507 18Th AveColumbus, MS 39705

  • Retail properties
  • 16,000 SF
For Sale
$4,500,000 View listing

Property Details for 507 18Th Ave

Year built
1983
Construction
WOOD
Lot size
9.30 AC
Property size (Sq ft)
16,000 SF
Property type
Retail properties
Property subtype
Super regional malls
APN
56W160003800
APU
56W160003800

Description

This exceptional investment opportunity presents the Towne Square Shopping Center, a 116,363 square foot retail property located at 507 18th Ave N, Columbus, MS 39705. The property boasts a diverse mix of 17 tenants, including restaurants, a fitness center, and various retail businesses, ensuring a dynamic shopping experience. Currently operating at 100% occupancy, this multi-tenant center offers a strong NOI of $396,761 and an attractive 8.82% cap rate. The asking price is $4,500,000, translating to $38.67 per square foot. Built in 1983, the property comprises two buildings situated on a 9.41-acre lot. Lease terms vary among the tenants, with the investment structured as a modified net lease. The property benefits from a prime location with excellent visibility and accessibility, attracting a steady flow of customers. The tenant roster includes established local and national businesses, contributing to the center's consistent performance and strong occupancy rate. This well-maintained property presents a compelling investment opportunity in a thriving Mississippi market.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,942,518
    6.5%
    $3,639,248
    7%
    $3,379,302
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,933,726
    Geo Method
    $7,864,819
  • Alternative Use

    Use
    Valuation
    Residential
    $3,069,842
    Hospitality
    $2,811,958
    Educational
    $2,339,516
    Medical
    $2,419,976
    Retail
    $3,639,248
507 18Th Ave, Columbus, Mississippi

Location Insight

City
Columbus
County
Lowndes
State
Mississippi
Latitude
33.5163
Longitude
-88.4308
CBSA code
18060
CBSA name
COLUMBUS, MS MICROPOLITAN 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
$66,956
-
-
$409,391
-
$1,316,600
$1,412,670
$2,729,270

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