Single-Tenant Retail Building with
For Sale
$549,500
1639 E Pass Rd, Gulfport, MS 39507
Established single-tenant retail building on a high-traffic Gulf Coast corridor with direct frontage and a long-term operating tenant.
Property Size3,325 SF
Price / SF$165.26
Days on Market151
Property Features for 1639 E Pass Rd
General Information
Standard status
Active
Size
3,325 SF
Zoning
T4+
Additional Details
Business Included
Yes
Traffic Count
30,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$5,599
Building Details
Tenancy
Single
Listing Agency:
Blaine & Co., LLC
(228) 861-6449
Listed By:
Matthew A Blaine · License #B-20768
(228) 861-6449
Source:
Exprealty
Added: Mar 25
Changed: Aug 20
Last Checked: Aug 21 at 10:42AM
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 Blaine & Co., LLC
Investment Insights
Based on property information with market context.
This established, income-producing single-tenant retail building is located at 1639 E Pass Rd, Gulfport, MS, with direct frontage along Pass Road. The property is occupied by Thriffiley Orthopedic, operating at the site since October 2011. The offering includes the remaining term of the existing lease, providing continuity with a tenant that has been in place for many years.
The building sits on a heavily traveled commercial corridor and near the high-traffic intersection of Cowan-Lorraine. Public remarks indicate approximately 30,000 cars pass daily, supporting strong day-to-day visibility for service and retail needs. The area includes a mix of national and regional retailers such as Walmart Neighborhood Market, Rouses Market, Dunkin’ Donuts, Walgreens, McDonald’s, and Club 4 Fitness, alongside nearby residential neighborhoods and apartment communities.
With zoning designated T4+, the property supports a wide range of commercial uses, making it practical for buyers evaluating retail ownership with an active, long-term tenant. For operators considering an automotive or service-adjacent retail footprint, the combination of direct frontage, corridor exposure, and an existing medical-oriented tenant context may offer a functional location fit for continued neighborhood servicing.
The building sits on a heavily traveled commercial corridor and near the high-traffic intersection of Cowan-Lorraine. Public remarks indicate approximately 30,000 cars pass daily, supporting strong day-to-day visibility for service and retail needs. The area includes a mix of national and regional retailers such as Walmart Neighborhood Market, Rouses Market, Dunkin’ Donuts, Walgreens, McDonald’s, and Club 4 Fitness, alongside nearby residential neighborhoods and apartment communities.
With zoning designated T4+, the property supports a wide range of commercial uses, making it practical for buyers evaluating retail ownership with an active, long-term tenant. For operators considering an automotive or service-adjacent retail footprint, the combination of direct frontage, corridor exposure, and an existing medical-oriented tenant context may offer a functional location fit for continued neighborhood servicing.
Key Highlights
- Established single‑tenant retail building on Pass Road with direct frontage
- Occupied by Thriffiley Orthopedic since October 2011
- Approximately 30,000 cars pass daily near the Cowan‑Lorraine intersection
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
$37,496
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
6.82%
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%
$749,920
$749.9K
Cap Rate 7%
$535,657
$535.7K
Cap Rate 9%
$416,622
$416.6K
Market Conditions
NOI Build-Up for 3,325 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
$69.8K $21.00/SF
− Vacancy
−$7.3K −$2.21/SF
EGI
$62.5K $18.80/SF
− OpEx
−$25.0K −$7.52/SF
NOI
$37.5K $11.28/SF
Area
Harrison County, MS
Vacancy
10.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$749,920
Cap Rate 7%
$535,657
Cap Rate 9%
$416,622
Alternative Uses
Best Use
Healthcare Medical
$535.7K
$468.7K – $624.9K
NOI $37,496 @ 7.0% cap · market cap 6.82%
Second Best
Office B
$378.6K
$331.3K – $441.7K
NOI $26,502 @ 7.0% cap · market cap 4.82%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,000 VPD
Traffic count
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39507, MS
17,724
Population
9,032
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
8.2 sq mi
ZIP Area
2,161
Density / Sq Mi
$49,459
Median Household Income
$37,660
Median Earnings
$1,121
Median Rent
$220,600
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
- Handsboro Animal Hospital — 1445 E Pass Rd, Gulfport, MS 39507
Frequently Asked Questions
What type of property is this?
Medical Office Space - Established single-tenant retail building on a high-traffic Gulf Coast corridor with direct frontage and a long-term operating tenant.
Where is this medical office space located?
The property is located at 1639 E Pass Rd Gulfport, MS.
What is the asking price?
The asking price for this property is $549,500.
What are key features of this property?
This property features: Established single‑tenant retail building on Pass Road with direct frontage; Occupied by Thriffiley Orthopedic since October 2011; Approximately 30,000 cars pass daily near the Cowan‑Lorraine intersection
