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    Multi-Family Property For Sale Title is generated by Realmo AI

    221 N Main St, Petal, MS 39465

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    Claim this Listing
    For Sale
    $285,000

    MULTI_FAMILY - Petal, MS

    Lot size:
    0.29 Acres
    Added:
    May 15, 2025
    Days on Market:
    385
    Last Refresh:
    Jun 3 at 7:06 pm

    Property Features for 221 N Main St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    2
    Rooms
    Bedroom 2, Bedroom 1
    Standard status
    Active
    APN
    3-022O-36-154.00
    Lot size
    0.29 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    BEG 25FT E & 104.5FT S NWCSW1/4 SW1/4 S 84.5FT E 150FT N77.83FT W 150FT TO BEG B450 P282 6/77PREV #:P61236226B 1396 P
    Tax Annual Amount
    4026

    Utilities

    Heating system
    Electric (Heating), Central
    Cooling system
    Central Air

    Building Details

    Year built
    1991
    Number of units
    2
    Building materials
    Brick Veneer, Wood Siding

    We can help!

    Listing Contact
    Mark M. Graham
    Mark M. Graham

    Listing agent Mark M. Graham License #13527

    Listing office Realty Executives The Executive Team 118 Lamar Blvd, Hattiesburg, MS

    Listing date May 15, 2025

    MLS# 142525 Listing URL

    Copyright © 2026 Hattiesburg Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Built in 1991
    • Brick veneer and wood siding exterior construction
    • Central heating and central air conditioning
    • Electric heating system

    Overview

    This for-sale multi-family property is located at 221 N Main St in Petal, Mississippi. The asset sits on a lot measuring approximately 0.2927 acres. Based on the information provided, no additional building size, unit breakdown, or on-site improvements have been specified, so interested parties should verify details directly with the listing broker or through their due diligence process.

    The property is situated in Petal within Forrest County and benefits from a Main Street address, providing visibility to passing traffic typical of an active roadway setting. With the specific address on record, prospective buyers can evaluate site access, parking, and neighboring land uses during showings.

    As a multi-family offering, this property may be suitable for investors or owner-operators looking for a conventional residential income strategy, subject to confirming current condition and any allowable uses. Because the provided data does not include rent roll, tenant status, building square footage, or utility and infrastructure specifics, underwriting should be completed with confirmed operating and physical details. Buyers should also review local permitting and requirements applicable to the property’s intended use, and confirm how the site’s lot configuration supports everyday operations.
    Property Profile Location Intelligence

    Current Use by Public Records

    Specialty properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Petal
    County
    Forrest
    State
    Mississippi
    Longitude
    -89.262622
    Latitude
    31.349822

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    FAQs

    What type of property is this?
    Specialty property - For-sale multi-family property on a small lot, offering a straightforward housing investment profile in Petal, Mississippi.
    Where is this specialty property located?
    The property is located at 221 N Main St Petal, MS.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: Built in 1991; Brick veneer and wood siding exterior construction; Central heating and central air conditioning
    (601) 550-4454
    We can help!
    Listing Contact
    Mark M. Graham
    Mark M. Graham
    Real Estate License ID: 13527
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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.

    More about this property
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