Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Commercial Land on Corner Lot Title is generated by Realmo AI

    533 Old Richton Rd, Petal, MS 39465

    View on Map
    Claim this Listing
    For Sale
    $395,000

    LAND - Petal, MS

    Lot size:
    2.37 Acres
    Added:
    Feb 24, 2025
    Days on Market:
    464
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 533 Old Richton Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    3-022P-36-014.00
    Lot size
    2.37 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    2.37 ac in NW corner of SE4Parcel #3-022P-36-014.00

    We can help!

    Listing Contact
    CHIP GRENN
    CHIP GRENN

    Listing agent CHIP GRENN License #S-23388

    Listing office Coldwell Banker Don Nace, Inc. 423 Weathersby Rd Ste. 220, Hattiesburg, MS

    Listing date Feb 24, 2025

    MLS# 141458

    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

    • 2.37 acre lot
    • Corner lot location
    • Located at intersection of Old Richton Rd and Evelyn Gandy Parkway/Hwy 42
    • High traffic count
    • High visibility
    • Land value

    Overview

    This property features 2.37 acres of unimproved commercial land situated at the corner of Old Richton Road and Evelyn Gandy Parkway/Highway 42 in Petal, Mississippi. The lot benefits from a high traffic count and visibility. An old home is present on the property, but its value is not considered in the overall property assessment.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Petal
    County
    Forrest
    State
    Mississippi
    Longitude
    -89.252152
    Latitude
    31.353106

    Nearby Similar for Sale

    • $285,000
      3,400 SF

      Office and Residential Duplex

      Unique opportunity: office/clinic with renovated apartment.
      223 N Main St, Petal, MS 39465
      View Details
    • $329,000
      2,300 SF

      Versatile Commercial Property in Petal

      2,300 sq ft commercial property on high-traffic corridor in Petal.
      1301 Carterville Rd, Petal, MS 39465
      View Details
    • $1,500
      1,600 SF

      Adaptable Office Space on Main

      Commercial duplex office space for lease on Main Street.
      223 N Main St, Petal, MS 39465
      View Details
    • $199,000

      Prime Commercial Land in Petal

      Highly visible 5-acre commercial land parcel on Evelyn Gandy Parkway.
      0X Hwy 42, Petal, MS 39465
      View Details
    • $49,500
      220 SF

      Versatile Commercial Property in Petal

      Small business property with flexible space in Petal, Mississippi.
      1886 Old Richton Rd, Petal, MS 39465
      View Details
    • $99,900
      5,000 SF

      Residential Land in Longleaf Community

      1.96 acre residential land in Petal School District.
      Longleaf Dr, Petal, MS 39465
      View Details
    • $285,000

      Multi-Family Property For Sale

      For-sale multi-family property on a small lot, offering a straightforward housing investment profile in Petal, Mississippi.
      221 N Main St, Petal, MS 39465
      View Details
    • $3,250,000
      4,750 SF

      Retail Space on Evelyn Gandy

      Retail space available on Evelyn Gandy Parkway in Petal, MS.
      1140 Evelyn Gandy Parkway, Petal, MS
      View Details
    • $120,000

      Commercial Land on US Hwy 11

      4-acre parcel with high visibility and easy highway access.
      1637 Hwy 11, Petal, MS 39465
      View Details
    • $549,500

      Corner Lot in Front of Lowes

      Corner lot in Petal on Evelyn Gandy and Tyner Rd.
      1123 Evelyn Gandy, Petal, MS 39465
      View Details
    • $1,150,000

      Prime Commercial Land in Petal, MS

      5.5 acre commercial land with high traffic visibility.
      5.5 +/- Evelyn Gandy Parkway, Petal, MS 39465
      View Details
    • $149,900

      30 Acres Land in Petal

      30+/- acres of land with potential uses in Petal, MS.
      30 MOL AC Conway Rd, Petal, MS 39465
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.37 acres with high visibility at Old Richton Rd
    Where is this commercial land located?
    The property is located at 533 Old Richton Rd Petal, MS.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: 2.37 acre lot; Corner lot location; Located at intersection of Old Richton Rd and Evelyn Gandy Parkway/Hwy 42
    (601) 520-2341
    We can help!
    Listing Contact
    CHIP GRENN
    CHIP GRENN
    Real Estate License ID: S-23388
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    533 Old Richton Rd, Petal, MS 39465
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!