Single-Tenant Retail
For Sale
$549,500
1639 E Pass Road, Gulfport, MS 39507
COMMERCIAL - Gulfport, MS
Property Size3,325 SF
Lot Size0.34 Acres
Price / SF$165.26
Days on Market144
Property Features for 1639 E Pass Road
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Half bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Accessibility
Accessible Approach with Ramp
Subdivision
Metes And Bounds
Lot features
Corner Lot, City Lot, Corner Lot, City Lot
Standard status
Active
APN
1010f-03-005.000
Size
3,325 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 ACADIAN SQUARE BUSINESS PARK SEC 30-7-10
Tax Annual Amount
5599
Legal Description
LOT 1 ACADIAN SQUARE BUSINESS PARK SEC 30-7-10
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1993
Floors in Building
1
Roof type
Metal
Listing Agency:
Blaine & Co., LLC
(228) 861-5830
Listed By:
Matthew A Blaine · License #B20768
(228) 861-6449
Added: Mar 24
Changed: Aug 4
Last Checked: Aug 14 at 2:06AM
MLS# 4143602
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is an established, income-producing single-tenant retail building located at 1639 E Pass Road in Gulfport, Mississippi. The property is occupied by Thriffiley Orthopedic, a tenant that has been in place since October 2011. The listing notes a remaining term on the existing lease.
The building is positioned directly on Pass Road with frontage and visibility on a heavily trafficked commercial corridor in the MS Gulf Coast. It is also described as being near the high-traffic intersection of Cowan-Lorraine.
Zoned T4+, the property supports a wide range of commercial uses. The area is surrounded by a mix of national and regional retailers, including Walmart Neighborhood Market, Rouses Market, Dunkin’ Donuts, Walgreens, McDonald’s, and Club 4 Fitness.
The building is positioned directly on Pass Road with frontage and visibility on a heavily trafficked commercial corridor in the MS Gulf Coast. It is also described as being near the high-traffic intersection of Cowan-Lorraine.
Zoned T4+, the property supports a wide range of commercial uses. The area is surrounded by a mix of national and regional retailers, including Walmart Neighborhood Market, Rouses Market, Dunkin’ Donuts, Walgreens, McDonald’s, and Club 4 Fitness.
Key Highlights
- Single‑tenant retail building built in 1993 on Pass Road in a high‑traffic commercial corridor
- Tenant Thriffiley Orthopedic in place since October 2011, providing established long‑term occupancy
- Zoned T4+ with public water and public sewer and a metal roof
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
Retail
$427.1K
$373.8K – $498.3K
NOI $29,900 @ 7.0% cap · market cap 5.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
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 - Single-tenant retail building on E Pass Road with direct frontage and lease in place through Thriffiley Orthopedic.
Where is this medical office space located?
The property is located at 1639 E Pass Road 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: Single‑tenant retail building built in 1993 on Pass Road in a high‑traffic commercial corridor; Tenant Thriffiley Orthopedic in place since October 2011, providing established long‑term occupancy; Zoned T4+ with public water and public sewer and a metal roof
