Contacts

Matthew Levin, CCIM

SVN | Interstate Brokers

Property Details

Property Type Office - General Office
Property Size 10,905 SF
Lot Size 2.6 Acre
Additional Rent Contact for pricing
Building Class B
Year Built 2007
Year Renovated 2023
Date Updated Oct 30, 2024

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.The single tenant leased office investment is a build to suit for the Internal Revenue Service serving as a Taxpayer Assistance Center (TAC), one of more than 400 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: December 4, 2021 to December 3, 2031. The renovation costs plus interest are repaid to the landlord amortized over the lease term, and with interest added will total $483,000. 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 Gulfport site may be expanded.

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Highlights

10,905 SF IRS Taxpayer Assistance Center
Single story brick built 2007 renovated 2023
7.19% cap rate 2023 projected
7.86% cap rate 2024 projected
$458,000 renovation completed 2023
$483,000 reimbursement to landlord over firm term
10 year term through 12/3/2031
8 years firm term through 12/3/2029
Rent escalation last 2 years of term
Operating expense reimbursement and formula increases
Increases of property taxes over a base year reimbursement

Attachments

Sales Offering Gulfport IRS sep2023.pdf (PDF) opens in new window

Getting around

40/100
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36/100
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Location

City Gulfport, MS
Zip Code 39503

Points of Interest

Gulfport (opens February 2025)

5.62 miles

Walmart

0.28 miles
Sam's Club

0.87 miles
Shell

1.64 miles
Exxon

2.44 miles
Kangaroo Express

2.45 miles
Pilot

2.81 miles
Clark's

4.97 miles

IVCR Employee parking

6.02 miles
Lofty Lot

6.96 miles
Tennis Court Parking Lot

6.97 miles
Hardy Hall Parking Lot

7.02 miles
Stadium Parking

8.69 miles
Student Parking

8.70 miles

Sleep Inn & Suites Gulfport

1.01 miles
Hampton Inn & Suites

1.10 miles
Home2 Suites

1.16 miles
SpringHill Suites

1.19 miles
Holiday Inn Gulfport-Airport

1.72 miles
Best Western Plus Seaway Inn

1.76 miles
Clarion Inn

1.81 miles
Quality Inn Gulfport

1.85 miles
Super 8

1.95 miles
Motel 6 Gulfport

1.98 miles

Walmart Neighborhood Market

0.20 miles
Winn-Dixie

0.40 miles
Food Giant

0.60 miles
Belk

0.93 miles
TJ Maxx

1.12 miles
Ross

1.19 miles
Gulfport Premium Outlets

1.46 miles
Walmart Supercenter

2.06 miles
Save-A-Lot

4.89 miles
JCPenney

7.81 miles

In-Depth Research Available for this Property

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Map of Property

11309 Old Highway 49