999 Cooper Rd Picayune, MS 39466-2203
- Motels
- 10,595 SF
- 2.05 lot acres
Jun 08, 2021
Current Use by Public Records
- Motels
Property Details for 999 Cooper Rd
- Year built
- 1982
- Lot size
- 2.05 lot acres
- Property size
- 10,595 SF
- Property type
- Motels
- APN
- 6171120000000201
- APU
- 6171120000000201
Description
This fully renovated 51-key Super 8 by Wyndham motel presents a compelling value-add investment opportunity in Picayune, Mississippi. Located directly off the I-59 corridor, this 17,083 square foot property boasts excellent visibility and accessibility for travelers. The 2022 renovation encompassed all guest rooms and common areas, featuring upgrades such as new hard and soft goods, marble vanities, modern showers, updated flooring, exterior painting, new PTAC units, and new mattresses. Each of the 51 units includes a microwave, mini-fridge, and a 40" TV. A manager's suite conveniently located adjacent to the reception area adds operational efficiency. The property sits on an 87,120 square foot lot with 61 parking spaces and is zoned C-2 Highway Commercial District. Built in 1982, this three-building, two-story motel offers a strong foundation for continued growth. Its strategic location near attractions like Stennis Space Center and Honey Island Swamp Tours, coupled with its proximity to downtown Picayune, ensures consistent demand throughout the year. The occupancy rate as of December 21, 2023, was 57.09%. The asking price is $2,450,000, representing a price per key of $48,039.22 and a price per square foot of $143.42. This property offers a 14% cap rate at the asking price. The property is not subject to a ground lease.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Picayune
- County
- Pearl River
- State
- Mississippi
- Longitude
- -89.651
- Latitude
- 30.545
- CBSA code
- 38100
- CBSA name
- PICAYUNE, MS MICROPOLITAN STATISTICAL AREA
