32-Unit Apartment
For Sale
$2,000,000
1015 W Pine St, Hattiesburg, MS 39401
Residential Income, Hattiesburg, MS
Property Size24,576 SF
Lot Size0.94 Acres
Price / SF$81.38
Days on Market140
Property Features for 1015 W Pine St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
1
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 3, Bedroom 1
Subdivision
7-N of PRC-Marion, Lamar, Forrest, Perry, Greene
Standard status
Active
APN
019287
Size
24,576 SF
Lot size
0.94 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 6-7-8, Block 140
Tax Annual Amount
12530
Legal Description
Lots 6-7-8, Block 140
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
on-site laundry
Building Details
Year built
1972
Number of units
32
Flooring type
Carpet, Vinyl
Building materials
Brick
Roof type
Metal, Tar/Gravel
Listing Agency:
REALTYcom, LLC
(601) 749-9440
Listed By:
Paulette Egler
(985) 264-5342
Added: Jun 5
Changed: Oct 18
Last Checked: Oct 22 at 1:06AM
MLS# 187941
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.
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Investment Insights
Based on property information with market context.
This 32-unit apartment property contains 24,576 square feet of living area on 0.94 acres. The unit mix includes twelve 1 BR/1 Bath apartments and twenty 2 BR/1 Bath apartments. Built in 1972, the complex features brick construction, vinyl and carpet flooring, central heating, central air, on-site laundry, public water, and public sewer. The rear building has a metal roof, while other roofing is tar and gravel. Fourteen hot water heaters and nine central AC units have been replaced.
The property is within the Hattiesburg city limits in Forrest County and is identified as being in Flood Zone C. Twelve units have remained under a corporate contract for more than 6 yrs. The address is 1015 W Pine St, Hattiesburg, MS 39401, and the property is included in the Right Down Broadway Overlay Project.
The property is within the Hattiesburg city limits in Forrest County and is identified as being in Flood Zone C. Twelve units have remained under a corporate contract for more than 6 yrs. The address is 1015 W Pine St, Hattiesburg, MS 39401, and the property is included in the Right Down Broadway Overlay Project.
Key Highlights
- 32‑unit apartment complex with 24,576 square feet of living area on 0.94 acres
- Unit mix includes 12 1 BR/1 Bath units and 20 2 BR/1 Bath units
- 12 units have been under a corporate contract for more than 6 yrs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$137,437
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,748,740
$2.7M
Cap Rate 7%
$1,963,386
$2.0M
Cap Rate 9%
$1,527,078
$1.5M
Market Conditions
NOI Build-Up for 24,576 SF
Gross rent
$271.3K $11.04/SF
− Vacancy
−$21.4K −$0.87/SF
EGI
$249.9K $10.17/SF
− OpEx
−$112.4K −$4.58/SF
NOI
$137.4K $5.59/SF
Area
Forrest 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 Rate 5%
$2,748,740
Cap Rate 7%
$1,963,386
Cap Rate 9%
$1,527,078
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,437 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.04M
$3.54M – $4.72M
NOI $283,116 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
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Business Placement
Demographics for 39401, MS
43,183
Population
20,232
Households
2.1
Avg Household Size
32
Median Age
28%
College-Educated
89%
High-School Grad
188.9 sq mi
ZIP Area
229
Density / Sq Mi
$40,287
Median Household Income
$25,697
Median Earnings
$932
Median Rent
$120,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick apartment complex with on-site laundry, central heating and cooling, and a mix of one- and two-bedroom units.
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 with 24,576 square feet of living area on 0.94 acres; Unit mix includes 12 1 BR/1 Bath units and 20 2 BR/1 Bath units; 12 units have been under a corporate contract for more than 6 yrs
