Historic Wedding
For Sale
$2,150,000
120 W Scenic Dr, Pass Christian, MS 39571
Antebellum estate with event spaces, guest suites, commercial kitchen, and mixed commercial-residential zoning.
Property Size9,359 SF
Price / SF$229.73
Days on Market41
Property Features for 120 W Scenic Dr
General Information
Standard status
Active
Size
9,359 SF
Zoning
T4+
Amenities
commercial grade kitchen
formal parlor
formal dining room
breakfast room
den
spacious office
five private bedroom suites
grand ballroom with 17-foot hand-carved bar
wraparound porches
massive back patio with gazebo
lush landscaping
fountains
state of the art security system
adjacent to Pass Christian Harbor
direct maritime access
Building Details
Year Built
1848
Buildings
1
Stories
2
Building Size
9,359 SF
Construction
West Indies style Antebellum
Listing Agency:
HL Raymond Properties, LLC
(601) 569-6099
Listed By:
Holly Lemoine Raymond · License #B21359
Source:
Fiorellaavenue
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HL Raymond Properties, LLC
Investment Insights
Based on property information with market context.
The Blue Rose is a circa 1848 estate encompassing approximately 9,359 square feet and recognized by the National Historic Trust. Its layout combines hospitality, residential, and event functions, with a commercial-grade kitchen, formal parlor and dining room, breakfast room, den, office, five bedroom suites with private baths, and an upper-level ballroom. The ballroom includes a 17-foot hand-carved bar and two half baths.
A restoration completed in the mid 2000s updated the electrical, plumbing, and HVAC systems while adding a second-floor kitchen, reading nook, and laundry/mechanical area. Wraparound porches extend across both levels, while the rear patio, gazebo, fountains, landscaping, sprinkler system, and security system support the property's event and guest-oriented configuration. The estate is adjacent to the Pass Christian Harbor and offers direct maritime access. Its T4+ Commercial and Residential Zoning supports both commercial and residential use.
A restoration completed in the mid 2000s updated the electrical, plumbing, and HVAC systems while adding a second-floor kitchen, reading nook, and laundry/mechanical area. Wraparound porches extend across both levels, while the rear patio, gazebo, fountains, landscaping, sprinkler system, and security system support the property's event and guest-oriented configuration. The estate is adjacent to the Pass Christian Harbor and offers direct maritime access. Its T4+ Commercial and Residential Zoning supports both commercial and residential use.
Key Highlights
- Wedding venue with approximately 9,359 square feet
- T4+ Commercial and Residential Zoning
- Five private bedroom suites, each with its own bath
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
$66,332
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
3.09%
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%
$1,326,640
$1.3M
Cap Rate 7%
$947,600
$947.6K
Cap Rate 9%
$737,022
$737.0K
Market Conditions
NOI Build-Up for 9,359 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
$117.9K $12.60/SF
− Vacancy
−$11.8K −$1.26/SF
EGI
$106.1K $11.34/SF
− OpEx
−$39.8K −$4.25/SF
NOI
$66.3K $7.09/SF
Area
Harrison County, MS
Vacancy
10.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,326,640
Cap Rate 7%
$947,600
Cap Rate 9%
$737,022
Alternative Uses
Best Use
Mixed Use
$947.6K
$829.2K – $1.11M
NOI $66,332 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.51M
$1.32M – $1.76M
NOI $105,541 @ 7.0% cap · market cap 4.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 39571, MS
14,892
Population
6,790
Households
2.2
Avg Household Size
44
Median Age
33%
College-Educated
92%
High-School Grad
86.0 sq mi
ZIP Area
173
Density / Sq Mi
$64,469
Median Household Income
$41,696
Median Earnings
$1,004
Median Rent
$233,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Antebellum estate with event spaces, guest suites, commercial kitchen, and mixed commercial-residential zoning.
Where is this wedding venue located?
The property is located at 120 W Scenic Dr Pass Christian, MS.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Wedding venue with approximately 9,359 square feet; T4+ Commercial and Residential Zoning; Five private bedroom suites, each with its own bath
