517 Washington Ave Greenville, MS 38701
- Mixed-use properties
- 72,787 SF
Current Use by Public Records
- 9.15 Floral Designs & Gifts / Florist / Flower Delivery
- The Lofts at 517 / Hotel
Property Details for 517 Washington Ave
- Year built
- 1940
- Property size
- 72,787 SF
- Property type
- Mixed-use properties
- Property subtype
- High-rise multifamily apartments
Description
This exceptional mixed-use complex in Greenville, MS, offers a unique investment opportunity. The property comprises four meticulously restored historic buildings totaling 72,787 square feet, featuring 52,883 square feet of net rentable space. Built in 1940 and renovated in 2017, the complex boasts a blend of ground-floor retail and upper-floor loft-style residential apartments and hotel rooms across three stories. Currently enjoying 100% occupancy with 17 units, this stabilized investment generates consistent rental income. Situated in the heart of Greenville's Downtown Historic District, just blocks from the Mississippi River and a new Federal Courthouse, the property benefits from its location within a Qualified Federal Opportunity Zone, experiencing significant economic growth. The asking price is $3,900,000, representing a price per square foot of $53.58. The 42,900 square foot lot provides ample space. This turnkey operation presents a chance to immediately capture operational upside and achieve a double-digit unleveraged capitalization rate return. The seller is motivated and offering the property, business, and all fixtures, furniture, and equipment (FF&E) at a fraction of replacement cost.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Greenville
- County
- Washington
- State
- Mississippi
- Longitude
- -91.0599
- Latitude
- 33.4103
