Restaurant with Dedicated Two-Side
For Sale
Contact for pricing
1223 Government St, Ocean Springs, MS 39564
Former Phoenicia Gourmet restaurant space with dedicated parking on two sides and approximately 4,400 SF of area.
Property Size4,400 SF
Price / SF$340.91
Days on Market300
Property Features for 1223 Government St
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Retail
Building Details
Year Built
1955
Year Renovated
2006
Buildings
1
Stories
1
Listing Agency:
T.L. Brown Properties
Listed By:
Brandon Brown · License #MS B-18800
(601) 981-1170
Source:
Crexi
Added: Nov 17, 2025
Changed: Sep 11
Last Checked: Sep 13 at 5:31AM
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 T.L. Brown Properties
Investment Insights
Based on property information with market context.
This restaurant space was formally occupied by the well-known Phoenicia Gourmet restaurant, which operated on-site for decades. The property offers approximately 4,400 SF and includes its own dedicated parking on two sides.
Located at 1223 Government St in Downtown Ocean Springs, the site is positioned for visibility and convenient access from surrounding activity in the area.
With dedicated parking and an existing restaurant history, the property can be a straightforward fit for an operator seeking an in-town location and easy customer access.
Located at 1223 Government St in Downtown Ocean Springs, the site is positioned for visibility and convenient access from surrounding activity in the area.
With dedicated parking and an existing restaurant history, the property can be a straightforward fit for an operator seeking an in-town location and easy customer access.
Key Highlights
- Approximately 4,400 SF restaurant space
- Formerly occupied by Phoenicia Gourmet restaurant (decades)
- Dedicated parking on two sides
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
$65,060
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
4.34%
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%
$1,301,200
$1.3M
Cap Rate 7%
$929,429
$929.4K
Cap Rate 9%
$722,889
$722.9K
Market Conditions
NOI Build-Up for 4,400 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
$94.0K $21.36/SF
− Vacancy
−$7.2K −$1.64/SF
EGI
$86.7K $19.72/SF
− OpEx
−$21.7K −$4.93/SF
NOI
$65.1K $14.79/SF
Area
Jackson County, MS
Vacancy
7.70%
Lease Rate
$21.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,301,200
Cap Rate 7%
$929,429
Cap Rate 9%
$722,889
Alternative Uses
Best Use
Specialty Retail
$929.4K
$813.3K – $1.08M
NOI $65,060 @ 7.0% cap · market cap 4.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,142 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,038
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39564, MS
42,539
Population
18,908
Households
2.2
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
53.3 sq mi
ZIP Area
798
Density / Sq Mi
$77,300
Median Household Income
$43,754
Median Earnings
$1,314
Median Rent
$220,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Broome's Inc — 1801 Government St, Ocean Springs, MS 39564
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Former Phoenicia Gourmet restaurant space with dedicated parking on two sides and approximately 4,400 SF of area.
Where is this conventional restaurant located?
The property is located at 1223 Government St Ocean Springs, MS.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 4,400 SF restaurant space; Formerly occupied by Phoenicia Gourmet restaurant (decades); Dedicated parking on two sides
