15-Unit Apartment Building with Pool
For Sale
$2,260,000
183 Mc Donnell Avenue, Biloxi, MS 39531
Fifteen condominium residences are offered with existing leases, including four furnished short-term rental units.
Property Size37,136 SF
Days on Market208
Property Features for 183 Mc Donnell Avenue
General Information
Standard status
Active
Size
37,136 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Units
Unit Mix
15 x 2BR/2BA
Multifamily Units
15
Amenities
walk in closets
bar
open floorplan
tile
stainless appliances
balcony
pool
Building Details
Building Size
37,136 SF
Year Built
1985
Stories
3
Units
15
Tenancy
Multi
Listing Agency:
Welcome Home Real Estate, Inc.
(228) 460-3210
Listed By:
Tiffany Quave · License #S57886
(228) 460-3210
Source:
Jdanielrealtysells
Added: Feb 4
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
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 Welcome Home Real Estate, Inc.
Investment Insights
Based on property information with market context.
This Biloxi condominium property includes 15 residences, each configured with 2 bedrooms and 2 bathrooms. Interior features include walk-in closets, a bar, open living areas, tile finishes, and stainless appliances. Private balconies face the pool, adding an outdoor component to each residence. Current leases are in place across the property.
Located at 183 Mc Donnell Avenue, the property sits within one block of the beach. Four of the units operate as short-term rentals and are conveyed fully furnished, while the remaining residences are offered with their existing lease arrangements.
Located at 183 Mc Donnell Avenue, the property sits within one block of the beach. Four of the units operate as short-term rentals and are conveyed fully furnished, while the remaining residences are offered with their existing lease arrangements.
Key Highlights
- 15 condominium units with current leases in place
- Each residence offers 2 bedrooms and 2 bathrooms
- Balconies overlook the pool
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
$207,676
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
9.19%
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%
$4,153,520
$4.2M
Cap Rate 7%
$2,966,800
$3.0M
Cap Rate 9%
$2,307,511
$2.3M
Market Conditions
NOI Build-Up for 37,136 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
$410.0K $11.04/SF
− Vacancy
−$32.4K −$0.87/SF
EGI
$377.6K $10.17/SF
− OpEx
−$169.9K −$4.58/SF
NOI
$207.7K $5.59/SF
Area
Harrison County, MS
Vacancy
7.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
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%
$4,153,520
Cap Rate 7%
$2,966,800
Cap Rate 9%
$2,307,511
Alternative Uses
Best Use
Apartment 5plus
$2.97M
$2.60M – $3.46M
NOI $207,676 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$5.98M
$5.23M – $6.98M
NOI $418,783 @ 7.0% cap · market cap 18.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
Demographics for 39531, MS
19,965
Population
9,660
Households
2.1
Avg Household Size
36
Median Age
34%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
3,025
Density / Sq Mi
$54,599
Median Household Income
$37,293
Median Earnings
$1,066
Median Rent
$193,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fifteen condominium residences are offered with existing leases, including four furnished short-term rental units.
Where is this apartment building located?
The property is located at 183 Mc Donnell Avenue Biloxi, MS.
What is the asking price?
The asking price for this property is $2,260,000.
What are key features of this property?
This property features: 15 condominium units with current leases in place; Each residence offers 2 bedrooms and 2 bathrooms; Balconies overlook the pool
