111 Whitfield St Picayune, MS 39466
- Commercial real estate
- 4,000 SF
- 0.26 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 111 Whitfield St
- Year built
- 1950
- Lot size
- 0.26 lot acres
- Property size
- 4,000 SF
- Property type
- Commercial real estate
Description
This exceptional 8-unit apartment building in Picayune, Mississippi presents a compelling investment opportunity. Located at 111 Whitfield St and 498 S Curran Ave, this property boasts a desirable location close to numerous public amenities. The complex, built in 1950 and fully renovated in 2024, comprises one two-story building encompassing 5,500 net rentable square feet on a 0.26-acre lot. The unit mix includes six one-bedroom and two two-bedroom apartments, currently enjoying 100% occupancy as of June 23, 2024. Ample parking is provided with 15 spaces. The property is classified as a Class C multifamily investment, currently generating a 10% cap rate and a projected pro-forma cap rate of 11.11%. The current Net Operating Income (NOI) stands at $55,000, with a pro-forma NOI of $61,117. The asking price is $550,000, translating to $68,750 per unit. This stabilized, value-add investment is ideally suited for both seasoned investors seeking a 1031 exchange and first-time buyers looking for a strong cash-flowing asset. The property's strong occupancy and recent renovation make it a particularly attractive proposition in the current market. The privately owned property is offered for sale by owner.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Picayune
- County
- Pearl River
- State
- Mississippi
- Longitude
- -89.68019186
- Latitude
- 30.52117061
