Mississippi Real Estate

Mississippi Real Estate

Mississippi commercial properties

Location : SOUTHGATE SHOPPING CENTER
FULTON, Itawamba County, MS

* 5.95 +\- ACRE SITE fee simple title
* Improvements include 53,200 sq ft gross with 49,500+\- sq ft rentable area covering 6 bays which each include HVAC systems and 1 to 3 commercial rest rooms per bay depending upon bay size. There is a common party wall shared with the newly opened Giant Food store which adjoins the property on the north elevation.
* There are Concrete Drives and Concrete surfaced parking for 175+\- vehicles
* A March 2008 professional inspection of the property revealed a circa 1980 commercial retail shopping center comprised of 6 separate retail bays sharing a common roof structure and divided by concrete block walls. The foundation for the improvement is a reinforced concrete foundation slab on grade. Interior floor coverings of each bay consists of commercial vinyl tile or carpet. The exterior walls consist of masonry bock and the interior walls are masonry block covered by dry wall of paint.
* The property is 72% occupied. Tenants include Peebles, Fred's, and First American Bank
* Annual collected rents include annual base rents of $154,586, percentage of sales from Fred's ($23,000 +/-), pass thru of Real Estate Taxes of $19,625.00, Insurance pass thru of $2,414.00, and CAM of $10,657.00
* Current lease runs thru 2019 for Peebles, 2011 for Fred's, and 2011 for First American Bank. All leases contain 5 yr extension provisions
* Zoning - C-3 Neighborhood District
Ref. Morrisauctiongroup.com