Historic Mixed-Use Property in
For Sale
$429,000
121 Front St, Forest, MS 39074
Restored mixed-use property with warehouse and fenced storage in Forest, MS.
Property Size6,800 SF
Lot Size0.67 Acres
Price / SF$63.09
Days on Market241
Property Features for 121 Front St
General Information
Standard status
Active
Size
6,800 SF
Lot size
0.67 Acres
Taxes and HOA fees
Annual Taxes
$4,175
Listing Agency:
Alford Realty
(601) 469-1377
Listed By:
Matt Alford · License #B18871
(601) 469-1377
Source:
Exprealty
Added: Dec 27, 2025
Changed: Aug 24
Last Checked: Aug 24 at 11:50AM
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 Alford Realty
Investment Insights
Based on property information with market context.
Located one block south of the Scott County Courthouse at the corner of South Main Street and Front Street, this historic property offers a blend of classic charm and modern amenities suitable for various commercial uses. The property, situated on a 0.67-acre lot, includes two adjoining buildings. The east building, currently tenant-occupied, features a salon and a special events venue specializing in wedding receptions and personal gatherings. This building is well-suited for commercial, retail, or restaurant use, with two reception areas, private offices, storage, restrooms, and a kitchen. Multiple electrical meters are present, allowing for easy division into multiple commercial units. The main building, constructed in 1923, provides nearly 6,800 square feet of meticulously restored interior space. Adjoining the main building is a metal warehouse built in 1967, ideal for inventory storage or potential modification into a large gathering place or light industrial space. The western portion of the property includes over 6,000 square feet of fenced storage area, secured by a security fence. Situated across the street from two small city parks, the property is located in a pedestrian-friendly downtown area experiencing significant restoration with retail, office, and residential spaces. The City of Forest, near the geographic center of Mississippi in the Bienville National Forest, is 35 minutes from Jackson Medgar Evers International Airport and 40 minutes from downtown Meridian.
Key Highlights
- Meticulously restored historic building (built in 1923) with exposed brick, heart of pine beams and flooring, offering approximately 6,800 sq ft of interior space.
- Located in a pedestrian‑friendly downtown area undergoing dramatic restoration with retail, office, and residential spaces.
- Versatile property suitable for commercial, retail, or restaurant use, with potential for multiple commercial units due to multiple electrical meters.
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
$36,889
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
8.60%
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%
$737,780
$737.8K
Cap Rate 7%
$526,986
$527.0K
Cap Rate 9%
$409,878
$409.9K
Market Conditions
NOI Build-Up for 6,800 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
$44.9K $6.60/SF
− Vacancy
−$1.5K −$0.22/SF
EGI
$43.4K $6.38/SF
− OpEx
−$6.5K −$0.96/SF
NOI
$36.9K $5.42/SF
Area
Scott County, MS
Vacancy
3.30%
Lease Rate
$6.60 /SF/Yr
Expense Ratio
15.00%
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%
$737,780
Cap Rate 7%
$526,986
Cap Rate 9%
$409,878
Alternative Uses
Best Use
Specialty Retail
$1.08M
$944.8K – $1.26M
NOI $75,582 @ 7.0% cap · market cap 17.62%
Second Best
Retail
$962.9K
$842.5K – $1.12M
NOI $67,402 @ 7.0% cap · market cap 15.71%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,567 @ 7.0% cap · market cap 19.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 39074, MS
14,552
Population
6,222
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
75%
High-School Grad
277.4 sq mi
ZIP Area
52
Density / Sq Mi
$46,890
Median Household Income
$31,378
Median Earnings
$795
Median Rent
$114,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored mixed-use property with warehouse and fenced storage in Forest, MS.
Where is this mixed-use property located?
The property is located at 121 Front St Forest, MS.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Meticulously restored historic building (built in 1923) with exposed brick, heart of pine beams and flooring, offering approximately 6,800 sq ft of interior space.; Located in a pedestrian‑friendly downtown area undergoing dramatic restoration with retail, office, and residential spaces.; Versatile property suitable for commercial, retail, or restaurant use, with potential for multiple commercial units due to multiple electrical meters.
