13-Unit Apartment Building with Commercial
For Sale
$699,900
5420 28th Street, Gulfport, MS 39501
Residential Income, Gulfport, MS
Property Size8,700 SF
Lot Size0.62 Acres
Price / SF$80.45
Days on Market102
Property Features for 5420 28th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
24
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 24, Bedroom 13, Bedroom 1, Bathroom 6, Bathroom 4, Bathroom 8, Bathroom 7, Bedroom 19, Bathroom 12, Bedroom 9, Bathroom 10, Bedroom 22, Bedroom 14, Bedroom 12, Bedroom 4, Bathroom 3, Bedroom 18, Bedroom 2, Bedroom 7, Bedroom 5, Bathroom 9, Bedroom 10, Bedroom 23, Bedroom 11, Bedroom 21, Bathroom 11, Bathroom 5, Bedroom 15, Bedroom 8, Bedroom 17, Bedroom 16, Bathroom 1, Bedroom 6, Bathroom 2, Bedroom 3, Bedroom 20
Parking
24
Window features
Aluminum Frames
Patio and Porch features
Porch
Pets allowed
Cats OK, Breed Restrictions, Dogs OK
Appliances
Range
Subdivision
Kennelworth Park
Lot features
Corner Lot, Level, Dumpster, Corner Lot, Level, Dumpster
Directions
From Canal Road, go East on 28th Street. From 25th Ave (Hwy 49), go West on 28th Street. Located across the street from the Navy SeaBee Base North Gate.
Standard status
Active
APN
0710n-03-028.000
Size
8,700 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 11 TO 18 INC BLK 10 KENELSWORTH PARK SEC 31-7-11
Tax Annual Amount
5694
Legal Description
LOTS 11 TO 18 INC BLK 10 KENELSWORTH PARK SEC 31-7-11
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Number of units
13
Flooring type
Tile - Ceramic
Roof type
Shingle
Listing Agency:
Coldwell Banker Alfonso Realty-Lorraine Rd · Coldwell Banker Real Estate
(228) 287-1000
Listed By:
Philip J Leblanc · License #S30047
(228) 860-0082
Added: May 28
Changed: Sep 4
Last Checked: Sep 6 at 4:06AM
MLS# 4150839
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 13-unit apartment property includes twelve 2-bedroom/1-bath residences distributed among three buildings, plus a 1-bedroom studio. The twelve apartments are fully leased. Additional improvements include a vacant 600-square-foot commercial area, an on-site laundry facility that is not operating, and a second vacant studio requiring renovation. The property was built in 1979 and contains 8,700 square feet on 0.62 acres. Features include ceramic tile flooring, shingle roofing, a porch, public water, public sewer, cable availability, and a range.
The property is located at 5420 28th Street in Gulfport, Mississippi, directly across from the north entrance of Naval Construction Battalion Center Gulfport. It is identified as commercial/multifamily zoning and includes two adjacent parcels. Showings are by appointment, and tenants are not to be disturbed.
The property is located at 5420 28th Street in Gulfport, Mississippi, directly across from the north entrance of Naval Construction Battalion Center Gulfport. It is identified as commercial/multifamily zoning and includes two adjacent parcels. Showings are by appointment, and tenants are not to be disturbed.
Key Highlights
- 13 units: twelve 2‑bedroom/1‑bath apartments and one 1‑bedroom studio
- The twelve apartments are 100% leased
- 8,700 SF building area on 0.62 acres
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
$61,661
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
8.81%
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%
$1,233,220
$1.2M
Cap Rate 7%
$880,871
$880.9K
Cap Rate 9%
$685,122
$685.1K
Market Conditions
NOI Build-Up for 8,700 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
$109.6K $12.60/SF
− Vacancy
−$11.0K −$1.26/SF
EGI
$98.7K $11.34/SF
− OpEx
−$37.0K −$4.25/SF
NOI
$61.7K $7.09/SF
Area
Harrison County, MS
Vacancy
10.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,233,220
Cap Rate 7%
$880,871
Cap Rate 9%
$685,122
Alternative Uses
Best Use
Mixed Use
$880.9K
$770.8K – $1.03M
NOI $61,661 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$695.0K
$608.2K – $810.9K
NOI $48,653 @ 7.0% cap · market cap 6.95%
Theoretical Best
Healthcare Medical
$1.40M
$1.23M – $1.64M
NOI $98,110 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
36
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 - Income-producing apartment property with leased residences, a vacant studio, and additional commercial and laundry components.
Where is this apartment building located?
The property is located at 5420 28th Street Gulfport, MS.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 13 units: twelve 2‑bedroom/1‑bath apartments and one 1‑bedroom studio; The twelve apartments are 100% leased; 8,700 SF building area on 0.62 acres
