308 Airport RdPearl, MS 39208

For Sale
$2,350,000

Single-tenant, US Gov't lease, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
95
This exceptional investment opportunity presents a 20,094-square-foot, single-tenant office building in Pearl, Mississippi. The property, located at 308 Airport Rd S, is fully occupied by the United States Geological Survey (USGS), a branch of the Department of the Interior, under a 15-year lease commencing June 30, 2022, and expiring June 29, 2037. This represents a remaining lease term of approximately 12.6 years. The building, constructed in 1995 and extensively renovated in 2024, boasts a strong financial profile. The current NOI is $181,387, yielding a 7.72% capitalization rate. A pro-forma NOI of $188,516 projects an 8.02% capitalization rate in years 6-13. The 2024 renovations included updated bathrooms, lighting, interior painting, and a resurfaced parking lot, totaling approximately $180,000 in improvements. The property sits on a 2.26-acre lot and is zoned for commercial use. The lease includes two rent bumps. This fee-simple offering is ideal for 1031 exchange investors seeking a stable, low-management investment with a strong government-backed tenant and significant upside potential. The property is classified as Class B and features a modified lease structure. The asking price is $2,350,000, translating to $116.95 per square foot.

Highlights

  • 20,094 SF single-tenant office building in Pearl, MS, fully occupied by the USGS under a 15-year lease (12.6 years remaining).
  • 7.72% capitalization rate (8.02% pro-forma in years 6-13), with a current NOI of $181,387 and a pro-forma NOI of $188,516.
  • Recently renovated (2024) with $180,000 in improvements including updated bathrooms, lighting, interior paint, and parking lot resurfacing.
  • Located on a 2.26-acre lot, zoned commercial, and offered at $2,350,000 ($116.95/SF).

Property Details for 308 Airport Rd

Property type
Other office properties, Office space
Square Feet
20,094 SF
Class
B
Year Built/Renovated
1995/2024
Buildings
1
Stories
1
Lot Size (sq. ft)
98,446 SF
Units
1

Location Insight

City
Pearl
County
Rankin
State
Mississippi
Latitude
32.2802842
Longitude
-90.07361949
308 Airport Rd, Pearl, Mississippi

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308 Airport Rd
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