Gulfport Multifamily Investment
1423 Jo Ellen Circle Gulfport, MS 39501
For Sale
$309,000
MULTI_FAMILY - Gulfport, MS
Property Size3,120 SF
Lot Size0.20 Acres
Price / SF$99.04
Days on Market169
Property Features for 1423 Jo Ellen Circle
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
5
Rooms
Bedroom 10, Bedroom 1, Bedroom 5, Bedroom 15, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 9, Bedroom 7, Bedroom 13, Bedroom 11, Bedroom 2, Bedroom 8, Bathroom 3, Bedroom 6, Bathroom 5, Bedroom 12, Bedroom 14, Bedroom 4, Bathroom 4
Parking
8
Standard status
Active
APN
0711k-04-037.002
Size
3,120 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1423 OWEN HOMES SUBD PHASE 2
Tax Annual Amount
3226
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1970
Floors in Building
2
Number of units
5
Roof type
Metal
Listing Agency:
Keller Williams
(228) 275-7500
Listed By:
Elizabeth Wackenhut · License #S57105
(251) 377-0884
Added: Feb 9
Changed: Jul 24
Last Checked: Jul 28 at 12:06AM
MLS# 4138627
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This unfinished 5-unit apartment building presents a significant opportunity for contractors and investors seeking a value-add project. The existing structure comprises five separate apartments, offering the flexibility to complete the units as planned or reconfigure them to optimize income potential. The planned layout includes a total of 15 bedrooms and 5 bathrooms, with three upstairs units and two downstairs units. Each unit is designed to feature 3 bedrooms, 1 bathroom, a kitchen, and a living room. The property is situated on a lot of 0.2 acres with a spacious rear backyard. Concrete parking is in place in front of the building to accommodate all five units. Major upgrades were completed in 2025, including a new metal roof, a new wood privacy fence enclosing the entire property, fresh exterior paint, two new French double doors, and five new mailboxes. This property is being sold AS IS and is ideally suited for contractors or investors looking to finish the existing design or reimagine the layout to maximize rental income. Buyers are advised to verify the square footage, unit count, and configuration with the City of Gulfport.
Key Highlights
- 1970‑built 5‑unit apartment building with separate apartments and total plan for 15 bedrooms and 5 bathrooms
- Five‑unit setup includes three upstairs units and two downstairs units, each with 3 bedrooms, 1 bath, kitchen, and living room
- Major 2025 upgrades include a brand‑new metal roof and fresh exterior paint
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 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$502.6K
$439.8K – $586.4K
NOI $35,184 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Unfinished 5-unit apartment building with value-add potential.
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 $309,000.
What are key features of this property?
This property features: 1970‑built 5‑unit apartment building with separate apartments and total plan for 15 bedrooms and 5 bathrooms; Five‑unit setup includes three upstairs units and two downstairs units, each with 3 bedrooms, 1 bath, kitchen, and living room; Major 2025 upgrades include a brand‑new metal roof and fresh exterior paint
