Corner Office
For Sale
$225,000
1621 23rd Avenue, Gulfport, MS 39501
T-4 zoning accommodates office, retail, and mixed-use possibilities in a downtown commercial setting.
Property Size2,142 SF
Price / SF$105.04
Days on Market26
Property Features for 1621 23rd Avenue
General Information
Standard status
Active
Size
2,142 SF
Zoning
T-4
Taxes and HOA fees
Annual Taxes
$2,355
Listing Agency:
John McDonald Realty, LLC
(228) 363-0331
Listed By:
Regan Kane · License #B14846
(228) 363-0331
Source:
Exprealty
Added: Jul 28
Changed: Aug 20
Last Checked: Aug 21 at 10:16AM
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 John McDonald Realty, LLC
Investment Insights
Based on property information with market context.
This 2,142-square-foot office property is arranged for professional operations, with a reception area, client waiting room, half bath, conference room, and three private offices. Three additional rooms can function as offices, work areas, storage, or specialty-use space. A kitchen and adjoining full bathroom support daily staff needs, while two side entrances provide access from 17th Street and may allow separate circulation within the layout.
The property occupies the corner of 23rd Avenue and 17th Street at 1621 23rd Avenue in Gulfport. It is across from the Harrison County Courthouse, near the renovated Markham Hotel, and adjacent to a new residential development. T-4 zoning is identified for office, retail, and mixed-use opportunities, with nearby businesses, restaurants, and downtown amenities adding to the surrounding commercial context.
The property occupies the corner of 23rd Avenue and 17th Street at 1621 23rd Avenue in Gulfport. It is across from the Harrison County Courthouse, near the renovated Markham Hotel, and adjacent to a new residential development. T-4 zoning is identified for office, retail, and mixed-use opportunities, with nearby businesses, restaurants, and downtown amenities adding to the surrounding commercial context.
Key Highlights
- 2,142‑square‑foot office property at 1621 23rd Avenue, Gulfport, MS 39501
- Corner position at 23rd Avenue and 17th Street
- T‑4 zoning identified for office, retail, and mixed‑use opportunities
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
$17,073
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
7.59%
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%
$341,460
$341.5K
Cap Rate 7%
$243,900
$243.9K
Cap Rate 9%
$189,700
$189.7K
Market Conditions
NOI Build-Up for 2,142 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
$27.8K $12.96/SF
− Vacancy
−$5.0K −$2.33/SF
EGI
$22.8K $10.63/SF
− OpEx
−$5.7K −$2.66/SF
NOI
$17.1K $7.97/SF
Area
Harrison County, MS
Vacancy
18.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
25.00%
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%
$341,460
Cap Rate 7%
$243,900
Cap Rate 9%
$189,700
Alternative Uses
Best Use
Office B
$243.9K
$213.4K – $284.6K
NOI $17,073 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$345.1K
$301.9K – $402.6K
NOI $24,155 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,227
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - T-4 zoning accommodates office, retail, and mixed-use possibilities in a downtown commercial setting.
Where is this office building located?
The property is located at 1621 23rd Avenue Gulfport, 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: 2,142‑square‑foot office property at 1621 23rd Avenue, Gulfport, MS 39501; Corner position at 23rd Avenue and 17th Street; T‑4 zoning identified for office, retail, and mixed‑use opportunities
