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    Pasture Land Parcel with Cattle Pond Title is generated by Realmo AI

    1015 Highway 51, Summit, MS 39666

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    For Sale
    $139,900

    LAND - Summit, MS

    Lot size:
    12.22 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 1015 Highway 51

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    712720
    Lot size
    12.22 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    TCT IN S1/2 SE1/4 W/S OF HWY 5 1 B 509 P 491 03/12/2008

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer

    We can help!

    Listing Contact
    Blake Sasser

    Listing agent Blake Sasser License #S-52540

    Listing office Southern Oaks RE Properties LLC 105 Mullens Drive Ste A, Brookhaven, MS

    Listing date Jun 4, 2026

    MLS# 4151593 Listing URL

    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.

    HighLights

    • 12.22 +/- acre parcel with open, usable pasture for residential, agricultural, or development use
    • Paved asphalt drive to a large paved parking area and former home site
    • One‑car garage wired for electricity; could be repurposed with TLC into a workshop, guest suite, or part of a new build
    • City sewer runs through the property, supporting development potential despite being just outside Summit city limits
    • Mostly intact perimeter barbed wire fence and remnants of cross‑fencing
    • Scenic cattle pond at the rear stocked with fish (mostly bream)

    Overview

    This 12.22+/- acre parcel features open, usable pasture with remnants of cross-fencing and a mostly intact perimeter barbed wire fence. A paved asphalt drive leads to a large paved parking area and the former home site. Just behind the parking area sits a one-car garage wired for electricity that could be refreshed for a workshop, guest suite, or as part of a new build. At the rear of the property is a scenic cattle pond stocked with fish, described as mostly bream.

    The property is outside Summit city limits while city sewer runs through the land, supporting development flexibility. It is located on well-traveled Highway 51, with access positioned for convenient arrivals and departures. The listing notes the site is only minutes from the I-55 exit 20.

    With existing paved improvements, open pasture, and a pond setting, this property may fit buyers looking for a multi-use rural tract—whether for residential development, agricultural use, or a project that benefits from both utility availability and usable outdoor space. The garage and former home site can serve as starting points for buyers planning light renovations or future construction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Pike
    State
    Mississippi
    Longitude
    -90.468446
    Latitude
    31.292189

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Open pasture with a stocked cattle pond and existing paved access, suited for residential, agricultural, or development use.
    Where is this agricultural land / farmland located?
    The property is located at 1015 Highway 51 Summit, MS.
    What is the asking price?
    The asking price for this property is $139,900.
    What are key features of this property?
    This property features: 12.22 +/- acre parcel with open, usable pasture for residential, agricultural, or development use; Paved asphalt drive to a large paved parking area and former home site; One‑car garage wired for electricity; could be repurposed with TLC into a workshop, guest suite, or part of a new build
    (601) 757-5027
    We can help!
    Listing Contact
    Blake Sasser
    Real Estate License ID: S-52540
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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