Investment For Sale-Fully Leased 7% Return
Retail-Commercial
for Sale
| Catylist Listing ID: |
30721372 |
| Property Subtypes: |
Restaurant
|
| Building Size (RSF): |
2,682 SF
|
| Gross Building Area: |
See Agent |
| Gross Land Area: |
19,166 SF
|
| Sale Price: |
$400,000 |
| Unit Price: |
$149.14 PSF |
| Property Use Type: |
Investment |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
9/1/2021 |
Overview / Comments
Retail investment with current 7.0% annual return. See Comprehensive Marketing Presentation for details, including ESRI map of fast food spending by block group in Hattiesburg & Petal. Previously Dickies BBQ restaurant located near Petal High School, building is 2,682 SF on 19,166 SF land with drive thru.
Leased to restaurant with drive thru in an area with a high propensity for spending on fast food: within a 10 minute drive time, 39% visited fast food over 9 times/month with a fast food market size of $13,000,000 spent on food away from home. Within a 3 minute drive time, average household spent $3,054 last year on food away from home.
Petal restaurant fully leased with income $3,200 monthly until lease expiration 3/31/2025. Landlord pays property taxes of $7,000 annually and hazard insurance $3,000 annually. Current gross income of $38,400 less $10,000 taxes and insurance brings net operating income of $28,400. The building and lease income are for sale, but the business is excluded.
|
Additional Details
| Nearest MSA: |
Hattiesburg |
| County: |
Forrest |
| Tax ID/APN: |
3-020N-33-044.04 |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
10,635 |
22,827 |
| Median Age: |
36.67 |
35.1 |
| Households: |
3,909 |
8,245 |
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