Remodeled Flex Space with
For Sale
$585,000
1621 29th Ave, Gulfport, MS 39501
Remodeled office and showroom areas complement a warehouse with three overhead doors and a mezzanine office.
Property Size8,975 SF
Price / SF$65.18
Days on Market32
Property Features for 1621 29th Ave
General Information
Standard status
Active
Size
8,975 SF
Warehouse & Industrial
Warehouse Space
7,074 SF
Office Build-Out
1,901 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1978
Buildings
1
Building Size
8,975 SF
Listing Agency:
RE/MAX Results In Real Estate, Inc.
(228) 861-5668
Listed By:
Donna Haynes · License #S49593
Source:
Fiorellaavenue
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 30 at 7:47PM
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 RE/MAX Results In Real Estate, Inc.
Investment Insights
Based on property information with market context.
The 8,975-square-foot flex property at 1621 29th Ave includes 1,901 square feet of remodeled office and showroom area with four offices, a showroom featuring hurricane impact-resistant glass, and a kitchen/breakroom. The 7,074-square-foot warehouse provides storage space, three large overhead doors, and a mezzanine with an office, restroom with shower, and additional storage. The HVAC system is approximately one year old, and the building was constructed in 1978.
A vacant 110-by-100-foot lot behind the building extends to 17th St and 30th Ave. The property is in downtown Gulfport, north of the port and two blocks from Hwy 49. Business zoning has been grandfathered; buyers should verify zoning and intended use. The sale includes the building only, with equipment, furnishings, and the business enterprise excluded.
A vacant 110-by-100-foot lot behind the building extends to 17th St and 30th Ave. The property is in downtown Gulfport, north of the port and two blocks from Hwy 49. Business zoning has been grandfathered; buyers should verify zoning and intended use. The sale includes the building only, with equipment, furnishings, and the business enterprise excluded.
Key Highlights
- 8,975‑square‑foot flex property with 1,901 square feet of office/showroom space
- 7,074‑square‑foot warehouse with three large overhead doors
- Remodeled office/showroom area includes four offices and hurricane impact‑resistant glass
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
$44,838
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
7.66%
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%
$896,760
$896.8K
Cap Rate 7%
$640,543
$640.5K
Cap Rate 9%
$498,200
$498.2K
Market Conditions
NOI Build-Up for 8,975 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
$70.0K $7.80/SF
− Vacancy
−$6.0K −$0.66/SF
EGI
$64.1K $7.14/SF
− OpEx
−$19.2K −$2.14/SF
NOI
$44.8K $5.00/SF
Area
Harrison County, MS
Vacancy
8.50%
Lease Rate
$7.80 /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%
$896,760
Cap Rate 7%
$640,543
Cap Rate 9%
$498,200
Alternative Uses
Best Use
Office B
$1.02M
$894.2K – $1.19M
NOI $71,534 @ 7.0% cap · market cap 12.23%
Second Best
Flex RnD
$991.5K
$867.6K – $1.16M
NOI $69,406 @ 7.0% cap · market cap 11.86%
Theoretical Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,211 @ 7.0% cap · market cap 17.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Balanced
Demand for This Use
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.
Similar Off Market Nearby
- Catering Creations — 1822 15th St #7, Gulfport, MS 39501
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled office and showroom areas complement a warehouse with three overhead doors and a mezzanine office.
Where is this flex space located?
The property is located at 1621 29th Ave Gulfport, MS.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 8,975‑square‑foot flex property with 1,901 square feet of office/showroom space; 7,074‑square‑foot warehouse with three large overhead doors; Remodeled office/showroom area includes four offices and hurricane impact‑resistant glass
