Quadplex with Mixed Unit
For Sale
$210,000
1605 Fern Ave, Gulfport, MS 39501
Four-unit residential property includes studios and two-bedroom apartments, with utilities provided for the studio units.
Property Size2,181 SF
Price / SF$96.29
Days on Market14
Property Features for 1605 Fern Ave
General Information
Standard status
Active
Size
2,181 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 2 x Studio
Multifamily Units
4
Building Details
Year Built
1945
Listing Agency:
Keller Williams
(228) 243-1222
Listed By:
Nicole S Sanchez · License #B24326
Source:
Fiorellaavenue
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 30 at 7:54PM
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.
Located at 1605 Fern Ave in Gulfport, Mississippi, this 2,181-square-foot quadplex contains four rental units. The unit mix includes two 2-bedroom/1-bath apartments and two studio apartments, creating varied residential layouts within the property.
The studio units include all utilities. Built in 1945, the property is offered for sale and provides an established four-unit residential configuration.
The studio units include all utilities. Built in 1945, the property is offered for sale and provides an established four-unit residential configuration.
Key Highlights
- Four rental units in a quadplex configuration
- Unit mix includes two 2‑bedroom/1‑bath apartments and two studio apartments
- 2,181 square feet
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
$13,727
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
6.54%
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%
$274,540
$274.5K
Cap Rate 7%
$196,100
$196.1K
Cap Rate 9%
$152,522
$152.5K
Market Conditions
NOI Build-Up for 2,181 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
$21.2K $9.72/SF
− Vacancy
−$1.6K −$0.73/SF
EGI
$19.6K $8.99/SF
− OpEx
−$5.9K −$2.70/SF
NOI
$13.7K $6.29/SF
Area
Harrison County, MS
Vacancy
7.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$274,540
Cap Rate 7%
$196,100
Cap Rate 9%
$152,522
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,727 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$174.2K
$152.5K – $203.3K
NOI $12,197 @ 7.0% cap · market cap 5.81%
Theoretical Best
Healthcare Medical
$351.4K
$307.4K – $409.9K
NOI $24,595 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
913
Businesses Nearby
Explore this area
Business Placement
Demographics for 39501, MS
22,599
Population
10,565
Households
2.1
Avg Household Size
35
Median Age
13%
College-Educated
78%
High-School Grad
14.4 sq mi
ZIP Area
1,569
Density / Sq Mi
$33,491
Median Household Income
$28,522
Median Earnings
$962
Median Rent
$115,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property includes studios and two-bedroom apartments, with utilities provided for the studio units.
Where is this quadplex located?
The property is located at 1605 Fern Ave Gulfport, MS.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Four rental units in a quadplex configuration; Unit mix includes two 2‑bedroom/1‑bath apartments and two studio apartments; 2,181 square feet
