Historic Professional Office
For Sale
$199,900
2224 17th St, Gulfport, MS 39501
Well-maintained office property with central HVAC, private parking, and a covered front porch.
Property Size1,440 SF
Price / SF$138.82
Days on Market51
Property Features for 2224 17th St
General Information
Standard status
Active
Size
1,440 SF
Building Details
Year Built
1907
Listing Agency:
Prescott Properties, Inc.
(228) 365-6692
Listed By:
Rob A Knight
Source:
Fiorellaavenue
Added: Jul 12
Changed: Aug 29
Last Checked: Aug 30 at 8:11PM
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 Prescott Properties, Inc.
Investment Insights
Based on property information with market context.
This 1907 office building combines historic character with practical professional-office improvements. The property includes original hardwood floors, 10-foot ceilings, central heat and air, off-street parking, and a front porch. Electrical wiring runs throughout the building, and new floor insulation has been installed.
The property is directly across from the courthouse at the intersection of 17th Street and 23rd Avenue in Original Gulfport. It is also near the Mississippi Aquarium and sits outside the required flood zone. The existing configuration is suited to professional office use, including law and medical practices as identified in the property information.
The property is directly across from the courthouse at the intersection of 17th Street and 23rd Avenue in Original Gulfport. It is also near the Mississippi Aquarium and sits outside the required flood zone. The existing configuration is suited to professional office use, including law and medical practices as identified in the property information.
Key Highlights
- 1907 office building with original hardwood floors and 10‑foot ceilings
- Central heat and air with electrical wiring throughout
- New floor insulation installed
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
$11,477
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
5.74%
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%
$229,540
$229.5K
Cap Rate 7%
$163,957
$164.0K
Cap Rate 9%
$127,522
$127.5K
Market Conditions
NOI Build-Up for 1,440 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
$18.7K $12.96/SF
− Vacancy
−$3.4K −$2.33/SF
EGI
$15.3K $10.63/SF
− OpEx
−$3.8K −$2.66/SF
NOI
$11.5K $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%
$229,540
Cap Rate 7%
$163,957
Cap Rate 9%
$127,522
Alternative Uses
Best Use
Office B
$164.0K
$143.5K – $191.3K
NOI $11,477 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$232.0K
$203.0K – $270.7K
NOI $16,239 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,227
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 - Well-maintained office property with central HVAC, private parking, and a covered front porch.
Where is this office building located?
The property is located at 2224 17th St Gulfport, MS.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1907 office building with original hardwood floors and 10‑foot ceilings; Central heat and air with electrical wiring throughout; New floor insulation installed
