603 Thornhill DrHattiesburg, MS 39402

Property Details for 603 Thornhill Dr

Year built

1980

Lot size

3.00 AC

Property size (Sq ft)

1,050 SF

Property type

Office properties

Property subtype

Office buildings

APN

051H-01-016.000

APU

051H01016000

Description

This exceptional value-add self storage facility in Hattiesburg, Mississippi, presents a compelling investment opportunity. Priced at $1,845,000, this property boasts 43,650 net rentable square feet across four single-story buildings on a 3-acre lot. Currently featuring 247 non-climate controlled, drive-up units and a 1,200 square foot apartment, the facility offers significant upside potential. The current NOI is $80,992, yielding a 4.39% cap rate, while the pro-forma NOI is projected at $201,964, representing a 10.95% cap rate. Built in 1980, this property benefits from its location less than one mile from the University of Southern Mississippi (enrollment: 14,554 students) and within a densely populated area (67,878 residents within a five-mile radius). Hattiesburg, the third largest MSA in Mississippi (155,740 residents), is approximately 85 miles northwest of Mobile, Alabama. This property offers a unique chance to increase revenue through lease-up, stabilization, and rent increases, capitalizing on below-market rents in a thriving market. The property's address is 603 Thornhill Dr, Hattiesburg, MS 39402.

• CAP approach

  CAP return

  Valuation

  6%

  $174,670

  6.5%

  $161,234

  7%

  $149,718

• Comparable approach

  Method

  Valuation

  Relative Method

  $80,095

  Geo Method

  $74,644

• Alternative Use

  Use

  Valuation

  Residential

  $199,930

  Hospitality

  $183,135

  Educational

  $152,366

  Medical

  $157,606

  Retail

  $237,014

Location Insight

City

Hattiesburg

County

Lamar

State

Mississippi

Latitude

31.3341

Longitude

-89.3487

CBSA code

25620

CBSA name

HATTIESBURG, MS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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