Historic Restaurant Cafe
For Sale
$269,000
400 Main St, Hattiesburg, MS 39402
Historic former cafe building in downtown Hattiesburg with two murals and public parking across the street.
Property Size1,176 SF
Price / SF$228.74
Days on Market46
Property Features for 400 Main St
General Information
Standard status
Active
Size
1,176 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1945
Listing Agency:
Berkshire Hathaway Home Servs., Panoramic Properties
Listed By:
Jacqueline L Ready · License #B22734
(601) 447-1954
Source:
Fiorellaavenue
Added: Jul 25
Changed: Sep 8
Last Checked: Sep 7 at 12:30PM
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 Berkshire Hathaway Home Servs., Panoramic Properties
Investment Insights
Based on property information with market context.
This historic restaurant cafe building is offered for sale at 400 N Main St in downtown Hattiesburg. The property is associated with Coney Island Cafe, which dates to 1923 and operated as a lunch counter and long-standing local dining destination for more than 100 years. The building features two murals and is currently presented as a former cafe space, ready for a new owner to continue the operation.
The property is positioned on Main Street in a busy downtown setting with public parking directly across W. Railroad, plus additional access by foot and public transportation. Downtown events and activities are described in the offering materials, including seasonal and annual gatherings with activity outside the front door during certain festivities.
For prospective buyers, the seller notes the asset is being marketed for sale with private tours available, and that the on-site landline phone is functional.
The property is positioned on Main Street in a busy downtown setting with public parking directly across W. Railroad, plus additional access by foot and public transportation. Downtown events and activities are described in the offering materials, including seasonal and annual gatherings with activity outside the front door during certain festivities.
For prospective buyers, the seller notes the asset is being marketed for sale with private tours available, and that the on-site landline phone is functional.
Key Highlights
- Historic former cafe building at 400 Main Street in downtown Hattiesburg
- Two murals on the property
- Public parking directly across W. Railroad
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
$12,198
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
4.53%
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%
$243,960
$244.0K
Cap Rate 7%
$174,257
$174.3K
Cap Rate 9%
$135,533
$135.5K
Market Conditions
NOI Build-Up for 1,176 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
$17.6K $15.00/SF
− Vacancy
−$1.4K −$1.17/SF
EGI
$16.3K $13.83/SF
− OpEx
−$4.1K −$3.46/SF
NOI
$12.2K $10.37/SF
Area
Forrest 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%
$243,960
Cap Rate 7%
$174,257
Cap Rate 9%
$135,533
Alternative Uses
Best Use
Specialty Retail
$174.3K
$152.5K – $203.3K
NOI $12,198 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$193.5K
$169.4K – $225.8K
NOI $13,548 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,040
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Cadence Bank
Shops & Services
3,131 visits/mo
0.2 miles
Firestone Complete Auto Care
Shops & Services
1,792 visits/mo
0.2 miles
Demographics for 39402, MS
44,633
Population
18,780
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
93.2 sq mi
ZIP Area
479
Density / Sq Mi
$71,254
Median Household Income
$41,552
Median Earnings
$1,183
Median Rent
$255,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ross Mansion Bed & Breakfast and Events — 416 Bay St, Hattiesburg, MS 39401
- The Bay Bed & Breakfast — 103 Short Bay St, Hattiesburg, MS 39401
- The Whitman — 627 Main St, Hattiesburg, MS 39401
- Southbound Bagel and Coffee Shop — 217 E Front St, Hattiesburg, MS 39401
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Historic former cafe building in downtown Hattiesburg with two murals and public parking across the street.
Where is this breakfast & diner located?
The property is located at 400 Main St Hattiesburg, MS.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Historic former cafe building at 400 Main Street in downtown Hattiesburg; Two murals on the property; Public parking directly across W. Railroad
