610 Applegate St Winona, MS 38967

Property Details for 610 Applegate St

Year built

1979

Lot size

6.00 lot acres

Property size

57,125 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional Winona, MS shopping center presents a compelling investment opportunity. The 57,125 square foot property boasts a strong tenant mix anchored by AutoZone (operating since 1994 and ranked #5 in the state) and Home Hardware, recently signed to a ten-year lease. With three tenants currently occupying 95% of the space, the property generates a substantial NOI of $161,359, representing an attractive 8.25% cap rate at an asking price of $1,955,866 ($34.24/sq ft). The property includes four units situated on a six-acre lot and features a recently replaced roof with an estimated 15+ years of useful life remaining. Below-market rents offer significant upside potential for the investor. A potential 0.23-acre outparcel is included in the sale. The center benefits from a location in the heart of Winona, a market influenced by agriculture, manufacturing, and industrial industries, and is conveniently located 1 hour 40 minutes from Memphis and 1 hour 25 minutes from Jackson. The addition of a new lease with Delta Health further solidifies the long-term viability of this internet-resistant retail center. The purchase price is significantly below replacement cost, making this a truly attractive investment. The parent company of Home Hardware, Central Network Retail, operates 145 locations across 16 states. Winona's commitment to economic diversification and Amazon's recent $11 billion investment in Jackson further enhance the long-term prospects of this property. The property's address is 610 S Applegate St, Winona, MS 38967. Built in 1979, the single-story building is situated on APN 361 354000 0000000910.

Location Insight

City

Winona

County

Montgomery

State

Mississippi

Longitude

-89.7355

Latitude

33.4735