Fully Renovated Garden-Style
For Sale
$2,150,000
239 Hartfield Road, Hattiesburg, MS 39402
Turnkey 20-unit garden-style apartment community with all 3-bedroom/1-bath unit mix and renovated interior systems.
Property Size19,700 SF
Days on Market48
Property Features for 239 Hartfield Road
General Information
Standard status
Active
Size
19,700 SF
Property subtype
Multi-Family
Building Details
Building Size
19,700 SF
Year Built
2005
Year Renovated
2025
Units
20
Listing Agency:
NAI UCR Properties
(601) 213-8538
Listed By:
Clayton Kirkland
Source:
Commercialcafe
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 8 at 2:46AM
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 NAI UCR Properties
Investment Insights
Based on property information with market context.
Angel's Cove Apartments is a fully renovated, 20-unit garden-style multifamily community. The property features an all 3-bedroom/1-bathroom unit mix, totaling 19,700 rentable square feet. Interior upgrades include new luxury vinyl plank flooring, updated lighting packages, stainless steel appliances, kitchen and bathroom cabinets, refinished tub/shower surrounds, and new water heaters installed throughout all 20 units.
The community is adjacent to the University of Southern Mississippi and William Carey University in Hattiesburg, MS. It is situated along the US-98 corridor.
The property has completed over $500,000 in capital improvements in Q3 2025, positioned as an extensively updated, turnkey asset with minimal near-term capital expenditure requirements.
The community is adjacent to the University of Southern Mississippi and William Carey University in Hattiesburg, MS. It is situated along the US-98 corridor.
The property has completed over $500,000 in capital improvements in Q3 2025, positioned as an extensively updated, turnkey asset with minimal near-term capital expenditure requirements.
Key Highlights
- Fully renovated 20‑unit garden‑style multifamily community (all 3BR/1BA units).
- 19,700 total rentable SF with units averaging 985 SF each.
- Over $500,000 in capital improvements completed in Q3 2025.
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
$110,169
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
5.12%
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%
$2,203,380
$2.2M
Cap Rate 7%
$1,573,843
$1.6M
Cap Rate 9%
$1,224,100
$1.2M
Market Conditions
NOI Build-Up for 19,700 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
$217.5K $11.04/SF
− Vacancy
−$17.2K −$0.87/SF
EGI
$200.3K $10.17/SF
− OpEx
−$90.1K −$4.58/SF
NOI
$110.2K $5.59/SF
Area
Forrest 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%
$2,203,380
Cap Rate 7%
$1,573,843
Cap Rate 9%
$1,224,100
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.84M
NOI $110,169 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $226,944 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 39402, MS
44,633
Population
18,780
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
93.2 sq mi
ZIP Area
479
Density / Sq Mi
$71,254
Median Household Income
$41,552
Median Earnings
$1,183
Median Rent
$255,400
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 - Turnkey 20-unit garden-style apartment community with all 3-bedroom/1-bath unit mix and renovated interior systems.
Where is this apartment building located?
The property is located at 239 Hartfield Road Hattiesburg, MS.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Fully renovated 20‑unit garden‑style multifamily community (all 3BR/1BA units).; 19,700 total rentable SF with units averaging 985 SF each.; Over $500,000 in capital improvements completed in Q3 2025.
