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    Downtown Greenwood Mixed-Use Building Title is generated by Realmo AI

    220 Howard Street, Greenwood, MS 38930

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    For Sale
    $300,000

    Prime commercial property with retail and residential potential in Greenwood.

    Type:Retail
    Property size:
    7,548 SF
    Price / SF:
    $39/SF
    Added:
    Dec 11, 2024
    Days on Market:
    540
    Last Refresh:
    May 12 at 9:51 pm

    Property Features for 220 Howard Street

    General Information

    Standard status
    Active
    Size
    7,548 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1910

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    Listing Contact
    Powers Properties

    Listing agent Powers Properties

    Listing office

    Listing date Dec 11, 2024

    Source Xome

    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 Powers Properties

    HighLights

    • Prime location in the heart of historic downtown Greenwood, near landmarks, shops, and banks.
    • Two separate retail spaces on the first floor, currently leased, offering immediate rental income potential.
    • Spacious second‑floor apartment with new windows, providing a desirable downtown living opportunity.
    • Contributing building in the Greenwood Downtown Historic District, blending historic charm with modern updates.
    • Unique architectural details including tall ceilings, modern storefront, display windows, and potentially preserved cast‑iron posts.
    • Flexible retail space leases allow for owner‑occupancy or continued rental income.

    Overview

    Located in the heart of historic downtown Greenwood, MS, this two-story commercial building offers a blend of retail and residential spaces. The property is situated near landmarks such as the Alluvian Hotel, Viking Cooking School and Retail Store, boutique shops, and banks. The first floor features two separate retail spaces, currently leased on a month-to-month basis, with the option for tenants to remain or vacate. The second floor includes a spacious apartment with new windows and potential for additional living spaces. As a contributing building in the Greenwood Downtown Historic District, this brick building combines historic significance with modern updates. Architectural details include tall ceilings, a modern glass storefront with a canvas awning, metal and glass display windows, and historic cast-iron posts. The property size is 7548 square feet. This well-maintained property is suitable for investment in Greenwood's downtown area, with its mix of rental income, residential appeal, and historic character.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Sarah's Floral Designs And Floral Shop — 728 Main St Ste B, Greenwood, MS 38930
    • Frank's Flower Shop Inc — 300 Fulton St, Greenwood, MS 38930
    • Haney's Decor and Arrangements LLC — 401 Walthall St, Greenwood, MS 38930

    Location Insight

    • Map
    • Local Demand
    City
    Greenwood
    County
    Leflore
    State
    Mississippi
    Longitude
    -90.182718
    Latitude
    33.519664

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    FAQs

    What type of property is this?
    Storefront property - Prime commercial property with retail and residential potential in Greenwood.
    Where is this storefront property located?
    The property is located at 220 Howard Street Greenwood, MS.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Prime location in the heart of historic downtown Greenwood, near landmarks, shops, and banks.; Two separate retail spaces on the first floor, currently leased, offering immediate rental income potential.; Spacious second‑floor apartment with new windows, providing a desirable downtown living opportunity.
    (662) 374-4428
    We can help!
    Listing Contact
    Powers Properties
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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