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    222 Hillcrest St Waveland, MS 39576

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    222 Hillcrest St Waveland, MS 39576

    View on Map
    • Commercial real estate
    • 0.18 lot acres
    Off-Market
    Property ID
    US50-1482672
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 222 Hillcrest St

    Lot size
    0.18 lot acres
    Property type
    Commercial real estate
    APN
    161e-0-02-036.000

    Description

    This exceptional 0.18-acre commercial lot, located at 222 Hillcrest Street in Waveland, Mississippi (zip code 39576), presents a unique investment opportunity. Priced at $69,500, this property boasts a land value of approximately $386,111.11 per acre. Its convenient location offers easy access to the vibrant atmosphere of Old Town Bay St. Louis, a destination known for its diverse culinary scene (15+ restaurants), lively music venues, charming boutiques, and family-friendly attractions like ice cream parlors. The lot's size is suitable for various commercial developments, potentially allowing for a building with ample surrounding space. Situated in a desirable AE flood zone, the property benefits from potentially more affordable flood insurance premiums. The property's APN is 161e-0-02-036.000. Please note that while drone footage provides a visual representation of the approximate lot size, the depicted dimensions are not guaranteed. This property is ideal for entrepreneurs seeking a strategic location in a thriving coastal community. Serious inquiries are encouraged to explore the development potential of this prime commercial land. Buyers are advised to conduct their own due diligence regarding lot size and dimensions.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waveland
    County
    Hancock
    State
    Mississippi
    Longitude
    -89.369873
    Latitude
    30.286861

    Comparable in this City

    • $95,000
      0.62 Acres

      Coastal Homesite Near Beach

      0.62-acre homesite one block from the beach.
      Tbd St Joseph, Waveland, MS 39576
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    • $75,000
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      Cleared Lots Near Beach

      Two cleared lots near the beach and city park.
      S Central Ave, Waveland, MS 39576
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    • $37,500
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      Waveland, MS Residential Development Lot

      0.7-acre lot in growing Gulf Coast market near amenities.
      3 Hogan St, Waveland, MS 39576
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    • $39,000
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      Waveland, MS Corner Lot

      Large corner lot near shopping, entertainment, and Hwy 90.
      Carroll St, Waveland, MS 39576
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    • $240,000
      0.18 Acres

      Residential Land Near Beach Blvd

      Land for residential development with Gulf views near Beach Blvd.
      117 Vacation Ln, Waveland, MS 39576
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    • Contact for pricing
      0.15 Acres

      Cleared Corner Lot in Waveland

      Cleared corner lot near the beach in upcoming neighborhood.
      Nsn Combel/Pompano St, Waveland, MS 39576
      View Details

    Similar Nearby for Sale

    • $95,000
      0.62 Acres

      Coastal Homesite Near Beach

      0.62-acre homesite one block from the beach.
      Tbd St Joseph, Waveland, MS 39576
      View Details
    • $75,000
      0.60 Acres

      Cleared Lots Near Beach

      Two cleared lots near the beach and city park.
      S Central Ave, Waveland, MS 39576
      View Details
    • $37,500
      0.70 Acres

      Waveland, MS Residential Development Lot

      0.7-acre lot in growing Gulf Coast market near amenities.
      3 Hogan St, Waveland, MS 39576
      View Details
    • $39,000
      0.49 Acres

      Waveland, MS Corner Lot

      Large corner lot near shopping, entertainment, and Hwy 90.
      Carroll St, Waveland, MS 39576
      View Details
    • $240,000
      0.18 Acres

      Residential Land Near Beach Blvd

      Land for residential development with Gulf views near Beach Blvd.
      117 Vacation Ln, Waveland, MS 39576
      View Details
    • Contact for pricing
      0.15 Acres

      Cleared Corner Lot in Waveland

      Cleared corner lot near the beach in upcoming neighborhood.
      Nsn Combel/Pompano St, Waveland, MS 39576
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail and Office Space Available

      Retail and office units in high-traffic Waveland location.
      407 Us-90, Waveland, MS 39576
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    • Contact for pricing
      17,050 SF

      Retail Space in Choctaw Plaza

      Retail space available in a vibrant, high-traffic location.
      320 Highway 90, Waveland, MS 39576
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    • Contact for pricing

      Retail Space at Choctaw Plaza

      Retail space with high visibility and convenient access.
      320 Us-90, Waveland, MS 39576
      View Details
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    222 Hillcrest St
    Waveland, MS 39576
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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