Back to your question, since you are buying the property with cash, you do not have to worry about getting a mortgage and have more options to choose from. You can buy the property under existing s-corp or establish a new one just for the property depending on what you are trying to do. If you are just trying to defer taxes on the cash generated from s-corp and do not worry about legal or future tax implications of being a landlord to your computer consulting S-corp, I believe you can buy the property under the s-corp and rent it. However, I would suggest you to do some research on LLC and open an LLC with your existing S Corp being the primary investor and buy property under LLC so that the S-corp can avoid being a landlord and pass that responsibility to the LLC and still be the investor of the property.
Disclosure: I am not an attorney or accountant but a Homebuyer waiting for a GOOD TIME TO BUY with some background in accounting and taxation.
Best to consult an attorney or accountant for this question. Beware of any agent that might try to answer it without having either of the credentials listed above. If you would like referrals to either of these, feel free to drop me a line or send me an email and I can forward them direct. Good Luck!
Jason Duval, REALTOR, CRS, ePRO
Licensed Broker in NH & MA
Keller Williams Realty