-10 & Hwy 57 Frontage
      0 Undisclosed Address, Ocean Springs, MS 39564
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    Similar Nearby for Lease

    • $1,200 /Mo
      995 SF

      Ocean Springs Office Space Available

      Office space for rent in convenient Ocean Springs location.
      1000 N Halstead Rd Lot, Ocean Springs, MS 39564
      View Details
    • Contact for pricing
      15,665 SF

      Ocean Springs Flex Space Available

      Prime Flex Space, 15,665 SF Available
      3100 Bienville Blvd, Ocean Springs, MS 39564
      View Details
    • $1,600 /Mo
      900 SF

      Office Space in Mixed-Use Hub

      Versatile office space in Ocean Springs' newest mixed-use hub.
      615 First Ave, Ocean Springs, MS 39564
      View Details
    • $9 SF/Yr
      122,918 SF

      Gulf Breeze Plaza: Retail Opportunity

      Prime Ocean Springs Shopping Center Space
      2200 Bienville Blvd, Ocean Springs, MS 39564
      View Details
    • $9 SF/Yr
      14,137 SF

      Gulf Breeze Plaza Retail Space

      Prime Ocean Springs retail space available. High visibility, great location.
      2200 - 2226 Bienville Blvd, Ocean Springs, MS 39564
      View Details
    • $1,500 /Mo
      1,284 SF

      Retail Space in Ocean Springs

      Retail space available in a busy Ocean Springs location.
      3827 Bienville Blvd, Ocean Springs, MS 39564
      View Details
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    1508 Government St
    Ocean Springs, MS 39564-3826
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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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