5-Unit Apartment
1423 Jo Ellen Circle Gulfport, MS 39501
1423 Jo Ellen Circle, Gulfport, MS, 39501
$320,000
For Sale
$320,000
Five separate apartments in an unfinished 5-unit building, with multiple 2025 exterior upgrades already completed.
Property Size3,120 SF
Price / SF$102.56
Days on Market172
Property Features for 1423 Jo Ellen Circle
General Information
- Standard status
- Active
- Size
- 3,120 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1970
Listing agency
Keller Williams
(251) 377-0884
Listed by
Elizabeth Wackenhut · License #S57105
(251) 377-0884
Source
Compass
Added: Jan 30 Updated: Jul 21 at 5:16AM Checked: Jul 21 at 5:16AM
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 Keller Williams
Investment Insights
Based on property information with market context.
This unfinished 5-unit apartment building has a structure in place with five separate apartments, offering a renovation-focused opportunity for finishing or reconfiguring the layout. The planned unit mix includes three upstairs units with three bedrooms and one bath each, and two downstairs units with three bedrooms and one bath each. The property also includes a spacious rear backyard and concrete parking in front for all five units.
Major exterior upgrades were completed in 2025, including a brand-new metal roof, fresh exterior paint, a new wood privacy fence enclosing the property, and five new mailboxes. Additional improvements include two new French double doors.
The sale is AS IS, and buyers are instructed to verify square footage, unit count, and configuration with the City.
Major exterior upgrades were completed in 2025, including a brand-new metal roof, fresh exterior paint, a new wood privacy fence enclosing the property, and five new mailboxes. Additional improvements include two new French double doors.
The sale is AS IS, and buyers are instructed to verify square footage, unit count, and configuration with the City.
Key Highlights
- Unfinished 5‑unit apartment building (15 bedrooms, 5 bathrooms) with a planned layout of three upstairs and two downstairs units.
- Major exterior upgrades completed in 2025: brand‑new metal roof, fresh exterior paint, and a new wood privacy fence enclosing the property.
- Concrete parking in front sized for all five units, plus a spacious rear backyard on a large lot.
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 | $34.4k | $11.04 |
| − Vacancy | −$2.7k | −$0.87 |
| EGI | $31.7k | $10.17 |
| − OpEx | −$14.3k | −$4.58 |
| NOI | $17.4k | $5.59 |
3,120 SF · lease $11.04/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$249.3K
$218.1K – $290.8K
NOI $17,448 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$502.6K
$439.8K – $586.4K
NOI $35,184 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five separate apartments in an unfinished 5-unit building, with multiple 2025 exterior upgrades already completed.
Where is this apartment building located?
The property is located at 1423 Jo Ellen Circle Gulfport, MS.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Unfinished 5‑unit apartment building (15 bedrooms, 5 bathrooms) with a planned layout of three upstairs and two downstairs units.; Major exterior upgrades completed in 2025: brand‑new metal roof, fresh exterior paint, and a new wood privacy fence enclosing the property.; Concrete parking in front sized for all five units, plus a spacious rear backyard on a large lot.
