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199 Saddle Creek Dr 14,700 SF Office Building Tupelo, MS 38801 $5,640,000 ($383.67/SF) 8.50% Cap Rate
Investment Highlights
- First Generation Lease
- Build-to-suit in 2006
- Busy Facility Serving all of Lee County
- U.S. Government Credit
- Economic Hub of Northern Mississippi
- Next Closest SSA is over 48 Miles
Executive Summary
The Ficke Team of Colliers is pleased to present to qualified investors the opportunity to acquire the Social Security Administration (SSA) located at 199 Saddle Creek Drive, Tupelo, Mississippi.
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This single-tenant property was build-to-suit for the GSA in 2006 and consists of a 14,700 rentable square-foot office building that includes eighty (80) parking spaces on 3.76 acres. The property is encumbered by the first generation, 20-year gross lease, which was recently extended for five (5)-years firm term, expiring August 22, 2031. This building is in the process of substantial capital investment including new paint and carpet throughout, and improvements to the landscape and parking lot.
This is a busy facility that serves all of Lee County, with convenient access from Highway 45. The next closest Social Security Administration is over 48 miles in Corinth, MS. This investment provides investors with long-term cash flow backed by the full faith and credit of the U.S. Federal Government (AA+ S&P credit rating).
Tupelo is a city in the county seat of Lee County, Mississippi. Tupelo is the seventh most populous city in Mississippi and is considered a commercial, industrial, and cultural hub of North Mississippi. The city has also attracted manufacturing, retail, and distribution operations. Recently, Tupelo has become a strong tourism and hospitality sector based around the Elvis Presley birthplace and Natchez Trace historic forest trail.
???????
This single-tenant property was build-to-suit for the GSA in 2006 and consists of a 14,700 rentable square-foot office building that includes eighty (80) parking spaces on 3.76 acres. The property is encumbered by the first generation, 20-year gross lease, which was recently extended for five (5)-years firm term, expiring August 22, 2031. This building is in the process of substantial capital investment including new paint and carpet throughout, and improvements to the landscape and parking lot.
This is a busy facility that serves all of Lee County, with convenient access from Highway 45. The next closest Social Security Administration is over 48 miles in Corinth, MS. This investment provides investors with long-term cash flow backed by the full faith and credit of the U.S. Federal Government (AA+ S&P credit rating).
Tupelo is a city in the county seat of Lee County, Mississippi. Tupelo is the seventh most populous city in Mississippi and is considered a commercial, industrial, and cultural hub of North Mississippi. The city has also attracted manufacturing, retail, and distribution operations. Recently, Tupelo has become a strong tourism and hospitality sector based around the Elvis Presley birthplace and Natchez Trace historic forest trail.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
14,700 SF
Building Class
B
Year Built
2003
Price
$5,640,000
Price Per SF
$383.67
Cap Rate
8.50%
NOI
$479,377
Tenancy
Single
Building Height
1 Story
Typical Floor Size
14,700 SF
Building FAR
0.09
Lot Size
3.76 AC
Zoning
C1 - Commercial
Parking
60 Spaces (4.08 Spaces per 1,000 SF Leased)
1 1
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 077N-35-028-09 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $204,234 |
Property Taxes
Parcel Number
077N-35-028-09
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$204,234
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