Former Restaurant Approved for
For Sale
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1644 PASS RD, Biloxi, MS 39531
4,898 SF property approved for gas station repurposing.
Property Size4,898 SF
Price / SF$204.16
Days on Market103
Property Features for 1644 PASS RD
General Information
Standard status
Active
Size
4,898 SF
Property subtype
Retail
Zoning
COMMERCIAL
Investment Type
Redevelopment
Building Details
Year Built
1991
Stories
1
Units
1
Listing Agency:
Latitude Realty
Listed By:
Matthew Carpenter · License #995714587
Source:
Crexi
Added: May 19
Changed: Aug 26
Last Checked: Aug 25 at 11:45PM
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 Latitude Realty
Investment Insights
Based on property information with market context.
This 4,898 square foot property is approved by the city to be repurposed into a gas station. Architectural plans have been created and are being finalized. Previously a McDonald's restaurant, the owner, a gas station developer, is willing to sell the property as is or complete the build. The property is located at 1644 PASS RD, BILOXI, MS 39531.
Key Highlights
- City approved for repurposing to a gas station.
- Architectural plans created and being finalized for gas station conversion.
- Owner is a gas station developer and willing to sell as‑is or complete the build.
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
$54,642
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
5.46%
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%
$1,092,840
$1.1M
Cap Rate 7%
$780,600
$780.6K
Cap Rate 9%
$607,133
$607.1K
Market Conditions
NOI Build-Up for 4,898 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
$78.2K $15.96/SF
− Vacancy
−$5.3K −$1.09/SF
EGI
$72.9K $14.87/SF
− OpEx
−$18.2K −$3.72/SF
NOI
$54.6K $11.16/SF
Area
Harrison County, MS
Vacancy
6.80%
Lease Rate
$15.96 /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%
$1,092,840
Cap Rate 7%
$780,600
Cap Rate 9%
$607,133
Alternative Uses
Best Use
Specialty Retail
$780.6K
$683.0K – $910.7K
NOI $54,642 @ 7.0% cap · market cap 5.46%
Second Best
Retail
$629.2K
$550.6K – $734.1K
NOI $44,046 @ 7.0% cap · market cap 4.40%
Theoretical Best
Healthcare Medical
$789.1K
$690.4K – $920.6K
NOI $55,235 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 39531, MS
19,965
Population
9,660
Households
2.1
Avg Household Size
36
Median Age
34%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
3,025
Density / Sq Mi
$54,599
Median Household Income
$37,293
Median Earnings
$1,066
Median Rent
$193,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - 4,898 SF property approved for gas station repurposing.
Where is this gas station located?
The property is located at 1644 PASS RD Biloxi, MS.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: City approved for repurposing to a gas station.; Architectural plans created and being finalized for gas station conversion.; Owner is a gas station developer and willing to sell as‑is or complete the build.
