Multifamily Investment
For Sale
Contact for pricing
1015 West Pine Street, Hattiesburg, MS 39401
Cash-flowing multifamily with long-term corporate lease for 12 units and 24-hour notice showings.
Property Size24,576 SF
Price / SF$81.38
Days on Market61
Property Features for 1015 West Pine Street
General Information
Standard status
Active
Size
24,576 SF
Class
C
Property subtype
Multifamily
Zoning
B-3-BCO (effective May 2025)
Investment Type
Stabilized
Additional Details
Multifamily Units
32
Building Details
Year Built
1972
Year Renovated
2021
Buildings
2
Stories
2
Units
32
Listing Agency:
REALTYcom, LLC
(985) 264-5342
Listed By:
Paulette Egler · License #MS 15308
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 8 at 8:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of REALTYcom, LLC
Investment Insights
Based on property information with market context.
This multifamily property is being offered for sale as a cash-flowing residential income investment. The offering includes a corporate tenant lease covering 12 units, with the lease in place for more than 6 years. According to the public remarks, nothing needs to be changed or added by the current owner or a new owner in connection with the “Right Down Broadway” Overlay Project, as confirmed by the Hattiesburg Urban Development & Planning Division. Gross income, rent rolls, and total operating expenses are available to qualified buyers with a signed Confidentiality Agreement. Floorplans and photos can also be provided to qualified buyers under the same process.
The property is located at 1015 West Pine Street in Hattiesburg, Mississippi. The listing notes that this is the first time the property has been on the market in six years.
For buyers looking for a more stabilized tenant profile, the long-term corporate tenancy is positioned as the key operating factor in the current leasing structure. The seller’s remarks also indicate the current owners have maintained the existing contract in good standing throughout their ownership period. Please note that the property manager does not live on-site, and at least a 24-hour notice is required for showings. Owner financing and leaseback are not offered by the seller, while buyers who want deeper underwriting detail should be prepared to execute an NDA first.
The property is located at 1015 West Pine Street in Hattiesburg, Mississippi. The listing notes that this is the first time the property has been on the market in six years.
For buyers looking for a more stabilized tenant profile, the long-term corporate tenancy is positioned as the key operating factor in the current leasing structure. The seller’s remarks also indicate the current owners have maintained the existing contract in good standing throughout their ownership period. Please note that the property manager does not live on-site, and at least a 24-hour notice is required for showings. Owner financing and leaseback are not offered by the seller, while buyers who want deeper underwriting detail should be prepared to execute an NDA first.
Key Highlights
- 12‑unit multifamily property built in 1972
- Long‑term corporate tenant leasing all 12 units
- Lease has been in place for more than 6 years
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
$137,437
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
6.87%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Cash-flowing multifamily with long-term corporate lease for 12 units and 24-hour notice showings.
Where is this apartment building located?
The property is located at 1015 West Pine Street 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: 12‑unit multifamily property built in 1972; Long‑term corporate tenant leasing all 12 units; Lease has been in place for more than 6 years
