Four-Unit
New
For Sale
$225,000
3305 Spruce St, Pascagoula, MS 39581
Residential income property with open living and dining areas, galley kitchens, and private upstairs access.
Property Size3,024 SF
Price / SF$74.40
Days on Market6
Property Features for 3305 Spruce St
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1971
Listing Agency:
Coldwell Banker Smith Home Rltrs-Gautier
Listed By:
Mike M Wixon · License #S25663
(228) 327-0388
Source:
Fiorellaavenue
Added: Sep 6
Last Checked: Sep 9 at 10:38PM
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 Coldwell Banker Smith Home Rltrs-Gautier
Investment Insights
Based on property information with market context.
This 3,024-square-foot quadplex, built in 1971, contains four residential units with practical layouts. Each apartment includes a living room connected to a separate dining area, a galley-style kitchen, and generously sized bedrooms. Units 1 and 4 are located on the ground level, while Units 2 and 3 occupy the upper floor.
The property is at 3305 Spruce St in Pascagoula, off Old Mobile Hwy. Three units are currently rented, while the fourth can be occupied by an owner. Exterior-accessed stairways to the upper apartments are enclosed by doors, providing separation from the outside approach.
The property is at 3305 Spruce St in Pascagoula, off Old Mobile Hwy. Three units are currently rented, while the fourth can be occupied by an owner. Exterior-accessed stairways to the upper apartments are enclosed by doors, providing separation from the outside approach.
Key Highlights
- Four‑unit quadplex totaling 3,024 square feet
- Three units currently rented with one unit available for owner occupancy
- Built in 1971
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
$18,237
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
8.11%
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%
$364,740
$364.7K
Cap Rate 7%
$260,529
$260.5K
Cap Rate 9%
$202,633
$202.6K
Market Conditions
NOI Build-Up for 3,024 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
$35.9K $11.88/SF
− Vacancy
−$2.8K −$0.91/SF
EGI
$33.2K $10.97/SF
− OpEx
−$14.9K −$4.93/SF
NOI
$18.2K $6.03/SF
Area
Jackson County, MS
Vacancy
7.70%
Lease Rate
$11.88 /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%
$364,740
Cap Rate 7%
$260,529
Cap Rate 9%
$202,633
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$260.5K
$228.0K – $304.0K
NOI $18,237 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$826.1K
$722.9K – $963.8K
NOI $57,829 @ 7.0% cap · market cap 25.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
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Business Placement
Demographics for 39581, MS
11,512
Population
5,411
Households
2.1
Avg Household Size
35
Median Age
18%
College-Educated
86%
High-School Grad
14.0 sq mi
ZIP Area
822
Density / Sq Mi
$37,571
Median Household Income
$26,774
Median Earnings
$892
Median Rent
$125,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with open living and dining areas, galley kitchens, and private upstairs access.
Where is this quadplex located?
The property is located at 3305 Spruce St Pascagoula, MS.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,024 square feet; Three units currently rented with one unit available for owner occupancy; Built in 1971
