203 Elizabeth StTupelo, MS 38804

Property Details for 203 Elizabeth St

Year built

1940

Lot size

2.16 AC

Property size (Sq ft)

23,572 SF

Property type

Industrial properties

Property subtype

Other industrial properties

Description

This fee-simple industrial property in Tupelo, Mississippi offers a compelling investment opportunity. The 23,572-square-foot distribution facility, situated on a 2.16-acre lot at 203 E Elizabeth St, is 100% occupied by Hajoca Corporation under a triple-net (NNN) lease. The lease, commencing January 1, 2023, and expiring December 31, 2032, provides a remaining term of 8.1 years. The current annual net operating income (NOI) is $80,340, representing a 6.31% capitalization rate based on the asking price of $1,273,077. The property features a price per square foot of $54.01. Built in 1940 and renovated in 1990, the property benefits from a corporate guarantee from Hajoca Corporation, a financially strong tenant with over 700 locations. The lease includes annual rental increases of 3% to protect against inflation, ensuring a stable and growing income stream for the investor. This is a truly passive investment with zero landlord responsibilities due to the NNN lease structure. The property is located in Lee County, Mississippi, zip code 38804.

Location Insight

City

Tupelo

County

Lee

State

Mississippi

Latitude

34.2488

Longitude

-88.7047

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