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    Summit MS Event Venue Title is generated by Realmo AI

    3054 Hwy 24 W, Summit, MS 39666

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    For Sale
    $850,000

    COMMERCIAL - Summit, MS

    Property size:
    10,998 SF
    Lot size:
    8.26 Acres
    Price / SF:
    $77/SF
    Added:
    Jun 12, 2024
    Days on Market:
    701
    Last Refresh:
    May 13 at 10:06 pm

    Property Features for 3054 Hwy 24 W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Off Street
    Standard status
    Active
    APN
    711875-
    Size
    10,998 SF
    Lot size
    8.26 Acres

    Taxes and HOA fees

    Tax Description
    .

    Utilities

    Sewer type
    Septic Tank

    Building Details

    Year built
    1820
    Building materials
    Frame, Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Debbie McWilliams

    Listing agent Debbie McWilliams License #S48599

    Listing office RE/MAX Southland Real Estate 410 Delaware Ave, McComb, MS

    Listing date Jun 12, 2024

    MLS# 141570

    Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Established event venue with historic home and banquet space, ideal for weddings and various events.
    • Includes essential event equipment: tables, chairs, and more.
    • Fully equipped kitchen and flexible indoor/outdoor ceremony and reception options.
    • Meticulously maintained grounds with landscaped gardens.
    • Features a bridal suite, mancave, and fireplaces.
    • Located in Pike County's Opportunity Zone.

    Overview

    This stately home, originally built in the 1800s, is beautifully maintained and ideal for photos and special events. Known as Oak Hill Estate, the premises host both a historic home and a banquet space. The house and banquet hall encompass approximately 10,998 square feet. The exterior of the estate is meticulously cared for, showcasing green lawns and landscaped gardens. Inside, neutral white walls welcome any wedding theme, complemented by charming chandeliers. The kitchen is fully equipped with cooking facilities, and an artistic wall of refurbished doors leads from the house to the event area. Ceremonies and receptions can take place both indoors and out. The sale includes tables, two kinds of chairs, bistro tables, and many other items. In addition to weddings, this venue is suitable for hosting social gatherings, parties, reunions, retreats, company meetings, and Airbnb. The property, situated on 8.26 acres, features a sprinkler system, community water, and a well for the sprinkler system. It also includes two fireplaces, a man cave, and a bridal suite. Located in Summit, MS, the property is zoned in Pike County's Opportunity Zones. The property is an ideal investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Restaurant Real Estate Agency Big Box & Wholesale Store Storage Facility Grocery & Convenience Store Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Summit
    County
    Pike
    State
    Mississippi
    Longitude
    -90.512016
    Latitude
    31.21229

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    FAQs

    What type of property is this?
    Wedding venue - Historic estate with banquet hall suitable for various events.
    Where is this wedding venue located?
    The property is located at 3054 Hwy 24 W Summit, 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: Established event venue with historic home and banquet space, ideal for weddings and various events.; Includes essential event equipment: tables, chairs, and more.; Fully equipped kitchen and flexible indoor/outdoor ceremony and reception options.
    (601) 810-2026
    We can help!
    Listing Contact
    Debbie McWilliams
    Real Estate License ID: S48599
    Learn More
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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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