Six-Bay Car
For Sale
$299,000
308 Lawndale Dr, Tupelo, MS 38801
Commercial Sale, Tupelo, MS
Property Size2,400 SF
Lot Size1.15 Acres
Price / SF$124.58
Days on Market57
Property Features for 308 Lawndale Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
West Main St to Lawndale, South Lawndale, property on the left. Coordinates: 34.2523, -88.7283
Subdivision
Northwest Tupelo
Standard status
Active
Size
2,400 SF
Lot size
1.15 Acres
Taxes and HOA fees
Tax Description
B 2021 P 000605
Tax Annual Amount
2627
Legal Description
B 2021 P 000605
Building Details
Floors in Building
1
Listing Agency:
Wesley Webb Real Estate
(662) 844-1681
Listed By:
Jerel Baughman · License #S-60854
(662) 871-8274
Added: Jul 22
Changed: Aug 19
Last Checked: Sep 16 at 5:06PM
MLS# 26-2621
Copyright © 2026 Northeast Mississippi Board 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.
Investment Insights
Based on property information with market context.
This car wash property includes a 2,400-square-foot building with six bays on a 1.15-acre parcel. The site offers a functional automotive-service configuration with a 465-foot lot depth and 262 feet of road frontage.
Located at 308 Lawndale Dr in central Tupelo, the property sits in a high-traffic area with direct access from the road. Its position within Tupelo provides a commercial setting for the existing car wash use, supported by prominent street exposure and a sizable parcel.
Located at 308 Lawndale Dr in central Tupelo, the property sits in a high-traffic area with direct access from the road. Its position within Tupelo provides a commercial setting for the existing car wash use, supported by prominent street exposure and a sizable parcel.
Key Highlights
- Six‑bay car wash configuration
- 2,400 square feet of property improvements
- 1.15‑acre parcel
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
$24,894
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
8.33%
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%
$497,880
$497.9K
Cap Rate 7%
$355,629
$355.6K
Cap Rate 9%
$276,600
$276.6K
Market Conditions
NOI Build-Up for 2,400 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
$36.0K $15.00/SF
− Vacancy
−$2.8K −$1.17/SF
EGI
$33.2K $13.83/SF
− OpEx
−$8.3K −$3.46/SF
NOI
$24.9K $10.37/SF
Area
Lee County, MS
Vacancy
7.80%
Lease Rate
$15.00 /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%
$497,880
Cap Rate 7%
$355,629
Cap Rate 9%
$276,600
Alternative Uses
Best Use
Specialty Retail
$355.6K
$311.2K – $414.9K
NOI $24,894 @ 7.0% cap · market cap 8.33%
Second Best
Retail
$284.6K
$249.0K – $332.0K
NOI $19,922 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$450.7K
$394.4K – $525.9K
NOI $31,551 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
Explore this area
Business Placement
Demographics for 38801, MS
29,795
Population
13,717
Households
2.2
Avg Household Size
38
Median Age
29%
College-Educated
86%
High-School Grad
73.0 sq mi
ZIP Area
408
Density / Sq Mi
$63,447
Median Household Income
$35,596
Median Earnings
$954
Median Rent
$187,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Car wash - Automotive property with substantial road frontage, strong visibility, and convenient access.
Where is this car wash located?
The property is located at 308 Lawndale Dr Tupelo, MS.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Six‑bay car wash configuration; 2,400 square feet of property improvements; 1.15‑acre parcel
