Multi-Office Professional
For Sale
$299,999
1904 24th Avenue, Gulfport, MS 39501
Multiple private offices, reception space, kitchen, and dedicated storage support professional office operations.
Property Size1,886 SF
Days on Market173
Property Features for 1904 24th Avenue
General Information
Standard status
Active
Size
1,886 SF
Property subtype
Commercial
Zoning
Urban Center
Amenities
private offices
reception area
kitchen/break area
dedicated storage
Building Details
Building Size
1,886 SF
Year Built
1903
Stories
1
Listing Agency:
Sawyer Real Estate, Inc. Of Ms.
(228) 863-0232
Listed By:
Sandi E Sawyer-Dulaney · License #S22082
(228) 863-0232
Source:
Jdanielrealtysells
Added: Mar 12
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Sawyer Real Estate, Inc. Of Ms.
Investment Insights
Based on property information with market context.
This 1,886-square-foot office building at 1904 24th Ave in Gulfport includes several private offices, a reception area, a kitchen or break area, and substantial dedicated storage. The layout is suited to professional office use, with distinct work areas and client-facing space. Constructed in 1903, the property provides an established office setting in downtown Gulfport.
The building is near the Harrison County Courthouse and government offices, with restaurants and local businesses in the surrounding downtown area. Street parking is available in front of the property, while additional parking is located behind the building.
The building is near the Harrison County Courthouse and government offices, with restaurants and local businesses in the surrounding downtown area. Street parking is available in front of the property, while additional parking is located behind the building.
Key Highlights
- 1,886 SF office building constructed in 1903
- Multiple private offices with reception area
- Kitchen or break area and dedicated storage throughout
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
$15,032
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
5.01%
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%
$300,640
$300.6K
Cap Rate 7%
$214,743
$214.7K
Cap Rate 9%
$167,022
$167.0K
Market Conditions
NOI Build-Up for 1,886 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
$24.4K $12.96/SF
− Vacancy
−$4.4K −$2.33/SF
EGI
$20.0K $10.63/SF
− OpEx
−$5.0K −$2.66/SF
NOI
$15.0K $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%
$300,640
Cap Rate 7%
$214,743
Cap Rate 9%
$167,022
Alternative Uses
Best Use
Office B
$214.7K
$187.9K – $250.5K
NOI $15,032 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$303.8K
$265.9K – $354.5K
NOI $21,268 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,378
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 - Multiple private offices, reception space, kitchen, and dedicated storage support professional office operations.
Where is this office building located?
The property is located at 1904 24th Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: 1,886 SF office building constructed in 1903; Multiple private offices with reception area; Kitchen or break area and dedicated storage throughout
