123 Plaza DrHattiesburg, MS 39402

  • Hospitality properties
  • 34,357 SF
For Sale
$6,000,000 View listing

Property Details for 123 Plaza Dr

Year built
1999
Lot size
1.70 AC
Property size (Sq ft)
34,357 SF
Property type
Hospitality properties
Property subtype
Hotels
APN
051J-12-059.000
APU
051J12059000

Description

This 91-key, four-story Wingate by Wyndham hotel in Hattiesburg, Mississippi, presents a compelling investment opportunity. Boasting 34,357 square feet on a 1.6-acre lot (APN: 051J-12-059.000), this interior-corridor property underwent nearly $2,000,000 in renovations in 2023, resulting in a sleek, modern aesthetic. Built in 1999, the hotel enjoys a prime location off Interstate-59, within walking distance of the University of Southern Mississippi, and benefits from high daily traffic counts on nearby Hardy Street (approximately 62,000 vehicles). While current occupancy, ADR, and RevPAR are below competitive set standards, this presents significant upside potential for a new owner through hands-on management or third-party operator strategies. The asking price is $6,000,000, translating to $174.64 per square foot. This property offers investors a chance to acquire a recently renovated hotel in a well-established market with clear potential for increased profitability. The property's size and room count make it particularly suitable for owner-operator models.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $6,491,683
    6.5%
    $5,992,323
    7%
    $5,564,300
  • Comparable approach

    Method
    Valuation
    Relative Method
    $6,158,838
    Geo Method
    $5,739,732
  • Alternative Use

    Use
    Valuation
    Residential
    $6,541,876
    Hospitality
    $5,992,323
    Educational
    $4,985,542
    Medical
    $5,157,002
    Retail
    $7,755,288
123 Plaza Dr, Hattiesburg, Mississippi

Location Insight

City
Hattiesburg
County
Lamar
State
Mississippi
Latitude
31.3275
Longitude
-89.3542
CBSA code
25620
CBSA name
HATTIESBURG, MS METROPOLITAN 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
$64,126
-
-
$378,750
-
$740,520
$1,784,480
$2,525,000

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