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    2949 Ms-589 Hattiesburg, MS 39402

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    For Sale
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    Prime Hattiesburg development land, Hwy 98 & 589.

    Property Features for 2949 Ms-589

    General Information

    Property type
    Land
    Class
    A
    Lot Size
    237,402 SF

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    Listing Contact
    Joseph Tubb
    Joseph Tubb

    Listing Agency: Cook Commercial Properties LLC Listing Agent: Joseph Tubb

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

    Learn more

    Overview

    This exceptional 5.45-acre commercial land parcel presents a unique investment opportunity in Hattiesburg, Mississippi. Strategically located at the intersection of Highways 98 and 589 in the rapidly growing Bellevue area, this Class A property boasts a prime corner location ideal for a diverse range of commercial developments. Permitted zoning allows for retail, office, and medical uses, catering to the increasing demand for services in this thriving community. The site's high visibility and accessibility make it exceptionally attractive to both local and national developers. This is the last remaining undeveloped parcel at this key intersection, with three adjacent corners already developed. The asking price is $3,561,000, translating to $653,394 per acre. The property's APN is 106C-14-068.00. While the owner is open to considering land splits, potential buyers should note that the price per square foot may be subject to change depending on the division. This presents a rare chance to secure a significant foothold in a burgeoning market. Detailed information and site plans are available upon request. The property is located at 2949 MS-589, Hattiesburg, MS 39402, in Lamar County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Hattiesburg
    County
    Lamar
    State
    Mississippi
    Longitude
    -89.471715059437
    Latitude
    31.310961167982

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    FAQs

    What type of property is this?
    Land - Prime Hattiesburg development land, Hwy 98 & 589.
    Where is this land located?
    The property is located at 2949 Ms-589 Hattiesburg, MS.
    What is the asking price?
    The asking price for this property is $3,561,000.
    What are key features of this property?
    This property features: 5.45-acre commercial land parcel in Hattiesburg, MS.; Prime corner location at Highways 98 & 589 in the Bellevue area.; Class A zoning allows retail, office, and medical uses.
    (601) 606-1900 Call to check price and availability
    Request Owner's contact information
    2949 Ms-589 Hattiesburg, MS 39402
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    Hattiesburg, MS 39402
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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
    2949 Ms-589 Hattiesburg, MS 39402
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    Contact for Pricing
    Please call us for current price
    and status of this listing Joseph Tubb
    Joseph Tubb
    Real Estate License ID: S-50068
    (601) 606-1900 (601) 981-1500
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