14-Unit Renovated Apartment
For Sale
$950,000
2524 28th Avenue, Gulfport, MS 39501
Residential Income, Gulfport, MS
Property Size12,960 SF
Lot Size0.49 Acres
Price / SF$73.30
Days on Market33
Property Features for 2524 28th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
14
Bathrooms
14
Full bathrooms
14
Rooms
Bathroom 13, Bedroom 8, Bedroom 10, Bathroom 2, Bathroom 9, Bathroom 1, Bedroom 13, Bedroom 12, Bathroom 6, Bathroom 7, Bathroom 8, Bedroom 1, Bedroom 5, Bathroom 11, Bathroom 14, Bedroom 2, Bathroom 5, Bedroom 7, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 14, Bedroom 6, Bedroom 11, Bedroom 9, Bathroom 10, Bathroom 3, Bathroom 12
Subdivision
Standard Land
Lot features
City Lot, City Lot
Standard status
Active
APN
0810n-04-063.000
Size
12,960 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 9 & 10 BLK 24 STANDARD LAND
Tax Annual Amount
2766
Legal Description
LOTS 9 & 10 BLK 24 STANDARD LAND
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Water source
Public
Amenities
coin-operated laundry
Building Details
Year built
1940
Floors in Building
1
Number of units
14
Flooring type
Carpet, Vinyl
Roof type
Asphalt
Listing Agency:
Keller Williams · Keller Williams Realty
(228) 275-7500
Listed By:
Nicole S Sanchez · License #B24326
(228) 243-1222
Added: Jul 28
Changed: Aug 25
Last Checked: Aug 29 at 1:06AM
MLS# 4157330
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 14-unit apartment property encompasses 12,960 square feet on 0.49 acres. The unit mix includes four studio apartments and 10 one-bedroom apartments, with carpet and vinyl flooring throughout the residences. Renovation work includes three units constructed from the ground up, identified as units 12, 13, and 14. The property was originally built in 1940 and includes an on-site coin-operated laundry facility that provides an additional income source.
Located at 2524 28th Avenue in Gulfport, the property is minutes from downtown Gulfport, Gulf Coast beaches, and the Naval Construction Battalion Center Gulfport. Public water and public sewer serve the property, with electricity available. The roof is asphalt, and the property has historically maintained approximately 100% occupancy.
Located at 2524 28th Avenue in Gulfport, the property is minutes from downtown Gulfport, Gulf Coast beaches, and the Naval Construction Battalion Center Gulfport. Public water and public sewer serve the property, with electricity available. The roof is asphalt, and the property has historically maintained approximately 100% occupancy.
Key Highlights
- 14‑unit apartment property with 12,960 square feet on 0.49 acres
- Unit mix includes 4 studio apartments and 10 one‑bedroom apartments
- Three newly constructed units: 12, 13, and 14
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
$72,476
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
7.63%
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%
$1,449,520
$1.4M
Cap Rate 7%
$1,035,371
$1.0M
Cap Rate 9%
$805,289
$805.3K
Market Conditions
NOI Build-Up for 12,960 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
$143.1K $11.04/SF
− Vacancy
−$11.3K −$0.87/SF
EGI
$131.8K $10.17/SF
− OpEx
−$59.3K −$4.58/SF
NOI
$72.5K $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%
$1,449,520
Cap Rate 7%
$1,035,371
Cap Rate 9%
$805,289
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$906.0K – $1.21M
NOI $72,476 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.09M
$1.83M – $2.44M
NOI $146,150 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
511
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 - Apartment community with studio and one-bedroom layouts, on-site laundry, and three recently constructed units.
Where is this apartment building located?
The property is located at 2524 28th Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 14‑unit apartment property with 12,960 square feet on 0.49 acres; Unit mix includes 4 studio apartments and 10 one‑bedroom apartments; Three newly constructed units: 12, 13, and 14
