Five-Unit Apartment
For Sale
$290,000
1423 Jo Ellen Circle, Gulfport, MS 39501
Residential Income, Gulfport, MS
Property Size3,120 SF
Lot Size0.20 Acres
Price / SF$92.95
Days on Market201
Property Features for 1423 Jo Ellen Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 8, Bedroom 6, Bedroom 12, Bedroom 13, Bedroom 10, Bedroom 1, Bathroom 3, Bedroom 11, Bedroom 9, Bedroom 5, Bedroom 2, Bedroom 14, Bedroom 4, Bedroom 7, Bedroom 3, Bathroom 2, Bedroom 15, Bathroom 1, Bathroom 4, Bathroom 5
Parking
8
Subdivision
Owen Place
Lot features
Near Beach, Near Beach
Standard status
Active
APN
0711k-04-037.002
Size
3,120 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1423 OWEN HOMES SUBD PHASE 2
Tax Annual Amount
3226
Legal Description
LOT 1423 OWEN HOMES SUBD PHASE 2
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1970
Floors in Building
2
Number of units
5
Roof type
Metal
Listing Agency:
Keller Williams · Keller Williams Realty
(228) 275-7500
Listed By:
Elizabeth Wackenhut · License #S57105
(251) 377-0884
Added: Feb 9
Changed: Aug 26
Last Checked: Aug 29 at 1:06AM
MLS# 4138627
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This unfinished apartment building contains 3,120 square feet on a 0.2-acre parcel and was built in 1970. The structure includes five planned apartments, with three upstairs units and two downstairs units. Each planned unit includes three bedrooms, one bathroom, a kitchen, and a living room. The property is being sold as is.
Exterior work completed in 2025 includes a new metal roof, wood privacy fencing around the property, fresh exterior paint, two French double doors, and five mailboxes. Concrete parking is prepared in front of the building, and the lot includes a spacious rear backyard. Public water and public sewer serve the property. The address is 1423 Jo Ellen Circle in Gulfport, Mississippi.
Exterior work completed in 2025 includes a new metal roof, wood privacy fencing around the property, fresh exterior paint, two French double doors, and five mailboxes. Concrete parking is prepared in front of the building, and the lot includes a spacious rear backyard. Public water and public sewer serve the property. The address is 1423 Jo Ellen Circle in Gulfport, Mississippi.
Key Highlights
- 3,120‑square‑foot unfinished apartment building on 0.2 acres
- Five planned apartments with 15 bedrooms and 5 bathrooms
- 2025 improvements include a new metal roof, privacy fence, exterior paint, doors, and mailboxes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,448
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,960
$349.0K
Cap Rate 7%
$249,257
$249.3K
Cap Rate 9%
$193,867
$193.9K
Market Conditions
NOI Build-Up for 3,120 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.4K $11.04/SF
− Vacancy
−$2.7K −$0.87/SF
EGI
$31.7K $10.17/SF
− OpEx
−$14.3K −$4.58/SF
NOI
$17.4K $5.59/SF
Area
Harrison County, MS
Vacancy
7.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$348,960
Cap Rate 7%
$249,257
Cap Rate 9%
$193,867
Alternative Uses
Best Use
Apartment 5plus
$249.3K
$218.1K – $290.8K
NOI $17,448 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$502.6K
$439.8K – $586.4K
NOI $35,184 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 39501, MS
22,599
Population
10,565
Households
2.1
Avg Household Size
35
Median Age
13%
College-Educated
78%
High-School Grad
14.4 sq mi
ZIP Area
1,569
Density / Sq Mi
$33,491
Median Household Income
$28,522
Median Earnings
$962
Median Rent
$115,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Unfinished apartment structure with 2025 exterior improvements, public water, and public sewer.
Where is this apartment building located?
The property is located at 1423 Jo Ellen Circle Gulfport, MS.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 3,120‑square‑foot unfinished apartment building on 0.2 acres; Five planned apartments with 15 bedrooms and 5 bathrooms; 2025 improvements include a new metal roof, privacy fence, exterior paint, doors, and mailboxes
