534 Main StTupelo, MS 38804

  • Office properties
  • 2,712 SF
For Sale
$555,000 View listing

Property Details for 534 Main St

Year built
1900
Lot size
0.30 AC
Property size (Sq ft)
2,712 SF
Property type
Office properties
Property subtype
Office buildings
APN
089K-31-288-01
APU
089K3128801

Description

This exceptional 4675-square-foot commercial property, the historic Rankin House, is ideally situated in downtown Tupelo, Mississippi. Named after US House Representative John E. Rankin, this building offers a unique blend of historical charm and modern functionality. The property boasts a fully equipped commercial kitchen, perfect for a restaurant or catering business. Multiple first-floor rooms provide ample space for various uses, with convenient front, back, and side entrances leading to outdoor areas. Upstairs, living quarters offer additional potential for residential use or expansion of the business. Recent updates ensure the property is move-in ready for its new owner. A large wrap-around deck is ideal for outdoor dining or events, complemented by a spacious back courtyard lawn area. The property's versatility makes it suitable for a combination of businesses, such as a restaurant, apartment, gift shop, or office space. Convenient street-front parking is available for customers and employees. A full basement provides additional storage or development opportunities. All information is subject to verification. This is a rare opportunity to own a piece of Tupelo's history and establish a thriving business in a prime downtown location.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $428,851
    6.5%
    $395,862
    7%
    $367,586
  • Comparable approach

    Method
    Valuation
    Relative Method
    $197,399
    Geo Method
    $529,003
  • Alternative Use

    Use
    Valuation
    Residential
    $490,869
    Hospitality
    $449,634
    Educational
    $374,090
    Medical
    $386,955
    Retail
    $581,918
534 Main St, Tupelo, Mississippi

Location Insight

City
Tupelo
County
Lee
State
Mississippi
Latitude
34.2577
Longitude
-88.7102
CBSA code
46180
CBSA name
TUPELO, MS MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$6,154
-
-
$45,977
-
$90,000
$216,510
$306,510

FAQs

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