310 S 16th Avenue, Laurel, MS 39440
$1,556,000
Property Type:
Commercial Sale
Baths:
2
Square Footage:
4,856
Lot Size (sq. ft.):
21,780
Status:
Active
Current Price:
$1,556,000
List Date:
1/24/2024
Last Modified:
1/24/2024
Description
We are pleased to present this exceptional investment opportunity in a highly sought-after location. This property is currently fully occupied by a single-use tenant, offering stability and reliability for investors. The lease, with a term of 7 years and 5 and a half years remaining, showcases an average capitalization rate (cap rate) of 6% over the initial term. Additionally, the lease features 2% annual rent escalations throughout both the base and option terms. This structure not only ensures increased overall cash flows but also provides a substantial safeguard against inflation, enhancing the long-term value of your investment.
The property .83 acres, boasts 50 parking spaces and a prominent monument sign, adding to its visibility and accessibility. Located within clear sight of I55, which sees traffic counts exceeding 75,000 vehicles per day (VPD), and 16th Ave with 31,000 VPD, the site benefits from high exposure and easy access.
Significantly, the property is strategically positioned near major employment hubs and development projects, amplifying its value. Sanderson Farms, just .6 miles away, employs approximately 2,000 staff in their headquarters and production facilities. Masonite Industries, located 1.8 miles from the site, has around 600 employees. Moreover, the South Central Medical Center, only .33 miles away, is undergoing a massive $35M expansion, signaling growing economic activity in the area.
The location is further bolstered by the presence of 7 hotels, encompassing 400 rooms, all within a quarter-mile radius. This concentration of hospitality options speaks to the area's appeal to both business and leisure visitors, potentially increasing customer footfall to the site.
This commercial real estate listing represents not just a purchase, but an investment in a dynamic and growing area, promising substantial returns and stability. Contact us to discover more about how this property can be a valuable addition to your portfolio.
More Information MLS# 4068824
Address and Location Information
Street Number: 310
Street Direction: S
Street Name: 16th
Street Suffix: Avenue
County: Jones
State: MS
Zip Code: 39440
Parcel Number: 119f-01-07-002.00
Subdivision: Metes And Bounds
Community Of: N/A
Listing Information
Status: Active
List Date: 2024-01-23
List Price: $1,556,000
Current Price: $1,556,000
Property Sub Type: Special Purpose
Listing Service: Full Service
New Construction: No
Never Occupied: No
Co-Op and Commission Information
Buyer Agency Compensation: 3
Buyer Agency Comp Type: %
General Property Information
Approx Lot Size Acres: 0.5
Approx H/C SqFt: 4856
SqFt Source: Owner
List Price/SqFt: 320.43
Divisible: No
Year Built: 2015
Year Built Source: Owner
Total Floors: 1
Bathrooms Total: 2
Bathrooms Full: 2
Fireplace: No
Accessibility Features: Yes
Tax and Financial Information
Tax Annual Amount: 21448
Tax Year: 2023
Flood Insurance Required?: No
Leasehold Y/N: No
16th Section: No
Sold In Previous 12 Months: No
Association: No
Legal Description: 1-8-12 A LOT IN NE SE ON 16TH AVE LESS 10' STRIP TO HWY DEPT (310 & 306 S 16TH AVE - I HOP)
Remarks & Miscellaneous
Public Remarks: We are pleased to present this exceptional investment opportunity in a highly sought-after location. This property is currently fully occupied by a single-use tenant, offering stability and reliability for investors. The lease, with a term of 7 years and 5 and a half years remaining, showcases an average capitalization rate (cap rate) of 6% over the initial term. Additionally, the lease features 2% annual rent escalations throughout both the base and option terms. This structure not only ensures increased overall cash flows but also provides a substantial safeguard against inflation, enhancing the long-term value of your investment.
The property .83 acres, boasts 50 parking spaces and a prominent monument sign, adding to its visibility and accessibility. Located within clear sight of I55, which sees traffic counts exceeding 75,000 vehicles per day (VPD), and 16th Ave with 31,000 VPD, the site benefits from high exposure and easy access.
Significantly, the property is strategically positioned near major employment hubs and development projects, amplifying its value. Sanderson Farms, just .6 miles away, employs approximately 2,000 staff in their headquarters and production facilities. Masonite Industries, located 1.8 miles from the site, has around 600 employees. Moreover, the South Central Medical Center, only .33 miles away, is undergoing a massive $35M expansion, signaling growing economic activity in the area.
The location is further bolstered by the presence of 7 hotels, encompassing 400 rooms, all within a quarter-mile radius. This concentration of hospitality options speaks to the area's appeal to both business and leisure visitors, potentially increasing customer footfall to the site.
This commercial real estate listing represents not just a purchase, but an investment in a dynamic and growing area, promising substantial returns and stability. Contact us to discover more about how this property can be a valuable addition to your portfolio.
Auction
Auction: No
Showing Requirements
Showing: Appointment Required
Appointment Phone: 228-234-5663
Basement Features
Basement: No
Property Features
Business Type: General Business; Medical; Retail
Income & Expenses: See Remarks
Current Use: Commercial
Possible Use: See Remarks
Commercial Features: ADA Qualified; Delivery Door; Dumpster; Fire Alarm; Fire Sprinkler System; Fixtures; Inside Storage; Public Restroom(s); Security System; Smoke Detector(s); Telephone System
Structure Type: See Remarks
Lot Features: See Remarks
Location: Airport 3+ Miles; Freestanding; Interstate 1 Mile or Less; Paved; US Highway
Levels: One
Square Footage Description: Retail Bldg 2500-5000 SF
Expenses Include: See Remarks
Walls - Interior: Sheetrock
Lighting: Fluorescent; Incandescent; Security; See Remarks
Flooring: Concrete
Window Features: Tinted Windows
Cooling: Electric
Sale Options: Build-Outs
Price Includes: Building and Land
Available Documents: Brochure; Drawings; Leases; Legal Description; Rent Roll; See Remarks
Approx Age Code: Under 10 Years
Listing Office: The Real Estate Group
Listing Agent: Alex Thompson
Last Updated: January - 24 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.