Building Details

Buildings 1

Tenancy Multi

Listing Agency: Prosper Realty Show Phone

Listed By: Jo J Wedgeworth Show Phone

Source: Insightgroupms

Added: Oct 30 Last Checked: Oct 30 at 2:47PM

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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 Prosper Realty

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Investment Insights

Based on property information with market context.

This 5,600-square-foot mixed-use building sits on approximately 0.78 acres at a corner on Lorraine Road. Its three tenants are a convenience store, a full-service Mexican restaurant, and a barber shop. The property is fully leased and has a metal roof, with interior and operational improvements also in place.

Two underground fuel tanks, each with an 8,000-gallon capacity, have recently passed environmental testing. Future gas station operations would require applicable permits and approvals.

Key Highlights

• Fully leased to a convenience store, full‑service Mexican restaurant, and barber shop
• 5,600‑square‑foot building on approximately 0.78 acres
• Corner location on Lorraine Road

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$50,359

Cap Rate

7.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,007,180 $1.0M

Cap Rate 7%

$719,414 $719.4K

Cap Rate 9%

$559,544 $559.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,600 SF

Gross rent

$78.6K $14.04/SF

− Vacancy

−$6.7K −$1.19/SF

EGI

$71.9K $12.85/SF

− OpEx

−$21.6K −$3.85/SF

NOI

$50.4K $8.99/SF

Area

Harrison County, MS

Vacancy

8.50%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,007,180

Cap Rate 7%

$719,414

Cap Rate 9%

$559,544

Alternative Uses

Best Use

Specialty Retail

$892.5K

$780.9K – $1.04M (±1% cap)

NOI $62,474 @ 7.0% cap · market cap 9.26%

Second Best

Retail

$719.4K

$629.5K – $839.3K (±1% cap)

NOI $50,359 @ 7.0% cap · market cap 7.46%

Theoretical Best

Healthcare Medical

$902.2K

$789.4K – $1.05M (±1% cap)

NOI $63,151 @ 7.0% cap · market cap 9.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Creative Hair Care Hair Salon Woolmarket Grocery Grocery & Convenience Store Pioneer Stucco General Contractor Sky Dry Cleaners ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Electrical Service Law Firm Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

72

Businesses Nearby

11k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Family Dollar Shops & Services

5,857 visits/mo 0.3 miles

Dollar General Shops & Services

5,011 visits/mo 0.3 miles

Demographics for 39532, MS

34,348

Population

15,466

Households

2.2

Avg Household Size

39

Median Age

26%

College-Educated

86%

High-School Grad

82.2 sq mi

ZIP Area

418

Density / Sq Mi

$65,892

Median Household Income

$40,751

Median Earnings

$1,098

Median Rent

$227,400

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The occupied building combines convenience retail, a Mexican restaurant, and a barber shop under one roof.

Where is this mixed-use property located?

The property is located at 12874 Lorraine Road Biloxi, MS.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: Fully leased to a convenience store, full‑service Mexican restaurant, and barber shop; 5,600‑square‑foot building on approximately 0.78 acres; Corner location on Lorraine Road