Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    505 Heritage Dr Oxford, MS 38655-5459
    Back to Search
    Property profile & analytics

    505 Heritage Dr, Oxford, MS 38655-5459

    View on Map
    • Office Spaces
    • 4,106 SF
    • 0.34 lot acres
    Off-Market
    Last Sale May 25, 2021
    $450,000
    Property ID
    US50-0732278
    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

    • Office Spaces

    Property Details for 505 Heritage Dr

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.34 lot acres
    Property type
    Office Spaces
    APN
    134N-19-171.00
    APU
    134N1917100

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 25, 2021 — Daniel S Reynolds Mary G Mills Warranty Deed —
    Aug 26, 2014 — Mary G Mills Robert J Bruss Warranty Deed —
    Aug 18, 2014 — Robert J Bruss Samir A Husni Warranty Deed —

    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
    Oxford
    County
    Lafayette
    State
    Mississippi
    Longitude
    -89.5607
    Latitude
    34.3672
    CBSA code
    37060
    CBSA name
    OXFORD, MS MICROPOLITAN 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
    $7,291
    $0.00
    $0.00
    $56,037
    -
    $160,000
    $213,580
    $373,580

    Comparable in this City

    • Value Estimation by Request
      8,557 SF

      2405 Anderson Rd

      OFFICE (GENERAL)
      2405 Anderson Rd, Oxford, MS 38655-2753
      View Details
    • Value Estimation by Request
      1,760 SF

      544 Cotton Rd

      OFFICE (GENERAL)
      544 Cotton Rd, Oxford, MS 38655-8210
      View Details
    • Value Estimation by Request
      1,568 SF

      19 County Rd 418

      OFFICE (GENERAL)
      19 County Rd 418, Oxford, MS 38655-8275
      View Details
    • Value Estimation by Request
      2,345 SF

      328 County Rd 418

      OFFICE (GENERAL)
      328 County Rd 418, Oxford, MS 38655-6398
      View Details
    • Value Estimation by Request
      1,527 SF

      461 Hwy 6th W

      OFFICE (GENERAL)
      461 Hwy 6th W, Oxford, MS 38655-9073
      View Details
    • Value Estimation by Request
      1,269 SF

      1002 Jefferson Ave

      OFFICE (GENERAL)
      1002 Jefferson Ave, Oxford, MS 38655-3610
      View Details

    Similar Nearby for Sale

    • $2,350,000
      6,390 SF

      Modern Leased Office Building Investment

      Fully leased office building in Oxford, MS with strong income.
      404 Enterprise Dr, Oxford, MS 38655
      View Details
    • Contact for pricing
      1,200 SF

      Modern Flex Warehouse Units Available

      Flex warehouse units for lease in Oxford, MS.
      Highway 328, Oxford, MS 38655
      View Details
    • $169,000
      0.56 Acres

      Commercial Lot in High-Demand Area

      Prime commercial lot suitable for retail, office, or service-based development.
      105 Commerce Dr, Oxford, MS 38655
      View Details
    • $3,650,000
      Pending

      Oxford Office Building Investment Opportunity

      Fully leased office building in Oxford Commons corridor.
      306 Enterprise Dr, Oxford, MS 38655
      View Details
    • Contact for pricing
      8,894 SF

      Oxford Commons Professional Office Condominium

      8,894 sq ft office condo in Oxford Commons.
      410 Enterprise Dr, Oxford, MS 38655
      View Details
    • $323,850
      42.70 Acres

      Prime 42.7-Acre MS Land Investment

      Recreational & Commercial Potential near Oxford
      Oxford, MS 38655
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      8,894 SF

      Oxford Commons Office Suites

      Class A Office Space, 4 Suites Available
      410 Enterprise Dr, Oxford, MS 38655
      View Details
    • Contact for pricing

      1600 Grand Oaks Blvd, Oxford, MS 38655

      Retail space
      1600 Grand Oaks Blvd, Oxford, MS 38655
      View Details
    • Contact for pricing
      Pending

      North Lamar Commercial Space

      New construction mixed-use space on North Lamar Corridor.
      1009 N Lamar Blvd, Oxford, MS 38655
      View Details
    • Contact for pricing
      1,600 SF

      Affordable Flex Space in Oxford

      Cost-effective office and light industrial space available for lease.
      4 Bldg 1, Oxford, MS 38655
      View Details
    • Contact for pricing
      40,000 SF

      Flexible Office Space Available

      Office spaces for rent with flexible layouts and ample parking.
      2420 S Lamar Blvd, Oxford, MS 38655
      View Details
    • Contact for pricing
      3,200 SF

      Affordable Office/Industrial Space Available

      Cost-effective office and light industrial space for lease.
      4 Bldg 2, Oxford, MS 38655
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    505 Heritage Dr
    Oxford, MS 38655-5459
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    505 Heritage Dr, Oxford, MS, 38655
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!