The Monastery

1619 N West Street Jackson, MS 39202

1619 N West Street, Jackson, MS, 39202
1619 N West Street, Jackson, MS, 39202
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$660,000
Last Verified:
Aug 12, 2019

Highlights

  • Recently Remodeled with Stabilized Tenant Mix
  • 100% Occupancy & High Credit Tenants
  • High Cap Rate on Existing Income
  • Across the Street from Millsaps College
  • Walking Distance to Baptist Medical Center & UMMC

Description

The Monastery is a vertical mixed-use redevelopment of a superbly located property in the Midtown neighborhood of Jackson, Mississippi. This property features five industrial-chic urban lofts above a popular coffee shop located within seconds of Millsaps College. The property also boasts a new patio garden, new asphalt drive-thru and parking lot, solar powered security cameras, new HVAC system, plumbing, and roof. The sale of this property presents the opportunity to acquire a highly desirable mixed use building that has been recently remodeled with a stabilized tenant mix and zero vacancy.

The vibrant midtown neighborhood is adjacent to the most expensive private college in the state of Mississippi (Millsaps College) and robust centers of employment (University of Mississippi Medical Center and Baptist Medical Center). The neighborhood is rapidly being redeveloped as a mixed use district which is home to many artists and creatives featuring the mantra "Made in Midtown." The property is located within close proximity to I-55 and even closer to the major arteries of State Street and Woodrow Wilson.

Building Size: 4257.0sq ft
Lot Size: 0.18 acres

Map of 1619 N West Street, Jackson, MS, 39202

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.