602 Division StBiloxi, MS 39530

  • Mixed-use properties
  • 8,318 SF
For Sale
$1,030,000 View listing

Property Details for 602 Division St

Year built
1989
Lot size
0.65 AC
Property size (Sq ft)
8,318 SF
Property type
Mixed-use properties
Property subtype
Retail residential properties
APN
1410G-05-047.001
APU
1410G05047001

Description

This exceptional investment opportunity presents a 7,980 square foot Family Dollar storefront in Biloxi, Mississippi. The property boasts a strong 7.75% cap rate and a substantial net operating income (NOI) of $79,800. Situated on a 0.55-acre lot at 602 Division St, this location benefits from its proximity to I-110 (57,000 vehicles daily) and Keesler Air Force Base (28,000+ students annually). Family Dollar, a BBB- rated tenant with a corporate guarantee, recently signed a 7-year lease extension commencing January 1, 2025, with three 5-year renewal options. The property has a 30+ year operating history and enjoys a 100% occupancy rate. The location is strategically positioned less than 1.3 miles from the Beau Rivage Resort & Casino and serves a desirable demographic with average household incomes exceeding $52,700 within a 1-mile radius and $69,100 within a 3-mile radius. This is the only dollar store east of Kessler Air Force Base, offering limited competition and strong walk-in traffic from surrounding neighborhoods. The asking price is $1,030,000, translating to $129.07 per square foot. This is a rare opportunity to acquire a stable, high-performing retail investment with a long-term, creditworthy tenant. The building was constructed in 1989.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,635,660
    6.5%
    $1,509,840
    7%
    $1,401,995
  • Comparable approach

    Method
    Valuation
    Relative Method
    $983,482
    Geo Method
    $916,556
  • Alternative Use

    Use
    Valuation
    Residential
    $1,509,840
    Hospitality
    $1,383,006
    Educational
    $1,150,644
    Medical
    $1,190,217
    Retail
    $1,789,891
602 Division St, Biloxi, Mississippi

Location Insight

City
Biloxi
County
Harrison
State
Mississippi
Latitude
30.4036
Longitude
-88.882
CBSA code
25060
CBSA name
GULFPORT-BILOXI, 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
$6,372
-
-
$58,053
-
$37,001
$350,023
$387,024

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