Westwood Square Shopping Center
For Sale
Contact for pricing
4400 Hardy St, Hattiesburg, MS 39402
Established, fully occupied retail center on a major retail corridor.
Property Size78,227 SF
Lot Size9.41 Acres
Price / SF$150.20
Days on Market734
Property Features for 4400 Hardy St
General Information
Standard status
Active
Size
78,227 SF
Class
B
Lot size
9.41 Acres
Property subtype
Retail
Zoning
B-5
Building Details
Year Built
1982
Listing Agency:
Herrington Realty
(251) 510-2277
Listed By:
Colby Herrington, CCIM · License #AL 000100848-0
Source:
Crexi
Added: Aug 6, 2024
Changed: Aug 8
Last Checked: May 13 at 8:25PM
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 Herrington Realty
Investment Insights
Based on property information with market context.
Westwood Square Shopping Center, situated at 4400 Hardy Street in Hattiesburg, Mississippi, presents an opportunity to purchase an established retail center. Constructed in 1982, the property features a gross leasable area (GLA) of 78,227 square feet on a 9.41-acre lot. The center is fully occupied by 15 tenants, including anchor tenants such as Michaels, Harbor Freight, and Walk-On's, which features a new roof. Located on US Highway 98, a major retail corridor, the center benefits from high visibility and accessibility, with traffic counts exceeding 63,000 vehicles per day. The property provides 300 parking spaces. Rouses Markets will be taking over the Winn-Dixie space at this center and doing a full remodel. Hattiesburg, known as the "Hub City," is a growing community that serves as a regional hub for commerce, education, and healthcare. The city has two major universities: The University of Southern Mississippi and William Carey University. Hattiesburg's economy is supported by retail, healthcare, and education. Its location at the intersection of major highways, including US Highway 98, ensures connectivity and accessibility. The city offers cultural, recreational, and entertainment options.
Key Highlights
- 100% Occupancy with Diverse Tenant Mix: Includes established anchor tenants like Michaels, Harbor Freight, and Walk‑On's.
- Strategic Location on Major Retail Corridor: Positioned on US Highway 98 with high traffic counts (over 63,000 vehicles per day).
- New Anchor Tenant: Rouses Markets is taking over the Winn‑Dixie space and doing a full remodel.
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
$601,253
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
5.12%
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%
$12,025,060
$12.0M
Cap Rate 7%
$8,589,329
$8.6M
Cap Rate 9%
$6,680,589
$6.7M
Market Conditions
NOI Build-Up for 78,227 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
$938.7K $12.00/SF
− Vacancy
−$79.8K −$1.02/SF
EGI
$858.9K $10.98/SF
− OpEx
−$257.7K −$3.29/SF
NOI
$601.3K $7.69/SF
Area
Forrest County, MS
Vacancy
8.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$12,025,060
Cap Rate 7%
$8,589,329
Cap Rate 9%
$6,680,589
Alternative Uses
Best Use
Retail
$8.59M
$7.52M – $10.02M
NOI $601,253 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.87M
$11.26M – $15.02M
NOI $901,175 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,106
Businesses Nearby
463k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Shops & Services 18%
Home Improvements & Furnishings 11%
Electronics 8%
McDonald's
Dining
36,542 visits/mo
0.5 miles
Best Buy
Electronics
35,297 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
33,058 visits/mo
0.4 miles
Winn-Dixie
Groceries
30,861 visits/mo
0.2 miles
Ollie's Bargain Outlet
Shops & Services
25,869 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Shopping center - Established, fully occupied retail center on a major retail corridor.
Where is this shopping center located?
The property is located at 4400 Hardy St Hattiesburg, MS.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: 100% Occupancy with Diverse Tenant Mix: Includes established anchor tenants like Michaels, Harbor Freight, and Walk‑On's.; Strategic Location on Major Retail Corridor: Positioned on US Highway 98 with high traffic counts (over 63,000 vehicles per day).; New Anchor Tenant: Rouses Markets is taking over the Winn‑Dixie space and doing a full remodel.
