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11309 Old Highway 49 10,905 SF Office Building Gulfport, MS 39503 $2,547,000 ($233.56/SF) 7.50% Cap Rate
Investment Highlights
- - 10,905 SF IRS Taxpayer Assistance Center - Single story brick built 2007, renovated 2023, new roof 2024
- - Term through 12/3/2031 / Firm term through 12/3/2029 - Rent escalation last 2 years of term
- - 7.5% cap rate on 2025 projected net income - $70,745 annual renovation reimbursement paid to landlord through December 2029
- - Operating expense reimbursement and CPI formula increases - Increases of property taxes over a base year reimbursement
Executive Summary
offices nationwide providing in person income tax assistance. The 10,905 square foot single story brick office was constructed in 2007, and a $458,000 renovation
was completed in 2023 with an extended ten year lease term through December 3, 2031. The renovation work included new paint and carpet and security
system. A new roof was installed in 2024. The renovation costs plus interest are repaid to the landlord amortized over the lease term at $70,745 per year through
December 2029. In addition to rent, the landlord is paid for operating expenses with an annual formula increase and increases of property taxes over a base year.
Of the ten year lease term, eight years are firm term and the last two years allow an early lease termination (non-firm term). Early termination of the lease
while permitted is rare. A third party study reported only 2.82% of GSA leases are terminated early, and one reason is a lack of expansion space. The 2.6 acre
site can accommodate expansion.
Gulfport is the second-largest city in Mississippi after the state capital. Along with Biloxi, Gulfport is the co-county seat of Harrison County and the larger of the
two principal cities of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area.
Property Facts
Amenities
- Wheelchair Accessible
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Public Administration
- -
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$9.99
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Lorem Ipsum
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Jan 0000
The Internal Revenue Service is the revenue service of the United States federal government, responsible for administering and enforcing the Internal Revenue Code. Established on July 1, 1862, the agency was created to fund Civil War expenses and has since evolved into a permanent institution under the Department of the Treasury. The IRS oversees tax collection, compliance, and enforcement for individuals and businesses, including income, corporate, excise, and estate taxes. It also manages tax credits and benefits programs authorized by law. Headquartered in Washington, D.C., the IRS operates a nationwide network of processing centers and taxpayer assistance offices. The agency is led by a Commissioner appointed to a five-year term and is supported by a single Deputy Commissioner and four chiefs overseeing taxpayer services, compliance, operations, and information technology. The IRS is a government entity and does not trade publicly; it is part of the U.S. Department of the Treasury.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
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Public Administration | - | $9.99 | Lorem Ipsum | Jan 0000 |
Property Taxes
| Parcel Number | 0708I-02-003.000 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $135,786 |
Property Taxes
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11309 Old Highway 49
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