Waterfront
New
For Sale
$299,900
2231 E Simmons Bayou Dr, Ocean Springs, MS 39564
Bayou access, a pier, and flexible rental use distinguish this two-cottage property in Gulf Park Estates.
Property Size1,456 SF
Price / SF$205.98
Days on Market5
Property Features for 2231 E Simmons Bayou Dr
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
waterfront
pier
grilling area
Building Details
Year Built
2008
Listing Agency:
Allied Realty Coastal Homes
Listed By:
John Gomez
(228) 697-5479
Source:
Coasthomesms
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 4:50PM
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 Allied Realty Coastal Homes
Investment Insights
Based on property information with market context.
This 2008 duplex consists of two cottages with a combined 1,456 square feet of living space, five bedrooms, and two full bathrooms. Vinyl plank flooring runs throughout, and the interiors feature neutral paint. Kitchen appliances remain with the property; the washer and dryer are excluded. Covered areas beneath the cottages provide space for grilling and outdoor gatherings, while the backyard connects directly to the bayou and the pier accommodates boats and paddlecraft.
Located at 2231 E Simmons Bayou Dr in Ocean Springs, the property is within Gulf Park Estates and offers access to two public boat launches. Side-yard space can accommodate an RV. The county setting supports both short-term and long-term rental use, and restaurants and live entertainment are located across the street at The Bayou Bar and Grill and the Funky Monkey.
Located at 2231 E Simmons Bayou Dr in Ocean Springs, the property is within Gulf Park Estates and offers access to two public boat launches. Side-yard space can accommodate an RV. The county setting supports both short-term and long-term rental use, and restaurants and live entertainment are located across the street at The Bayou Bar and Grill and the Funky Monkey.
Key Highlights
- Waterfront duplex in Gulf Park Estates with direct bayou access and a pier
- Two cottages totaling 1,456 square feet with 5 bedrooms and 2 full bathrooms
- Built in 2008 with vinyl plank flooring 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
$10,089
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
3.36%
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%
$201,780
$201.8K
Cap Rate 7%
$144,129
$144.1K
Cap Rate 9%
$112,100
$112.1K
Market Conditions
NOI Build-Up for 1,456 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
$15.6K $10.68/SF
− Vacancy
−$1.1K −$0.78/SF
EGI
$14.4K $9.90/SF
− OpEx
−$4.3K −$2.97/SF
NOI
$10.1K $6.93/SF
Area
Jackson County, MS
Vacancy
7.31%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
30.00%
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%
$201,780
Cap Rate 7%
$144,129
Cap Rate 9%
$112,100
Alternative Uses
Best Use
Multifamily LT 5
$144.1K
$126.1K – $168.2K
NOI $10,089 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$125.4K
$109.8K – $146.4K
NOI $8,781 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$397.8K
$348.0K – $464.1K
NOI $27,843 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
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Business Placement
Demographics for 39564, MS
42,539
Population
18,908
Households
2.2
Avg Household Size
39
Median Age
40%
College-Educated
94%
High-School Grad
53.3 sq mi
ZIP Area
798
Density / Sq Mi
$77,300
Median Household Income
$43,754
Median Earnings
$1,314
Median Rent
$220,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Bayou access, a pier, and flexible rental use distinguish this two-cottage property in Gulf Park Estates.
Where is this duplex located?
The property is located at 2231 E Simmons Bayou Dr Ocean Springs, MS.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Waterfront duplex in Gulf Park Estates with direct bayou access and a pier; Two cottages totaling 1,456 square feet with 5 bedrooms and 2 full bathrooms; Built in 2008 with vinyl plank flooring throughout
