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    32-Unit Apartment Building Opportunity Title is generated by Realmo AI

    1015 W Pine St, Hattiesburg, MS 39401

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    For Sale
    $2,000,000

    MULTI_FAMILY - Hattiesburg, MS

    Property size:
    19,500 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $102/SF
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 9:06 pm

    Property Features for 1015 W Pine St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    019287
    Size
    19,500 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lots 6-7-8, Block 140
    Tax Annual Amount
    12530

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1972
    Number of units
    32
    Flooring type
    Vinyl, Carpet
    Building materials
    Brick
    Roof type
    Metal, Asbestos Shingle

    We can help!

    Listing Contact
    Paulette Egler
    Paulette Egler

    Listing agent Paulette Egler

    Listing office REALTYcom, LLC 418 Lake David Drive, Picayune, MS

    Listing date Jun 5, 2026

    MLS# 187941 Listing URL

    Copyright © 2026 Pearl River County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 32‑unit apartment complex built in 1972 with brick construction
    • Unit mix: 12 one‑bedroom/one‑bath units and 20 two‑bedroom/one‑bath units
    • Utilities: public water and public sewer
    • Heating and cooling include central heating and central air
    • Roof includes metal and asbestos shingle
    • Recent ongoing maintenance includes replacement of 14 hot water heaters and 9 central AC units

    Overview

    This 32-unit apartment complex offers a straightforward residential income layout with (12) 1-bedroom/1-bath units and (20) 2-bedroom/1-bath units. The property has an ongoing maintenance program that includes replacement of 14 hot water heaters and 9 central AC units, along with additional upkeep items. The complex is presented as an operating business property, and showings are restricted to qualified buyers and through scheduled appointments.

    The building is located within city limits in Hattiesburg, described as a progressive college town with access to metro-style amenities. The listing also notes it is approximately 55 minutes from Picayune and 40 minutes from Poplarville.

    For tenants and operators seeking a stable, professionally managed rental mix, the unit composition can support a range of household needs across 1- and 2-bedroom floorplans. Current ownership has been in place for the past 6 years, and 12 units have been under a corporate contract for that same period. Additional factors mentioned include the ability to pursue rent increases, while key financial documentation such as gross income, rent rolls, and operating expenses are available to qualified buyers.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $215.3k $11.04
    − Vacancy −$17.0k −$0.87
    EGI $198.3k $10.17
    − OpEx −$89.2k −$4.58
    NOI $109.1k $5.59
    19,500 SF · lease $11.04/SF/yr · vacancy 7.90% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.56M
    $1.36M – $1.82M (±1% cap)
    NOI $109,050 @ 7.0% cap · market cap 5.45%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.21M
    $2.81M – $3.74M (±1% cap)
    NOI $224,640 @ 7.0% cap · market cap 11.23%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hattiesburg
    County
    Forrest
    State
    Mississippi
    Longitude
    -89.3004266
    Latitude
    31.3184224

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 32-unit mix of 1- and 2-bedroom apartments with documented long-term maintenance.
    Where is this apartment building located?
    The property is located at 1015 W Pine St Hattiesburg, MS.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: 32‑unit apartment complex built in 1972 with brick construction; Unit mix: 12 one‑bedroom/one‑bath units and 20 two‑bedroom/one‑bath units; Utilities: public water and public sewer
    (985) 264-5342
    We can help!
    Listing Contact
    Paulette Egler
    Paulette Egler
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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