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Tiny Home Apartments

$10,500,000

158 Cliff Mitchell Road, Picayune, MS 39466

Active
Last Updated: 06/04/2025

6.92

Cap Rate

726,423

NOI

Details:
Cap Rate:    6.92%
NOI:    $726,423
Lot Area:    25.2 acres
Occupancy:    87%
Class:    C
Units:    101
GRM:    8.7
Year Built:    2024
Seller Financing:    No
Opportunity Zone:    No
Year Last Renovated:    2024
Construction Status:    Completed 2024
Roof:    Metal
Leed Certitified:    No
Investment Strategy:    Core Plus
Highlights:
  • Tiny Home Construction Completed 2024
  • Operationally Turn-Key
  • Meticulously & Professionally Managed
  • High Growth Area With Strong Demand And Ability To Scale
  • Tiny Home Construction Completed 2024
  • City Utilities
Description:

Tiny Home Apartment Rentals is a 101-unit, park-owned community situated on 25.2 acres just off Interstate 59 at Exit 1 in one of Mississippi’s fastest-growing counties. Strategically positioned in a renter-dense area, this cash-flowing asset is currently 87% occupied with strong leasing momentum—offering stable returns in the long-term rental market and upside potential through short-term rentals that capture both workforce housing demand and year-over-year growing attendance at numerous annual tourism events

Property & Operational Highlights

101 units: 70 Tiny Homes, 7 Apartments, 12 Duplexes (24 doors total)

All homes park-owned and built within the last 4 years — low maintenance costs

Fully cashless rent collection: 80% auto-draft, 20% money order

Tenant-paid utilities (electric individually metered; water master metered)

Current occupancy: 87%

Connected to city utilities and located outside the flood zone

On-site office with room for future expansion

Income & Performance

Gross Potential Rental Income: $100,600/month

Additional laundry income (with capacity to expand W/Ds)

Short-Term Rental Flexibility

5 Tiny Homes enrolled in Evolve’s short-term rental program (10% management fee)

Average Daily Rate (ADR): $78.72

Opportunity to expand short-term rental program further

Capitalize on regional tourism from:

Crusin’ The Coast (100,000+ attendees)

Peter Anderson Festival (150,000+ visitors)

Jeepin’ The Coast, Scrapin’ The Coast, and more

Less than 1 hour to New Orleans and 30 miles from MS Gulf Coast beaches

Economic Growth & Market Demand

Located in a high-growth area with strong public infrastructure investment

Supported by state and local economic development grants

Nearby Major Employers

Ochsner Medical Center

Hollywood Casino & Resort

Picayune Industrial Park

Stennis Space Center

Pearl River Community College

This offering presents a rare opportunity to acquire a stabilized, income-generating asset with built-in operational efficiencies and untapped value-add potential in a growing Gulf South market.

Map:
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