Renovated Mixed-Use Building on
For Sale
Contact for pricing
2018 Hardy St, Hattiesburg, MS 39401
Fully occupied, renovated mixed-use building with office and Airbnb units.
Property Size4,665 SF
Price / SF$182.21
Days on Market173
Property Features for 2018 Hardy St
General Information
Standard status
Active
Size
4,665 SF
Property subtype
Mixed Use, Office
Zoning
B-3
Occupancy
100%
Building Details
Year Built
1985
Year Renovated
2019
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Gulf States Commercial Properties, LLC
(601) 297-1780
Listed By:
Joshua Blackledge, CCIM · License #22495
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 10 at 12:58PM
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 Gulf States Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This recently renovated, fully occupied mixed-use building features two professional office suites and two Airbnb units. The property benefits from its prominent frontage on Hardy Street, with a traffic count of approximately 17,000 cars per day, providing excellent visibility and accessibility. Situated on Hardy Street in Hattiesburg, the location offers strong visibility along a major commercial corridor and quick access to Highway 49. The property is located minutes from The University of Southern Mississippi, which supports steady demand from students, visitors, and local businesses. The surrounding area includes retail, dining, and service amenities, enhancing convenience and tenant appeal. The building has a total size of 4,665 square feet.
Key Highlights
- Fully occupied mixed‑use building featuring professional office suites and Airbnb units.
- Prominent Hardy Street frontage with high traffic count (+/-17,000 cars/day) offering excellent visibility.
- Recently renovated.
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
$39,298
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
4.62%
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%
$785,960
$786.0K
Cap Rate 7%
$561,400
$561.4K
Cap Rate 9%
$436,644
$436.6K
Market Conditions
NOI Build-Up for 4,665 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
$67.2K $14.40/SF
− Vacancy
−$14.8K −$3.17/SF
EGI
$52.4K $11.23/SF
− OpEx
−$13.1K −$2.81/SF
NOI
$39.3K $8.42/SF
Area
Forrest County, MS
Vacancy
22.00%
Lease Rate
$14.40 /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%
$785,960
Cap Rate 7%
$561,400
Cap Rate 9%
$436,644
Alternative Uses
Best Use
Office B
$561.4K
$491.2K – $655.0K
NOI $39,298 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$372.7K
$326.1K – $434.8K
NOI $26,088 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$767.7K
$671.8K – $895.7K
NOI $53,741 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,545
Businesses Nearby
Explore this area
Business Placement
Demographics for 39401, MS
43,183
Population
20,232
Households
2.1
Avg Household Size
32
Median Age
28%
College-Educated
89%
High-School Grad
188.9 sq mi
ZIP Area
229
Density / Sq Mi
$40,287
Median Household Income
$25,697
Median Earnings
$932
Median Rent
$120,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied, renovated mixed-use building with office and Airbnb units.
Where is this mixed-use property located?
The property is located at 2018 Hardy St Hattiesburg, MS.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fully occupied mixed‑use building featuring professional office suites and Airbnb units.; Prominent Hardy Street frontage with high traffic count (+/-17,000 cars/day) offering excellent visibility.; Recently renovated.
