Executive Oaks Office Building

Office for Sale
Catylist Listing ID: 30295459
Property Subtypes: Office Building
Building Size (RSF): 12,955 SF
Gross Building Area: See Agent
Gross Land Area: 0.64 Acres
Sale Price: $585,000
Unit Price: $45.16 PSF
Property Use Type: Investment
Building Name: Executive Oaks
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 6/12/2019

Overview / Comments

Executive Oaks is a well located office building with fourteen separate suites. When originally purchased (2005), Executive Oaks contained two separate buildings, one of which was sold (2012) to Walgreen's Pharmacy who then used the available land to build a brand new location at the corner of Pear Orchard Rd. and E. County Line Rd. A father/son partnership currently owns the subject property and has maintained above market average historic occupancy rates. The subject property can be accessed from E. County Line Rd. and boasts an impressive average traffic count of 24,000 CPD. Currently, the property is 81% Occupied with two suites available.

This building presents a great investment opportunity with a 9.80% In-Place Cap Rate. There is substantial upside potential based on average rents of $9.00 PSF which is well below market rent on County Line Rd. Minor upgrades and improvements will place this property among the best potential locations for prospective tenants. Based on rental rates and occupancy rates trending upward, Executive Oak's Pro Forma Cap Rate is an impressive 10.66%.

Additional Details

Nearest MSA: Jackson
County: Hinds
Tax ID/APN: 738-1486
Zoning: C2
Property Visibility: Good
Highway Access: I-55
Airports: Jackson
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1981
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,598 61,885 116,415
Median Age: 34.06 34.11 36.38
Households: 7,214 26,677 48,392

Contact

Photograph of Listing Agent

Brian Estes

The Estes Group, Inc. Ridgeland, MS 39157
LACDB Member
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