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    538 Bonita Lakes Dr Meridian, MS 39301
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    538 Bonita Lakes Dr Meridian, MS 39301

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    • Hospitality properties
    • 1.36 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Meridian Living / Nursing Home / Retirement Community

    Property Details for 538 Bonita Lakes Dr

    Year built
    2008
    Lot size
    1.36 lot acres
    Property type
    Hospitality properties
    Property subtype
    Hotels

    Description

    This exceptional 62-room property, built in 2008 and situated on 1.36 acres in Meridian, Mississippi, presents a unique investment opportunity. Currently operating as a highly successful, fully renovated assisted living facility (awarded "Best of Senior Care" twice by a leading third-party service), this three-story building offers a straightforward conversion back to a hotel. Its strategic location near I-20/I-59, Bonita Lakes Mall, and major healthcare facilities (Anderson Regional Medical Center and Rush Foundation Hospital) ensures high visibility and accessibility. The property benefits from proximity to significant employers, including the City of Meridian, Meridian Public School District, East Mississippi State Hospital, and two military installations (Naval Air Station Meridian and Key Field), employing over 5,000 people. The strong tourism sector in Meridian, with high hotel occupancy rates and projected growth, further enhances the investment potential. The existing infrastructure, including a newly constructed commercial kitchen and community room, provides a solid foundation for a seamless transition. Several upper-midscale hotel franchises offer key money incentives for conversion, making this a compelling opportunity for investors seeking a high-return asset in a thriving market. The property's versatility, strong location appeal, and steady demand make it an attractive option for both hotel conversion and continued operation as a senior care facility. Downtown Meridian's cultural attractions, such as the MSU Riley Center and the Meridian Museum of Art, are also within easy reach, adding to the property's appeal. This turnkey opportunity combines the benefits of a proven, successful business model with the potential for significant upside through hotel conversion.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Meridian
    County
    Lauderdale
    State
    Mississippi
    Longitude
    -88.6729
    Latitude
    32.3621

    Comparable in this City

    • Value Estimation by Request
      1.80 Acres

      518 Bonita Lakes Dr

      Hotels • 1.80 Acres
      518 Bonita Lakes Dr, Meridian, MS 39301
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      10,350 SF

      2405 Frontage Rd

      MOTEL • 10,350 SF
      2405 Frontage Rd, Meridian, MS 39301-6553
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      9,229 SF

      2325 Frontage Rd

      MOTEL • 9,229 SF
      2325 Frontage Rd, Meridian, MS 39301-6542
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      31,571 SF

      518 Bonita Lks Dr

      MOTEL • 31,571 SF
      518 Bonita Lks Dr, Meridian, MS 39301-6992
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    • Value Estimation by Request
      7,166 SF

      524 Bonita Lks Dr

      MOTEL • 7,166 SF
      524 Bonita Lks Dr, Meridian, MS 39301-6992
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    • Value Estimation by Request
      5,931 SF

      900 Frontage Rd

      MOTEL • 5,931 SF
      900 Frontage Rd, Meridian, MS 39301-6146
      View Details

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    Similar Nearby for Lease

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      New Retail Strip in Meridian

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      Retail Center with Drive-Thru

      Retail space for lease in high-traffic Meridian corridor.
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      Meridian Retail Space Sublease Opportunity

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      Retail Center in Meridian Corridor

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    Meridian, MS 39301
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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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