123 Plaza DrHattiesburg, MS 39402

Property Details for 123 Plaza Dr

Year built

1999

Lot size

1.70 AC

Property size (Sq ft)

34,357 SF

Property type

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.

• CAP approach

  CAP return

  Valuation

  6%

  $4,793,050

  6.5%

  $4,424,360

  7%

  $4,108,330

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,227,660

  Geo Method

  $2,076,070

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $11,632,500

  Retail / Commercial

  $5,992,290

  Mixed-Use / Specialty

  $5,992,380

  Office

  $5,979,130

  Institutional / Educational

  $6,237,330

  Residential Income

  $7,297,680

  Multifamily

  $8,633,490

  Automotive / Energy

  $5,346,290

  Parking / Income-Based Land

  $1,823,740

  Restaurant / Food Service

  $3,162,480

  Healthcare / Senior Housing

  $6,123,080

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

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