517 Washington AveGreenville, MS 38701

Property Details for 517 Washington Ave

Year built

1940

Property size (Sq ft)

72,787 SF

Property type

Mixed-use properties

Property subtype

High-rise multifamily apartments

Description

This exceptional mixed-use complex in Greenville, MS, offers a unique investment opportunity. The property comprises four meticulously restored historic buildings totaling 72,787 square feet, featuring 52,883 square feet of net rentable space. Built in 1940 and renovated in 2017, the complex boasts a blend of ground-floor retail and upper-floor loft-style residential apartments and hotel rooms across three stories. Currently enjoying 100% occupancy with 17 units, this stabilized investment generates consistent rental income. Situated in the heart of Greenville's Downtown Historic District, just blocks from the Mississippi River and a new Federal Courthouse, the property benefits from its location within a Qualified Federal Opportunity Zone, experiencing significant economic growth. The asking price is $3,900,000, representing a price per square foot of $53.58. The 42,900 square foot lot provides ample space. This turnkey operation presents a chance to immediately capture operational upside and achieve a double-digit unleveraged capitalization rate return. The seller is motivated and offering the property, business, and all fixtures, furniture, and equipment (FF&E) at a fraction of replacement cost.

Location Insight

City

Greenville

County

Washington

State

Mississippi

Latitude

33.4103

Longitude

-91.0599

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