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    124 Norfleet Dr Senatobia, MS 38668

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    For Lease
    Contact for pricing

    High-traffic retail center, prime location

    Lot size:
    83,905 SF

    Property Features for 124 Norfleet Dr

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    83,905 SF
    Class
    B

    Building Details

    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 124 Norfleet Dr, Senatobia, MS 38668 Contact us

    We can help!

    Listing Contact
    Michael Greenberg
    Michael Greenberg

    Listing Agency: Makowsky Ringel Greenberg LLC Listing Agent: Michael Greenberg

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Senatobia Plaza, located at 124 Norfleet Dr, Senatobia, MS 38668, offers a prime retail opportunity in a bustling shopping center. This Class B property boasts a total of 83,905 square feet across a single, one-story building, featuring 12 suites and ample parking (415 spaces). Currently, there is one remaining 4,000 square foot suite available for lease, perfect for a variety of retail or restaurant uses. Additionally, a separate outparcel is available for ground lease. The property enjoys excellent visibility and accessibility, situated at the intersection of Norfleet Drive and Main Street, with convenient access to I-55. The center benefits from strong existing tenants including Cockrell Family Medicine, Harbor Freight, Subway, Pizza Hut, Snipes, Bestway Rental, ATC Fitness, and Elite Physical Therapy. A new anchor tenant, Roses Express, is slated to open soon, further enhancing the center's appeal and drawing increased foot traffic. The property features 1500 feet of frontage and is zoned for commercial use. Three-phase power is available. Minimum divisible space is 4,000 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Senatobia
    County
    Tate
    State
    Mississippi
    Longitude
    -89.95447250164
    Latitude
    34.621672356623

    Nearby Similar for Lease

    • Contact for pricing
      4,000 SF

      Retail Space in Northwest Plaza

      Retail space available in a fully leased shopping center.
      100-126 Dr NW, Senatobia, MS
      View Details
    • Contact for pricing
      2,500 SF

      Senatobia Warehouse Space Available

      2,500 SF warehouse space for rent in Senatobia, MS.
      4073 Highway 51 S, Senatobia, MS 38668
      View Details

    FAQs

    What type of property is this?
    Restaurant - High-traffic retail center, prime location
    Where is this restaurant located?
    The property is located at 124 Norfleet Dr Senatobia, MS.
    What are key features of this property?
    This property features: Excellent visibility from I-55.; Easy access from Norfleet and Main Streets.; Ample parking (415 spaces).
    (901) 683-2220 Call to check price and availability
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    124 Norfleet Dr Senatobia, MS 38668
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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
    124 Norfleet Dr Senatobia, MS 38668
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Greenberg
    Michael Greenberg
    Real Estate License ID: 242677
    (901) 683-2220 (901) 283-6703
    Learn more
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