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    Gulfport Multifamily Investment Opportunity Title is generated by Realmo AI

    1423 Jo Ellen Circle, Gulfport, MS 39501

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    For Sale
    $309,000

    MULTI_FAMILY - Gulfport, MS

    Property size:
    3,120 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $99/SF
    Added:
    Feb 9, 2026
    Days on Market:
    110
    Last Refresh:
    May 30 at 8:06 am

    Property Features for 1423 Jo Ellen Circle

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    15
    Bathrooms
    5
    Rooms
    Bedroom 12, Bedroom 14, Bedroom 7, Bedroom 11, Bedroom 15, Bedroom 8, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 6, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 10, Bathroom 3, Bathroom 5, Bathroom 4, Bathroom 2, Bedroom 9, Bedroom 13
    Parking
    8
    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

    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

    We can help!

    Listing Contact
    Elizabeth Wackenhut

    Listing agent Elizabeth Wackenhut License #S57105

    Listing office Keller Williams 707 Russell Ave, Gulfport, MS

    Listing date Feb 9, 2026

    MLS# 4138627 Listing URL

    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.

    HighLights

    • Value‑add potential with unfinished 5‑unit apartment building.
    • Opportunity to finish or reconfigure layout to maximize income.
    • Structure in place with five separate apartments (15 bedrooms, 5 bathrooms planned).
    • Major upgrades completed in 2025: new metal roof, privacy fence, exterior paint, French doors, and mailboxes.
    • Large lot with spacious rear backyard and concrete parking for five units.
    • Ideal for contractors/investors.

    Overview

    This unfinished 5-unit apartment building presents a significant opportunity for contractors and investors seeking a value-add project. The existing structure comprises five separate apartments, offering the flexibility to complete the units as planned or reconfigure them to optimize income potential. The planned layout includes a total of 15 bedrooms and 5 bathrooms, with three upstairs units and two downstairs units. Each unit is designed to feature 3 bedrooms, 1 bathroom, a kitchen, and a living room. The property is situated on a lot of 0.2 acres with a spacious rear backyard. Concrete parking is in place in front of the building to accommodate all five units. Major upgrades were completed in 2025, including a new metal roof, a new wood privacy fence enclosing the entire property, fresh exterior paint, two new French double doors, and five new mailboxes. This property is being sold AS IS and is ideally suited for contractors or investors looking to finish the existing design or reimagine the layout to maximize rental income. Buyers are advised to verify the square footage, unit count, and configuration with the City of Gulfport.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $34.4k $11.04
    − Vacancy −$2.7k −$0.87
    EGI $31.7k $10.17
    − OpEx −$14.3k −$4.58
    NOI $17.4k $5.59
    3,120 SF · lease $11.04/SF/yr · vacancy 7.90% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $249.3K
    $218.1K – $290.8K (±1% cap)
    NOI $17,448 @ 7.0% cap · market cap 5.65%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Healthcare Medical
    $502.6K
    $439.8K – $586.4K (±1% cap)
    NOI $35,184 @ 7.0% cap · market cap 11.39%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gulfport
    County
    Harrison
    State
    Mississippi
    Longitude
    -89.125789
    Latitude
    30.367138

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    FAQs

    What type of property is this?
    Apartment building - Unfinished 5-unit apartment building with value-add potential.
    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 $309,000.
    What are key features of this property?
    This property features: Value‑add potential with unfinished 5‑unit apartment building.; Opportunity to finish or reconfigure layout to maximize income.; Structure in place with five separate apartments (15 bedrooms, 5 bathrooms planned).
    (251) 377-0884
    We can help!
    Listing Contact
    Elizabeth Wackenhut
    Real Estate License ID: S57105
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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