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    46 Northtown Dr Jackson, MS 39211
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    46 Northtown Dr Jackson, MS 39211

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    • Fitness centers & gyms
    • 59,337 SF
    For Sale
    $3,122,500
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    Versatile Renovated Facility in Jackson For Sale
    $3,122,500
    59,337 SF

    Versatile Renovated Facility in Jackson

    Recently renovated 59,337 SF facility on 6.58 acres for sale.

    46 Northtown Dr, Jackson, MS 39211
    View Listing
    Property ID
    US50-0344804
    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

    • Mid South Rehab Outpatient / Medical Clinic

    Property Details for 46 Northtown Dr

    Year built
    1986
    Property size
    59,337 SF
    Property type
    Fitness centers & gyms
    Property subtype
    Retail space

    Description

    The Courthouse at 46 Northtown Drive presents a unique opportunity for lease or purchase in Jackson, Mississippi. Encompassing 59,337 square feet across 6.58 acres, this recently renovated facility, with $1.2 million invested from 2021 to 2026, offers an abundant amount of potential uses, including sports, fitness, entertainment, retail, office flex/tech, multifamily, public storage, educational, worship, events, health care, and physical therapy. Discover a robust infrastructure with clear heights up to 25 feet, three-phase electrical power, and a reinforced concrete slab with concrete piers and footings at The Courthouse. This superb property also includes a rigid steel frame with vertical and horizontal steel I-beams and six-inch to 8-inch, 18-gauge steel studs 24 inches on center. Built for recreation and entertainment, this property provides an outdoor and indoor pool, 12 outdoor tennis courts or, 44 outdoor pickleball courts, three indoor tennis or, 10 pickleball courts. Inside the health and fitness facility there are multiple indoor spaces, that are perfect for dance, yoga, spinning, barre, and/or Pilates studio. Additional attractions include proximity to Jackson Country Club and Ross R Barnett Reservoir, ensuring a desirable location adjacent to multifamily residences, public storage, retail outlets, and offices. Located In the heart of Jackson, getting around town from the entertainment facility is effortless, with just a 15-minute drive to Downtown Jackson and a 27-minute journey to Jackson-Medgar Wiley Evers International Airport (JAN). Seamless access to Interstate 55 and Natchez Trace Parkway further enhances the property's accessibility to residential communities and neighboring cities. The Courthouse is the perfect fit for potential tenants or buyers seeking a dynamic commercial or community-oriented space in the heart of Mississippi's capital city. SELLER FINANCING AVAILABLE

    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
    Jackson
    County
    Rankin
    State
    Mississippi
    Longitude
    -90.1113586
    Latitude
    32.386698

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      Renovated Facility with Multifaceted Potential

      Recently renovated 59,337 SF facility on 6.58 acres.
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    View Listing
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    Jackson, MS 39211
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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.

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