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Views: 78 DOM: 232 Updated: 10.04.24 Posted: 05.09.24 Status: Active

Summary

Price $1,841,000
Built/Renov 2003
Tenant Social Security Administration
Cap Rate 7.75%
Lease Type Modified Gross
Guarantor Corp Rated
Size/SF 6,700
Lease Start 09-01-2024
#Units 1,318
Price/SF $274.78
Expiration 08-31-2034
Tenant Type Government
NOI $142,665
R. Term 9.8
Ownership Fee Simple
Rent/SF $21.29
Increases 10.0%/6/yrs
Pop 5Mi 13,749
Lot/AC 2.44
Options 0/0yrs
AHHI 5Mi $63,176

Lease Highlights

  • Social Security Administration (SSA) recently executed a brand new 10-year lease 
  • The lease features 10% rental increases throughout the initial term starting year 6
  • New HVAC and landlord-controlled thermostats
  • Backed by U.S. Government (S&P: AA+)

Location Description

Social Security Administration field office is strategically located on Veterans Memorial Drive. This single-tenant facility, built-to-suit in 2003, consists of 6,700 rentable square feet and 38 parking stalls. The site includes 2.44 acres and is a busy facility with the nearest SSA office over 35 miles in Philadelphia, MS. The 5-mile trade area is supported by a population of 13,749 residents...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Social Security Administration
  • Guarantor:Corp Rated
  • Company:U.S. Federal Government
  • # Units:1,318
  • Tenant S&P: AA+
  • Moody’s: Aaa
  • Stock:Private

About Tenant

The United States Social Security Administration (SSA) is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 2,998 8,294 9,488
2024 Total Population : 3,034 8,460 9,701
2024 Employed Civilian Pop : 1,290 3,435 3,972
2024 Total Businesses : 224 479 486
2024 Average Household Income : $ 71,408 $ 65,725 $ 68,278
2024 Total Consumer Spending : $ 75 M $ 189 M $ 230 M
2024 Median Age : 36 38 39
2024 Total Households : 1,181 3,188 3,724
2024 Pop Age 25+: Bachelor's Degree : 249 737 872
2024 Average Home Value : $ 204,803 $ 166,171 $ 168,022
*ESRI data is presented for informational purposes only

Listing Broker

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