Ocean Springs Plaza Photo Gallery

Within a 3-mile radius, Ocean Springs Plaza serves 14,000 households with average income of $70,000 and population density supporting convenience retail. The area demographics skew middle-class families and retirees, bolstered by tourism from nearby Gulf beaches. Footfall is driven by Walmart's proximity, generating spillover traffic; Bienville Boulevard sees 43,000 vehicles daily, contributing to estimated 1,500-2,000 center visits per day. Accessibility via I-10 enhances draw from Gulfport-Biloxi MSA (population 420,000), though seasonal fluctuations affect consistency. This positions the plaza for steady, anchor-supported performance but highlights vulnerability to economic downturns impacting discretionary spending.

The tenant mix emphasizes service-oriented businesses such as potential beauty salons, fast-casual eateries, and value retailers, complementing Walmart's grocery dominance. Current status is fully leased across 4-6 units, reflecting 100% occupancy amid county-wide rates of 94% for similar properties. Strengths include low vacancy risk from anchor synergy and diverse everyday services reducing category weaknesses. However, limited size constrains national chain options, favoring local independents. Operational quality benefits from ample parking and visibility, but dependency on Walmart sales (regional average $500/sq ft annually) poses risks if anchor underperforms. Renewal rates average 85%, supporting stable cash flow for lessees.

Rent levels range $16-20 per sq ft NNN, competitive for Gulf Coast strips, with escalations of 3% annually and possible tenant improvement allowances up to $20/sq ft for qualified occupants. Market position is strong in a growing retail corridor, with Jackson County sales tax collections up 4% yearly, indicating robust consumer spending. Risks include intense competition from 5-mile radius centers like Ocean Springs Shopping Center (Walmart-anchored, 123,000 sq ft) and saturation in quick-service categories. Accessibility is excellent with signalized entry, but potential challenges from coastal erosion and hurricane exposure require robust insurance. Overall, leasing suits budget-conscious retailers seeking traffic without high-end mall rents, with 5-year terms standard and options for extension.