14,960 square foot 2 story building with commercial space on bottom floor and condos (now for rent) on top floor. Owned by David and Deanna Hollinger. Deanna's office number is (662) 234-1234. Address is 101 Ricky D Britt Blvd, Oxford 38655. David (662-934-9148 cell) said that there are 4 commercial spaces on ground floor which are approx 1870 sq ft each. He has one rented to a lawyer now for $2000 per month which is $12.83 per foot. There are 8 upstairs condos and they are built to be converted easily to commercial space if and when time is right. He is leasing these condos now because they are hard to sell. He is leasing for approx $750 per condo. So potential income right now is 4 x $2000 = $8000 downstairs and 8 x $750 = $6000 upstairs for a total monthly revenue of $14,000. That's $168,000 per year. $168,000 per year minus 8% vacancy and collection loss ($13,440) = $154,560. If expenses are 40%, then NOI is $154,560 - $61,824 = $92,736. So at a cap rate of 9%, building is worth $1,030,400 or about $69 per foot. It is priced at $2.2 million or $147 per foot !!!!!!!
Hollinger has the original De La Vine off Jackson (??) near an Applebees and some hotels. It is only one story.
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