123 Plaza DrHattiesburg, MS 39402
- Hospitality properties
- 34,357 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].