Corner Office Property with Flexible
For Sale
$225,000
1621 23rd Ave, Gulfport, MS 39501
T-4 zoning and multiple entrances support professional, office, retail, or mixed-use opportunities.
Property Size2,142 SF
Price / SF$105.04
Days on Market18
Property Features for 1621 23rd Ave
General Information
Standard status
Active
Size
2,142 SF
Building Details
Year Built
1969
Listing Agency:
John McDonald Realty, LLC
(228) 363-0331
Listed By:
Regan Kane · License #B14846
Source:
Fiorellaavenue
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 12:53PM
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, built in 1969, occupies a corner at 23rd Avenue and 17th Street. The interior includes a reception area, waiting room with a half bath, conference room, three private offices, and three additional rooms suitable for offices, work areas, storage, or specialty functions. A kitchen and adjoining full bathroom add practical support space for daily operations.
Two side entrances facing 17th Street provide separate access points and may support multiple-tenant or multi-operation configurations. The property is zoned T-4 and is positioned across from the Harrison County Courthouse, near the renovated Markham Hotel, and adjacent to a new residential development. Downtown Gulfport businesses, restaurants, and amenities are located nearby.
Two side entrances facing 17th Street provide separate access points and may support multiple-tenant or multi-operation configurations. The property is zoned T-4 and is positioned across from the Harrison County Courthouse, near the renovated Markham Hotel, and adjacent to a new residential development. Downtown Gulfport businesses, restaurants, and amenities are located nearby.
Key Highlights
- 2,142 SF office property on a corner lot at 23rd Avenue and 17th Street
- T‑4 zoning supports professional, office, retail, or mixed‑use opportunities
- Interior includes reception, waiting room, conference room, 3 private offices, and 3 additional rooms
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
$19,262
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
8.56%
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%
$385,240
$385.2K
Cap Rate 7%
$275,171
$275.2K
Cap Rate 9%
$214,022
$214.0K
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
$30.1K $14.04/SF
− Vacancy
−$2.6K −$1.19/SF
EGI
$27.5K $12.85/SF
− OpEx
−$8.3K −$3.85/SF
NOI
$19.3K $8.99/SF
Area
Harrison County, MS
Vacancy
8.50%
Lease Rate
$14.04 /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%
$385,240
Cap Rate 7%
$275,171
Cap Rate 9%
$214,022
Alternative Uses
Best Use
Retail
$275.2K
$240.8K – $321.0K
NOI $19,262 @ 7.0% cap · market cap 8.56%
Second Best
Office B
$243.9K
$213.4K – $284.6K
NOI $17,073 @ 7.0% cap · market cap 7.59%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - T-4 zoning and multiple entrances support professional, office, retail, or mixed-use opportunities.
Where is this office units located?
The property is located at 1621 23rd Ave 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 SF office property on a corner lot at 23rd Avenue and 17th Street; T‑4 zoning supports professional, office, retail, or mixed‑use opportunities; Interior includes reception, waiting room, conference room, 3 private offices, and 3 additional rooms
