Four-Unit Quadplex with
For Sale
$210,000
Pending
1605 Fern Avenue, Gulfport, MS 39501
Residential, Gulfport, MS
Property Size2,181 SF
Lot Size0.25 Acres
Days on Market95
Property Features for 1605 Fern Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 4, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Patio and Porch features
Patio
Subdivision
Gulf Gardens
High school
Gulfport
Elementary school district
Gulfport Dist
Middle school district
Gulfport Dist
High school district
Gulfport Dist
Standard status
Pending
APN
0711h-03-016.000
Size
2,181 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 12 TO 15 BLK 9 GULF GARDENS
Tax Annual Amount
1900
Legal Description
LOTS 12 TO 15 BLK 9 GULF GARDENS
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1945
Floors in Building
1
Flooring type
Laminate, Carpet
Roof type
Shingle
Listing Agency:
Keller Williams · Keller Williams Realty
(228) 275-7500
Listed By:
Nicole S Sanchez · License #B24326
(228) 243-1222
Added: Jun 9
Changed: Sep 4
Last Checked: Sep 11 at 1:06AM
MLS# 4152136
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 Gulfport quadplex contains four rental units within 2,181 square feet on a 0.25-acre lot. The unit mix includes two two-bedroom, one-bath apartments and two studio apartments. The studios include all utilities, while interior finishes include carpet and laminate flooring. A patio adds exterior amenity space.
Constructed in 1945, the property has a shingle roof and is served by public water and public sewer. The address is 1605 Fern Avenue in Gulfport, Mississippi, within Harrison County. The four-unit configuration combines larger apartments with studios in a compact residential income property.
Constructed in 1945, the property has a shingle roof and is served by public water and public sewer. The address is 1605 Fern Avenue in Gulfport, Mississippi, within Harrison County. The four-unit configuration combines larger apartments with studios in a compact residential income property.
Key Highlights
- Four rental units: two 2BR/1BA apartments and two studio apartments
- 2,181 square feet on a 0.25‑acre lot
- Studio units include all utilities
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
$13,727
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
6.54%
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%
$274,540
$274.5K
Cap Rate 7%
$196,100
$196.1K
Cap Rate 9%
$152,522
$152.5K
Market Conditions
NOI Build-Up for 2,181 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
$21.2K $9.72/SF
− Vacancy
−$1.6K −$0.73/SF
EGI
$19.6K $8.99/SF
− OpEx
−$5.9K −$2.70/SF
NOI
$13.7K $6.29/SF
Area
Harrison County, MS
Vacancy
7.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$274,540
Cap Rate 7%
$196,100
Cap Rate 9%
$152,522
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,727 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$174.2K
$152.5K – $203.3K
NOI $12,197 @ 7.0% cap · market cap 5.81%
Theoretical Best
Healthcare Medical
$351.4K
$307.4K – $409.9K
NOI $24,595 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
913
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Configuration includes two-bedroom and studio apartments with public utilities and varied interior finishes.
Where is this quadplex located?
The property is located at 1605 Fern Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Four rental units: two 2BR/1BA apartments and two studio apartments; 2,181 square feet on a 0.25‑acre lot; Studio units include all utilities
