Current Use by Public Records
- Retail properties & Spaces
Property Details for 1084 Us-61
- Year built
- 1974
- Lot size
- 1.50 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a fee-simple ownership of a 19,740-square-foot Piggly Wiggly grocery store located at 1084 US-61 in Tunica, Mississippi. The property sits on a 1.5-acre lot and is zoned for commercial use. Built in 1974, this Class B retail building operates under a Net Lease (NNN) agreement with a corporate guarantee, ensuring consistent cash flow. The current lease, commencing August 6, 1973, and expiring October 30, 2026, has approximately 1.9 years remaining. The property boasts 100% occupancy and a strong Net Operating Income (NOI) of $58,663, resulting in a compelling 6.53% cap rate. The asking price is $899,000. Sales significantly exceed the national average of $4.8 million. The property benefits from its location on a main retail corridor (Hwy 61), near other national tenants such as McDonald's, Sonic, Dollar General, and Church's Chicken. The tenant, Piggly Wiggly, has operated at this location for over 50 years, demonstrating a long-term commitment to the area. The proximity to Tunica Resorts, a major casino destination, contributes to increased population and tourism. Further development in the area, including new housing projects, promises continued growth. This is a rare, low-price-point single-tenant grocery investment with significant upside potential upon lease expiration, as there are no remaining lease options. The opportunity to purchase additional parcels and own the entire center may also be available. The property's APN is 4118 33030 0007100.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tunica
- County
- Tunica
- State
- Mississippi
- Longitude
- -90.3559
- Latitude
- 34.7491
