Grocery and Convenience Store with
For Sale
$120,000
23186 Highway 51, Crystal Springs, MS 39059
Commercial Sale, Crystal Springs, MS
Property Size2,008 SF
Lot Size1.06 Acres
Price / SF$59.76
Days on Market8
Property Features for 23186 Highway 51
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Accessibility
Accessible Approach with Ramp
Subdivision
Metes And Bounds
Lot features
Corner Lot, Level, Fenced, Corner Lot, Level, Fenced
Directions
Take the South Crystal Springs Exit and go East. Property is on the corner of Hwy 51 and S Pat Harrison Dr.
Standard status
Active
APN
1-036-35-022.00
Size
2,008 SF
Lot size
1.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT NE1/4 SW1/4 E HWY 51 AS PER DB WBS-282/ 12N-174 SEC 35-2N-2W 0307-35-17 BK WB-S PG 00/00/0000
Tax Annual Amount
816
Legal Description
LOT NE1/4 SW1/4 E HWY 51 AS PER DB WBS-282/ 12N-174 SEC 35-2N-2W 0307-35-17 BK WB-S PG 00/00/0000
Utilities
Sewer type
Septic Tank
Amenities
kitchen
eating area
walk-in cooler
multiple refrigerators and freezers
steam table
ice maker
supply room
crawfish cooking station
produce section
bait room
additional kitchen
ample counter space
restroom
new roll gate
fenced corner lot
Building Details
Year built
2003
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Cline Realty, LLC
(601) 892-5500
Listed By:
Mitzi Cline · License #S52154
(601) 421-8091
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 25 at 1:06AM
MLS# 4159639
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Red Barn is a grocery and convenience business with an approximately 1,560-square-foot main building designed for combined food service and retail use. The interior includes a kitchen, eating area, walk-in cooler, refrigerators, freezers, steam table, ice maker, supply room, crawfish cooking station, produce area, bait room, additional kitchen, counters, and restroom. An accessible approach with ramp and concrete flooring support day-to-day operation.
A separate 448-square-foot building, currently occupied by Hair It Is, adds another operating space on the property. The buildings and business are offered without the lot, which is leased by the current owner. The site is positioned at Highway 51 and S Pat Harrison Drive, just off I-55, with a fenced corner lot, parking, and a new roll gate. The property includes a metal roof and septic tank, and the main building was constructed in 2003.
A separate 448-square-foot building, currently occupied by Hair It Is, adds another operating space on the property. The buildings and business are offered without the lot, which is leased by the current owner. The site is positioned at Highway 51 and S Pat Harrison Drive, just off I-55, with a fenced corner lot, parking, and a new roll gate. The property includes a metal roof and septic tank, and the main building was constructed in 2003.
Key Highlights
- Approximately 1,560‑square‑foot main building with kitchen, eating area, restroom, and retail areas
- Food‑service equipment includes walk‑in cooler, refrigerators, freezers, steam table, and ice maker
- Crawfish cooking station, produce section, bait room, supply room, and additional kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,501
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$130,020
$130.0K
Cap Rate 7%
$92,871
$92.9K
Cap Rate 9%
$72,233
$72.2K
Market Conditions
NOI Build-Up for 2,008 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$9.9K $4.92/SF
− Vacancy
−$593 −$0.30/SF
EGI
$9.3K $4.62/SF
− OpEx
−$2.8K −$1.39/SF
NOI
$6.5K $3.24/SF
Area
Copiah County, MS
Vacancy
6.00%
Lease Rate
$4.92 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$130,020
Cap Rate 7%
$92,871
Cap Rate 9%
$72,233
Alternative Uses
Best Use
Specialty Retail
$318.8K
$279.0K – $372.0K
NOI $22,319 @ 7.0% cap · market cap 18.60%
Second Best
Retail
$284.3K
$248.8K – $331.7K
NOI $19,903 @ 7.0% cap · market cap 16.59%
Theoretical Best
Office A
$344.1K
$301.1K – $401.4K
NOI $24,086 @ 7.0% cap · market cap 20.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39059, MS
12,073
Population
5,281
Households
2.3
Avg Household Size
42
Median Age
19%
College-Educated
87%
High-School Grad
151.6 sq mi
ZIP Area
80
Density / Sq Mi
$49,191
Median Household Income
$40,275
Median Earnings
$690
Median Rent
$117,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Food and retail operation with multiple preparation, refrigeration, service, and storage areas.
Where is this grocery and convenience store located?
The property is located at 23186 Highway 51 Crystal Springs, MS.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Approximately 1,560‑square‑foot main building with kitchen, eating area, restroom, and retail areas; Food‑service equipment includes walk‑in cooler, refrigerators, freezers, steam table, and ice maker; Crawfish cooking station, produce section, bait room, supply room, and additional kitchen
