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1704 21St AveGulfport, MS 39501

72-Unit Apartment Building, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 72-unit apartment building presents a compelling value-add investment opportunity in the thriving Gulfport, Mississippi market. The property, boasting 42,000 net rentable square feet, currently enjoys a 92% occupancy rate, generating a strong net operating income (NOI) of $258,237. A pro-forma NOI of $315,677 projects significant upside potential. Built in 1955 and renovated in 2005, the property comprises 19 buildings across two stories, situated on a 2.84-acre lot. Its prime location, less than half a mile from major highways US 90 and US 49, and four miles from Interstate-10, ensures convenient access to the entire Gulfport-Biloxi metropolitan statistical area (MSA) and beyond. The property's proximity to a public beach access and fishing pier adds significant appeal to potential tenants. Recent roof replacements (2021) demonstrate the commitment to maintaining the property's physical condition. Market analysis indicates potential for rental rate increases, further enhancing the property's profitability. A recent debt quote suggests a 75% loan-to-value (LTV) ratio with an interest-only option, making this a financially attractive investment. This well-maintained asset offers investors a stable cash flow in a robust economic market poised for continued growth. The property's competitive rental rates and strong occupancy history contribute to its overall value and potential for future returns. This is a rare opportunity to acquire a stabilized, cash-flowing multifamily asset in a desirable coastal location.

Highlights

  • 75% LTV and interest-only financing available.
  • Waters Mark Apartments, a well-maintained property with a strong operational history, is offered for sale exclusively by Marcus & Millichap in Gulfport, MS.
  • Excellent location: less than 0.5 miles from high-traffic US Hwy 90 & US Hwy 49, and 4 miles from I-10, providing easy access to the Gulfport-Biloxi MSA. Also, 0.5 miles from beach access.
  • Well-maintained property with recent roof replacements (2021) and market-standard finishes.
  • Strong occupancy and potential for significant rental rate increases ($34,000 annual revenue upside). Current rents: $775 (1BR), $875 (2BR).
  • Stable cash flow in a growing market.

Property Details for 1704 21St Ave

Property type
Apartment buildings
Class
B
Year Built/Renovated
1955/2005
Buildings
19
Stories
2
Lot Size (sq. ft)
123,710 SF
Units
72

Location Insight

City
Gulfport
County
Harrison
State
Mississippi
Latitude
30.3721492
Longitude
-89.086864
1704 21St Ave, Gulfport, Mississippi

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1704 21St Ave
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