Remodeled Flex Space with
For Sale
$585,000
1621 29th Avenue, Gulfport, MS 39501
Commercial Sale, Gulfport, MS
Property Size8,975 SF
Lot Size0.25 Acres
Price / SF$65.18
Days on Market536
Property Features for 1621 29th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Half bathrooms
2
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Subdivision
Gulfport City
Standard status
Active
APN
0811e-02-028.000
Size
8,975 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOTS 1 TO 4 BLK 148 ORIGINAL GULFPORT
Tax Annual Amount
3008
Legal Description
LOTS 1 TO 4 BLK 148 ORIGINAL GULFPORT
Building Details
Year built
1978
Listing Agency:
RE/MAX Results In Real Estate, Inc. · RE/MAX International
(228) 388-4360
Listed By:
Donna Haynes · License #S49593
(228) 861-5668
Added: Mar 14, 2025
Changed: Aug 26
Last Checked: Aug 31 at 12:06AM
MLS# 4106744
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 8,975-square-foot flex property combines recently remodeled office and showroom space with a substantial warehouse component. The front portion includes 1,901 square feet with four offices, a showroom fitted with hurricane impact-resistant glass, and a kitchen/breakroom. The 7,074-square-foot warehouse provides three large overhead doors, while its mezzanine adds a private office, restroom with shower, and storage area. The HVAC system is one year old.
An adjoining 110-by-100-foot vacant lot sits behind the building and is bordered by 17th Street and 30th Avenue, providing space for possible expansion or parking. The property is in downtown Gulfport, just north of the port and two blocks from Hwy 49. Business zoning has been grandfathered, with zoning and intended use subject to buyer verification. The sale includes the building only; equipment, furnishings, and the business enterprise do not convey.
An adjoining 110-by-100-foot vacant lot sits behind the building and is bordered by 17th Street and 30th Avenue, providing space for possible expansion or parking. The property is in downtown Gulfport, just north of the port and two blocks from Hwy 49. Business zoning has been grandfathered, with zoning and intended use subject to buyer verification. The sale includes the building only; equipment, furnishings, and the business enterprise do not convey.
Key Highlights
- 8,975‑square‑foot flex property with 1,901 square feet of office/showroom space and 7,074 square feet of warehouse/storage
- Recently remodeled office/showroom area with four offices, hurricane impact‑resistant glass, and kitchen/breakroom
- Warehouse accessed by three large overhead doors
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
$44,838
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
7.66%
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%
$896,760
$896.8K
Cap Rate 7%
$640,543
$640.5K
Cap Rate 9%
$498,200
$498.2K
Market Conditions
NOI Build-Up for 8,975 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
$70.0K $7.80/SF
− Vacancy
−$6.0K −$0.66/SF
EGI
$64.1K $7.14/SF
− OpEx
−$19.2K −$2.14/SF
NOI
$44.8K $5.00/SF
Area
Harrison County, MS
Vacancy
8.50%
Lease Rate
$7.80 /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%
$896,760
Cap Rate 7%
$640,543
Cap Rate 9%
$498,200
Alternative Uses
Best Use
Office B
$1.02M
$894.2K – $1.19M
NOI $71,534 @ 7.0% cap · market cap 12.23%
Second Best
Flex RnD
$991.5K
$867.6K – $1.16M
NOI $69,406 @ 7.0% cap · market cap 11.86%
Theoretical Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,211 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Balanced
Demand for This Use
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.
Similar Off Market Nearby
- Catering Creations — 1822 15th St #7, Gulfport, MS 39501
- Wildflower Catering and Events — 2404 23rd Ave, Gulfport, MS 39501
Frequently Asked Questions
What type of property is this?
Flex space - Remodeled office, showroom, and warehouse space with three overhead doors and an adjoining lot for possible expansion or parking.
Where is this flex space located?
The property is located at 1621 29th Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 8,975‑square‑foot flex property with 1,901 square feet of office/showroom space and 7,074 square feet of warehouse/storage; Recently remodeled office/showroom area with four offices, hurricane impact‑resistant glass, and kitchen/breakroom; Warehouse accessed by three large overhead doors
