Waterfront Duplex with
For Sale
$299,900
2231 E Simmons Bayou Drive, Ocean Springs, MS 39564
Residential, Ocean Springs, MS
Property Size1,456 SF
Lot Size0.18 Acres
Price / SF$205.98
Days on Market10
Property Features for 2231 E Simmons Bayou Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 2
Subdivision
Gulf Park Estates
Standard status
Active
APN
0-54-04-276.000
Size
1,456 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTK 25 BLK 88 GULF PARK EST S/DUNIT 12A DB 1396-113 (195 MAP881.02)
Tax Annual Amount
662
Legal Description
LOTK 25 BLK 88 GULF PARK EST S/DUNIT 12A DB 1396-113 (195 MAP881.02)
Utilities
Water front
1
Amenities
waterfront
paddleboard/kayak launch
outdoor grilling area
Building Details
Year built
2008
Floors in Building
1
Roof type
Metal
Listing Agency:
eAgent Nexus
(228) 400-2555
Listed By:
Keri Burke · License #S50542
(228) 382-0680
Added: Sep 13
Changed: Sep 21
Last Checked: Sep 22 at 3:06AM
MLS# 4162618
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This waterfront duplex consists of two cottages with a combined 1,456 square feet of living area, five bedrooms, and two full bathrooms. Built in 2008, the property sits on 0.18 acres and features vinyl plank flooring, neutral paint, metal roofing, and kitchen appliances that remain with the sale. The washer and dryer are excluded.
Located in the county within Gulf Park Estates, the property provides direct access to the waterfront from the backyard, with room for paddleboards or kayaks. A pier allows boaters to pull up and tie off, while space along the side accommodates an RV. Two public boat launches are nearby, and The Bayou Bar and Grill and the Funky Monkey are located across the street. The property supports both short-term and long-term rental use.
Located in the county within Gulf Park Estates, the property provides direct access to the waterfront from the backyard, with room for paddleboards or kayaks. A pier allows boaters to pull up and tie off, while space along the side accommodates an RV. Two public boat launches are nearby, and The Bayou Bar and Grill and the Funky Monkey are located across the street. The property supports both short-term and long-term rental use.
Key Highlights
- Waterfront duplex with two cottage residences
- 1,456 square feet with 5 bedrooms and 2 full bathrooms
- Built in 2008 on a 0.18‑acre lot
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
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two cottage residences offer flexible short-term or long-term rental use along a bayou in Ocean Springs.
Where is this duplex located?
The property is located at 2231 E Simmons Bayou Drive 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 with two cottage residences; 1,456 square feet with 5 bedrooms and 2 full bathrooms; Built in 2008 on a 0.18‑acre lot
