1321 Ms-42 Petal, MS 39465
- Self storage facilities
Current Use by Public Records
- Self storage facilities
Property Details for 1321 Ms-42
- Year built
- 2022
- Property type
- Self storage facilities
Description
This exceptional Class A self-storage facility in Petal, Mississippi, presents a compelling investment opportunity. Boasting 38,950 net rentable square feet, the property comprises 282 climate-controlled units housed within four buildings, constructed in 2022. Currently operating at 83% occupancy, the facility generates a strong NOI of $311,218, with a pro-forma NOI projected at $417,701, reflecting a pro-forma cap rate of 8.03%. The asking price is $5,200,000, or $133.50 per net rentable square foot. Key features include 24-hour digital surveillance, wide drive aisles, Noke smart locks, gated entry/exit, and an on-site management office (700 sq ft, plus 700 sq ft of unfinished upstairs storage). Its prime location directly off Highway 42, just 0.8 miles from Petal High School, ensures excellent visibility and high traffic counts. The property benefits from the area's steady population growth and its proximity to Hattiesburg, MS, and the University of Southern Mississippi. This well-maintained, high-performing asset offers significant potential for future growth and strong returns. The facility achieved 61% occupancy by December 2023, demonstrating rapid lease-up success since its July 2022 opening.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Petal
- County
- Forrest
- State
- Mississippi
- Longitude
- -89.1916
- Latitude
- 31.3508
