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    156 N Flag Chapel Rd Jackson, MS 39209
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    156 N Flag Chapel Rd Jackson, MS 39209

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    • Schools
    • 34,142 SF
    For Sale
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    Former School Building For Sale For Sale
    Contact for pricing
    34,142 SF

    Former School Building For Sale

    34,142 SF former school building available for repurposing.

    156 N Flag Chapel Rd, Jackson, MS 39209
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    Property ID
    US50-0788853
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Raines Elementary School / High School

    Property Details for 156 N Flag Chapel Rd

    Property size
    34,142 SF
    Property type
    Schools
    Property subtype
    Commercial real estate

    Description

    Single story, 34,142 SF building formerly Raines Elementary School (Jackson Public Schools). This property is part of the JPS Repurposing Initiative. The initiative was created to help promote the reuse and redevelopment of the JPS surplus school sites. The primary goal is to spur redevelopment of surplus and undeveloped properties, ensuring that they are transformed into valuable assets that contribute to the growth and prosperity of Jackson’s neighborhoods.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.2646722
    Latitude
    32.3334263

    Comparable in this City

    • Contact for pricing
      105,650 SF

      Former School Building For Sale

      105,650 SF single-story building, part of JPS Repurposing Initiative.
      1983 N Siwell Rd, Jackson, MS 39209
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    • $1,800,000

      Spacious Church/Special Purpose Building

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      Clinton Blvd Retail Investment Opportunity

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      Robinson Road Commercial Property

      Commercial property for sale on Robinson Road.
      3171 Robinson Road Ext, Jackson, MS 39209
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      Hinds County Land with Lake

      39.98 acres with pasture, timber, lake, and home.
      1887 Carsley Rd, Jackson, MS 39209
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    • $90,000
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      Commercial Building in Jackson, MS

      Commercial parcel with building, previously mechanic shop, currently leased.
      4894 College Hill Dr, Jackson, MS 39209
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      105,650 SF

      Former School Building For Sale

      105,650 SF single-story building, part of JPS Repurposing Initiative.
      1983 N Siwell Rd, Jackson, MS 39209
      View Details
    • $1,800,000

      Spacious Church/Special Purpose Building

      63,471 SF building renovated in 2020, ideal for investors.
      4240 Carter Cir, Jackson, MS 39209
      View Details
    • $1,276,923
      2,628 SF

      Clinton Blvd Retail Investment Opportunity

      Retail property with long-term lease near downtown Jackson, MS.
      4725 Clinton Blvd, Jackson, MS 39209
      View Details
    • $159,000

      Robinson Road Commercial Property

      Commercial property for sale on Robinson Road.
      3171 Robinson Road Ext, Jackson, MS 39209
      View Details
    • $1,250,000
      2,300 SF

      Hinds County Land with Lake

      39.98 acres with pasture, timber, lake, and home.
      1887 Carsley Rd, Jackson, MS 39209
      View Details
    • $90,000
      5,191 SF

      Commercial Building in Jackson, MS

      Commercial parcel with building, previously mechanic shop, currently leased.
      4894 College Hill Dr, Jackson, MS 39209
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      3,500 SF

      Retail Space Available For Rent

      Retail space available for lease, 3500 square feet.
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    • $3,500 /Mo

      Improved Industrial Yard with Warehouse

      1.65 acre industrial yard with 5,455 SF warehouse.
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      Retail Strip Center on Highway

      Retail spaces available in high-traffic strip center on Highway 18.
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      Industrial Property in Hawkins Airfield

      Industrial property with warehouse, office, garage, and storage.
      535 Ford Ave, Jackson, MS 39209
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      40,315 SF

      Warehouse Space in Hawkins Field

      Warehouse space for lease with laydown yard available.
      1325 Boling St, Jackson, MS 39209
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    • Contact for pricing

      Industrial Single Tenant Warehouse Space

      8,000 SqFt industrial space available for single tenant use.
      275B Industrial Dr, Jackson, MS 39209
      View Details
    View Listing
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    156 N Flag Chapel Rd
    Jackson, MS 39209
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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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