10047 Ms-178Olive Branch, MS 38654

Property Details for 10047 Ms-178

Lot size

4.19 AC

Property type

Land

Description

This exceptional 4.19-acre commercial and residential land parcel, located at 10047 MS-178 in Olive Branch, Mississippi, presents a unique investment opportunity. Priced at $979,000 ($233,000/acre or $5.50 per square foot), this fully entitled mixed-use site is situated in the rapidly growing city of Olive Branch, part of the Memphis MSA. The approved plans include 65 upscale residences and 10,000 square feet of retail space. A comprehensive amenity concept is incorporated, featuring an onsite management office, gym and workout facilities, controlled access, parks, and green spaces. Utilities are already connected to the site. Olive Branch boasts a 90% population increase over the past two decades and is recognized for its excellent public schools and highly-rated workforce. The city's main commercial corridor, Goodman Road, provides easy access to various retailers, dining, services, and entertainment options. The area experiences a low multifamily supply due to a recently lifted moratorium, resulting in strong fundamentals, with newer communities showing 2.3% vacancy and average lease rates of $1.50 per square foot. Class A apartments in Memphis suburbs average lease rates up to $2.21 per square foot. This site offers significant potential for substantial returns in a thriving market. The property's zip code is 38654.

Location Insight

City

Olive Branch

County

Desoto

State

Mississippi

Latitude

34.9485

Longitude

-89.8116

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