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    Commercial Land with Highway Access Title is generated by Realmo AI

    Hwy 51 and Papermill Rd 3.5 Acres, Grenada, MS 38901

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    Claim this Listing
    For Sale
    $499,000

    Vacant Land - Grenada, MS

    Lot size:
    3.50 Acres
    Added:
    Jun 11, 2025
    Days on Market:
    358
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for Hwy 51 and Papermill Rd 3.5 Acres

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    APN
    147 36 002.02
    Lot size
    3.50 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Reed
    Chris Reed

    Listing agent Chris Reed

    Listing office Coltmor Realty Co. 330 Longwood Drive, Grenada, MS

    Listing date Jun 11, 2025

    MLS# 11513857 Listing URL

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

    HighLights

    • Prime commercial land with high visibility from Interstate 55 and direct access via Hwy 51 and Papermill Road.
    • Located in Grenada, MS, at the North Grenada Exit at Papermill Rd.
    • Benefits from strong employment growth in the city, including 900 new jobs and potential relocation of 1,800 employees.
    • Site is located near industrial developments of $550+ million, federal grants, and state tax credits.
    • High traffic area with Interstate 55 having 19,404K+ vehicles per day (VPD).
    • Water and sewer are available at the site.

    Overview

    This offering consists of 3.5 acres of vacant commercial land. The property includes water and sewer available at the site, providing key utilities for prospective development. Suitable for a range of commercial concepts where infrastructure readiness matters from day one.

    According to the public remarks, the land is positioned for visibility from Interstate 55 to the west and provides direct access along Hwy 51 and Papermill Road. The remarks further note proximity to the North Grenada exit at Papermill Rd, and reference an estimated 19,404K+ VPD for Interstate 55.

    For buyers and developers looking for a highway-oriented parcel, this site’s combination of highway frontage, utility availability, and direct access supports practical feasibility planning. The public remarks also mention potential city development incentives, along with reported local economic activity and industrial investment in the Grenada area. Buyers are encouraged to verify development requirements and incentives during their due diligence.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Grenada
    County
    Grenada
    State
    Mississippi
    Longitude
    -89.831986
    Latitude
    33.818202

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    FAQs

    What type of property is this?
    Commercial land - Vacant commercial land offering highway visibility and access, with water and sewer available on site.
    Where is this commercial land located?
    The property is located at Hwy 51 and Papermill Rd 3.5 Acres Grenada, MS.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Prime commercial land with high visibility from Interstate 55 and direct access via Hwy 51 and Papermill Road.; Located in Grenada, MS, at the North Grenada Exit at Papermill Rd.; Benefits from strong employment growth in the city, including 900 new jobs and potential relocation of 1,800 employees.
    (662) 229-7003
    We can help!
    Listing Contact
    Chris Reed
    Chris Reed
    Real Estate License ID: 20286
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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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