Renovated 5-Plex Multifamily
15061 Polk Street Gulfport, MS 39501
15061 Polk Street, Gulfport, MS, 39501
$325,000
For Sale
$325,000
Renovated 5-unit property with immediate cash flow potential.
Property Size3,722 SF
Price / SF$87.32
Days on Market79
Property Features for 15061 Polk Street
General Information
- Standard status
- Active
- Size
- 3,722 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1978
Listing Agency
Denise Bush Properties, LLC
(228) 380-0291
Listed by
Denise L Bush · License #B23581
(228) 380-0291
Source
Compass
Added: Apr 29 Checked: Jul 16 at 7:59 am
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 Denise Bush Properties, LLC
Investment Insights
Based on property information with market context.
This renovated 5-plex multifamily property presents an opportunity for investors. The property has undergone a comprehensive transformation in recent years. Upgrades include interior paint, durable Luxury Vinyl Plank (LVP) flooring throughout, and granite countertops. Updated light fixtures, ceiling fans, and appliances have been installed. Some units feature tankless water heaters. The property offers a versatile layout to cater to a wide range of local renters. There are 2 units with a spacious 2 bedroom / 1 bathroom layout, and 3 units with an efficient 1 bedroom / 1 bathroom layout. The property is currently partially occupied, offering immediate cash flow from existing tenants and the opportunity to hand-select residents for the remaining units at current market rates. The combination of granite finishes and updated flooring ensures long-term durability and tenant satisfaction. The property contains 3,722 square feet.
Key Highlights
- Renovated 5‑plex: A polished, low‑maintenance investment property.
- Granite countertops and Luxury Vinyl Plank (LVP) flooring: Ensures durability and tenant satisfaction.
- Versatile unit mix: Includes two 2‑bedroom/1‑bathroom units and three 1‑bedroom/1‑bathroom units.
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 | $41.1k | $11.04 |
| − Vacancy | −$3.2k | −$0.87 |
| EGI | $37.8k | $10.17 |
| − OpEx | −$17.0k | −$4.58 |
| NOI | $20.8k | $5.59 |
3,722 SF · lease $11.04/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$297.4K
$260.2K – $346.9K
NOI $20,815 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$599.6K
$524.7K – $699.6K
NOI $41,973 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated 5-unit property with immediate cash flow potential.
Where is this apartment building located?
The property is located at 15061 Polk Street Gulfport, MS.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Renovated 5‑plex: A polished, low‑maintenance investment property.; Granite countertops and Luxury Vinyl Plank (LVP) flooring: Ensures durability and tenant satisfaction.; Versatile unit mix: Includes two 2‑bedroom/1‑bathroom units and three 1‑bedroom/1‑bathroom units.
