Corner Office
For Sale
$225,000
1621 23rd Avenue, Gulfport, MS 39501
Commercial Sale, Gulfport, MS
Property Size2,142 SF
Lot Size0.10 Acres
Price / SF$105.04
Days on Market36
Property Features for 1621 23rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Central Business District
Bedrooms
2
Rooms
Bedroom 2, Bedroom 1
Subdivision
Gulfport City
Lot features
Corner Lot, Level, City Lot, Corner Lot, Level, City Lot
Directions
From Beach Blvd (US-90) turn on Hwy 49, drive north for .4 miles then turn right onto 17th Street. Building is on the left on the corner of 17th Street and 23rd Avenue.
Standard status
Active
APN
0811f-04-002.000
Size
2,142 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 1 & 2 LESS W 40 FT. BLK. 153 ORIGINAL GULFPORT
Tax Annual Amount
2355
Legal Description
LOTS 1 & 2 LESS W 40 FT. BLK. 153 ORIGINAL GULFPORT
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Roof type
Built-Up
Listing Agency:
John McDonald Realty, LLC
(228) 467-5500
Listed By:
Regan Kane · License #B14846
(228) 363-0331
Added: Jul 28
Changed: Aug 26
Last Checked: Sep 1 at 12:06AM
MLS# 4157351
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 2,142-square-foot office building at 1621 23rd Avenue includes a reception area, waiting room with half bath, conference room, three private offices, and three additional rooms suited to office, storage, or specialty functions. A kitchen and adjoining full bathroom support daily operations, while two side entrances from 17th Street provide separate access points. The property was built in 1969 and has a built-up roof, public water, and public sewer.
The building occupies a 0.1-acre corner parcel in downtown Gulfport, directly across from the Harrison County Courthouse. It is near the renovated Markham Hotel and a new residential development, with surrounding businesses, restaurants, and amenities. T-4 zoning supports the property’s stated office, retail, professional, and mixed-use applications.
The building occupies a 0.1-acre corner parcel in downtown Gulfport, directly across from the Harrison County Courthouse. It is near the renovated Markham Hotel and a new residential development, with surrounding businesses, restaurants, and amenities. T-4 zoning supports the property’s stated office, retail, professional, and mixed-use applications.
Key Highlights
- 2,142‑square‑foot office building on a 0.1‑acre corner parcel
- T‑4 zoning supports office, professional, retail, and mixed‑use applications
- Interior includes reception, waiting room, conference room, three private offices, and three additional rooms
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
$17,073
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
7.59%
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%
$341,460
$341.5K
Cap Rate 7%
$243,900
$243.9K
Cap Rate 9%
$189,700
$189.7K
Market Conditions
NOI Build-Up for 2,142 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
$27.8K $12.96/SF
− Vacancy
−$5.0K −$2.33/SF
EGI
$22.8K $10.63/SF
− OpEx
−$5.7K −$2.66/SF
NOI
$17.1K $7.97/SF
Area
Harrison County, MS
Vacancy
18.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
25.00%
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%
$341,460
Cap Rate 7%
$243,900
Cap Rate 9%
$189,700
Alternative Uses
Best Use
Office B
$243.9K
$213.4K – $284.6K
NOI $17,073 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$345.1K
$301.9K – $402.6K
NOI $24,155 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,227
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - T-4-zoned office property with reception, conference, private office, kitchen, and separate staff and visitor access.
Where is this office building located?
The property is located at 1621 23rd Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,142‑square‑foot office building on a 0.1‑acre corner parcel; T‑4 zoning supports office, professional, retail, and mixed‑use applications; Interior includes reception, waiting room, conference room, three private offices, and three additional rooms
