Turn-Key Hospitality + Retail OZ Investment

Retail-Commercial for Sale
Also listed as Multi-Family, Hospitality
Catylist Listing ID: 30867758
Property Subtypes: Convenience Store, Free-Standing Building, Mixed Use, Parking Facility, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 53,922 SF
Gross Building Area: 72,787 SF
Gross Land Area: 42,900 SF
Sale Price: $4,750,000
Unit Price: $88.09 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User, Business
Building Name: The Lofts at 517
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Average Occupancy Rate: 100
Last Updated: 4/9/2024

Overview / Comments

The McEnery Company is proud to present the 509-25 Washington Avenue, an impeccably restored mixed-use property, along with profitable a business and all FF&E, available for sale. Priced at only fraction of replacement cost, this unique offering features a tax-advantaged location, stable existing cash flow, and the ability to immediately add value by capturing operational upside for a double digit un-leveraged capitalization rate return.

The 72,787 square foot assemblage includes a contiguous row of four (4) impeccably restored historic commercial buildings, including a 1940's-era Sears Roebuck Department Store, that were thoughtfully reimagined in 2017 featuring a complimentary mixture of 25,922 ground-floor retail, 28 loft-style hotel rooms and apartments.

The subject property is located in Greenville, MS, the capital of the Mississippi Delta. Washington Avenue is the primary thoroughfare and the core of the
Downtown Historic District. The entire downtown core is within a Qualified Federal Opportunity Zone, a rapidly growing market amid a surge of recent public and private investment.

Attachments & Media

Additional Details

Nearest MSA: Greenville
County: Washington
Taxing Authority: Washington County Assessor's Office
Tax ID/APN: 05923-01-002000
Zoning: C-3, CENTRAL BUSINESS DISTRICT
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation, Convention, Casino, Other
Property Visibility: Excellent
Feet of Frontage: 195
Tenancy: Multiple Tenants
Total Number of Buildings: 4
Number of Stories: 3
Typical SF / Floor: 36,836 SF
Property Condition: Excellent
Year Built: 1940
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Brick
Total Parking Spaces: 50
Parking Type: Structure, Surface
Passenger Elevators: 1
Freight Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Fiber Optic
Zoning Description: C-3, Central Business District
Lot Frontage: 155
Lot Depth: 220
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,138 27,507 35,022
Median Age: 32 34.26 34.92
Households: 2,233 9,972 12,908

Contact

Photograph of Listing Agent

S. Parkerson McEnery

The McEnery Company Inc
Mandeville, LA
LACDB Member
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