316 Hardy StHattiesburg, MS 39401

Property Details for 316 Hardy St

Year built

1937

Construction

WOOD

Property size (Sq ft)

1,890 SF

Property type

Retail properties

Property subtype

Retail space

APN

2-029O-10-042.00

APU

2029O1004200

Description

This exceptional 3,801 square foot freestanding retail building, situated on a 0.15-acre lot in Forrest County, presents a unique investment opportunity. Built in 1937, the single-story structure is currently vacant, offering a blank canvas for a new tenant or owner-occupier. The property's single-tenant occupancy history simplifies management and leasing efforts. While the building is in need of some improvements, a proposed new roof is planned, and tenant improvement allowances are negotiable, potentially including rent abatement. This flexibility allows for customization to suit a variety of retail concepts. The property's location on Hardy Street offers excellent visibility and accessibility. The sale is contingent upon the closing of an existing purchase agreement by December 31, 2024, and the planned vacation of the current lessee. This presents a chance to acquire a well-positioned retail space at a potentially advantageous price point, allowing for significant value-add potential through renovations and lease-up. The property's size and location make it ideal for a variety of retail uses, from small businesses to larger operations seeking a high-visibility location. Serious inquiries are encouraged to explore this promising investment opportunity. The total building square footage is 3,801 square feet, with the entire space currently vacant.

• CAP approach

  CAP return

  Valuation

  6%

  $440,587

  6.5%

  $406,696

  7%

  $377,646

• Comparable approach

  Method

  Valuation

  Relative Method

  $363,311

  Geo Method

  $338,587

• Alternative Use

  Use

  Valuation

  Residential

  $343,063

  Hospitality

  $314,244

  Educational

  $261,447

  Medical

  $270,439

  Retail

  $406,696

Location Insight

City

Hattiesburg

County

Forrest

State

Mississippi

Latitude

31.3246

Longitude

-89.2966

CBSA code

25620

CBSA name

HATTIESBURG, MS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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