1704 21St AveGulfport, MS 39501

Property Details for 1704 21St Ave

Year built

1955

Property size (Sq ft)

1,131 SF

Property type

Office properties

Property subtype

Other office properties

APN

0811F-02-006.000

APU

0811F02006000

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $179,356

  6.5%

  $165,559

  7%

  $153,733

• Comparable approach

  Method

  Valuation

  Relative Method

  $86,274

  Geo Method

  $80,403

• Alternative Use

  Use

  Valuation

  Residential

  $205,293

  Hospitality

  $188,048

  Educational

  $156,453

  Medical

  $161,834

  Retail

  $243,372

Location Insight

City

Gulfport

County

Harrison

State

Mississippi

Latitude

30.3712

Longitude

-89.0872

CBSA code

25060

CBSA name

GULFPORT-BILOXI, MS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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