15096 Creosote Rd

$495,000

15096 Creosote Rd, Gulfport, MS 39503

For Sale

Retail

Active

Last Updated: 02/27/2024

Details:

Building Size: 10,000 sqft

Lot Area: 0.68 acres

Units: 3

Year Built: 2000

Zoning: B4 Neighborhood Business

Floors: 1

Offered by Broker

Doug Molyneaux

Principal

Molyneaux Group

#21811

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Description:

This is a leasehold investment. The current ground rent is $12,600 annually. This opportunity is being offered as a value add redevelopment deal. Subway is occupying 2,050 square feet with 1 year remaining on the primary term and 3 five year renewal options. The seller is occupying the remaining 8,000 +/- square feet. The seller will remain through the end of 2024, or will vacate sooner with 90 days notice if permanent tenant is signed. This is a 16th section land lease with the Harrison County School Board. The ground lease runs through August 8th, 2039 and can be renewed per section 29-3-69 of the Mississippi Code of 1972. The code basically states that the current holder of the ground lease has the prior right, exclusive of all others, to renew for 25 years at a time.

Just one tenth of a mile east of Highway 49 on Creosote Rd, this retail strip center is located in the midst of south Mississippi's most dense retail corridor. Major retailers within the one mile radius include Walmart Supercenter, At Home, Home Depot, Academy Sports, Office Depot, Barnes & Noble, Cinemark, Ross Dress For Less, T.J. Maxx, Sam's Club, Gulfport Premium Outlets, Altitude Trampoline Park, Ulta, Party City, Old Navy, PetSmart and many more.

This is a leasehold investment. The current ground rent is $12,600 annually. This opportunity is being offered as a value add redevelopment deal. Subway is occupying 2,050 square feet with 1 year remaining on the primary term and 3 five year renewal options. The seller is occupying the remaining 8,000 +/- square feet. The seller will remain through the end of 2024, or will vacate sooner with 90 days notice if permanent tenant is signed. This is a 16th section land lease with the Harrison County School Board. The ground lease runs through August 8th, 2039 and can be renewed per section 29-3-69 of the Mississippi Code of 1972. The code basically states that the current holder of the ground lease has the prior right exclusive of all others to renew for 25 years at a time.