Class A Office
For Sale
$5,500,000
1712 15th St, Gulfport, MS 39501
Class A office building with Gulf views and development potential.
Property Size37,300 SF
Price / SF$147.45
Days on Market786
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Property Features for 1712 15th St
General Information
Standard status
Active
Size
37,300 SF
Property subtype
Office
Building Details
Year Built
2003
Listing Agency:
SRSA Commercial Real Estate
Listed By:
Barry Spizer · License #0000008613
(504) 831-2363
Source:
Lacdb.resimplifi
Added: Aug 21, 2024
Changed: Oct 8
Last Checked: Oct 14 at 7:37PM
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 / Yr
$297,296
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,945,920
$5.9M
Cap Rate 7%
$4,247,086
$4.2M
Cap Rate 9%
$3,303,289
$3.3M
Market Conditions
NOI Build-Up for 37,300 SF
Gross rent
$483.4K $12.96/SF
− Vacancy
−$87.0K −$2.33/SF
EGI
$396.4K $10.63/SF
− OpEx
−$99.1K −$2.66/SF
NOI
$297.3K $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 Rate 5%
$5,945,920
Cap Rate 7%
$4,247,086
Cap Rate 9%
$3,303,289
Alternative Uses
Best Use
Office B
$4.25M
$3.72M – $4.95M
NOI $297,296 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.01M
$5.26M – $7.01M
NOI $420,632 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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.
