For Sale
$5,500,000

1712 15Th StGulfport, MS 39501

Class A Office, Gulf Views, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional Class A, 30,958 square foot office building in Gulfport, Mississippi, presents a compelling owner-user or value-add investment opportunity. Boasting stunning Gulf of Mexico views, this four-story building, constructed in 2003, enjoys a prime location at the intersection of 15th Street and US Highway 90, a half-mile from the Gulfport and Dan Russel, Jr. US Courthouses. Currently 100% occupied with a lease expiring September 30, 2025, the building offers a substantial net operating income (NOI) of $321,156, translating to a pro-forma cap rate of 5.84%. The 29,294 square feet of net rentable space is priced at $177.66 per square foot, with an asking price of $5,500,000. The building features an elevator, ample on-site parking, and additional undeveloped land offering potential for future expansion. A ground-floor Salutes Italian Restaurant adds to the property's appeal. The fourth-floor terrace presents a unique opportunity to increase income, potentially as a rooftop bar or entertainment venue. The current owner can extend existing leases on the second and third floors for four more years or vacate the space for an owner-user. The property sits on a 3.512-acre lot and is zoned T4+ General Urban Transect Zone.

Highlights

  • $5,500,000 asking price for this Class A office building.
  • 30,958 total square feet, with 29,294 square feet of net rentable space.
  • $177.66 price per square foot.
  • 5.84% pro-forma cap rate, generating a pro-forma NOI of $321,156.
  • 100% occupancy until September 30, 2025.
  • Four-story building constructed in 2003, situated on a 3.512-acre lot in Gulfport, MS.

Property Details for 1712 15Th St

Property type
Office properties
Square Feet
30,958 SF
Class
A
Year Built
2003
Stories
4
Lot Size (sq. ft)
152,983 SF

Location Insight

City
Gulfport
County
Harrison
State
Mississippi
Latitude
30.3697315
Longitude
-89.0823818
1712 15Th St, Gulfport, Mississippi

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1712 15Th St
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