Class A Office
For Sale
Contact for pricing
1712 15th St., Gulfport, MS 39501
Class A office building with Gulf views and development potential.
Property Size30,958 SF
Price / SF$177.66
Days on Market734
Property Features for 1712 15th St.
General Information
Standard status
Active
Size
30,958 SF
Class
A
Property subtype
Office
Zoning
T4+ General Urban Transect Zone
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
2003
Stories
4
Listing Agency:
SRSA Commercial Real Estate
(504) 831-2363
Listed By:
Barry Spizer · License #LA 0000008613
Source:
Crexi
Added: Aug 21, 2024
Changed: Aug 21
Last Checked: Aug 23 at 8:59AM
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 SRSA Commercial Real Estate
Investment Insights
Based on property information with market context.
This Class A office building offers views of the Gulf of Mexico. The property is located approximately half a mile from the Gulfport Courthouse and the Dan Russel, Jr. US Courthouse, at the intersection of 15th Street and US Highway 90 (E. Beach Blvd.), a short distance from downtown Gulfport. The building is elevator served and includes Salutes Italian Restaurant on the ground floor. On-site parking is abundant, with additional undeveloped land available for future development. The fourth-floor terrace presents an opportunity to increase income, potentially as a rooftop bar or entertainment venue. The owner has the option to extend their lease on the 2nd and 3rd floors for four more years or free up the space for an owner-user. The property has a size of 30958 square feet.
Key Highlights
- Class A office building with SPECTACULAR Gulf of Mexico views.
- Prime location near Gulfport Courthouses and downtown.
- Opportunity to increase income with Fourth Floor Terrace for rooftop bar/entertainment.
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
$246,748
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
4.49%
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%
$4,934,960
$4.9M
Cap Rate 7%
$3,524,971
$3.5M
Cap Rate 9%
$2,741,644
$2.7M
Market Conditions
NOI Build-Up for 30,958 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
$401.2K $12.96/SF
− Vacancy
−$72.2K −$2.33/SF
EGI
$329.0K $10.63/SF
− OpEx
−$82.2K −$2.66/SF
NOI
$246.7K $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%
$4,934,960
Cap Rate 7%
$3,524,971
Cap Rate 9%
$2,741,644
Alternative Uses
Best Use
Office B
$3.52M
$3.08M – $4.11M
NOI $246,748 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$4.99M
$4.36M – $5.82M
NOI $349,113 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
960
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 - Class A office building with Gulf views and development potential.
Where is this office building located?
The property is located at 1712 15th St. Gulfport, MS.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Class A office building with SPECTACULAR Gulf of Mexico views.; Prime location near Gulfport Courthouses and downtown.; Opportunity to increase income with Fourth Floor Terrace for rooftop bar/entertainment.
