Tenant-Occupied
For Sale
$255,000
2401 Esplanade St, Ocean Springs, MS 39564
Two three-bedroom units offer separate utility metering, laundry hookups, private outdoor areas, and proximity to a neighborhood pool.
Property Size2,500 SF
Price / SF$102
Days on Market43
Property Features for 2401 Esplanade St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi-Family
Building Details
Year Built
2010
Listing Agency:
Century 21 Busch Realty Group
(228) 697-5479
Listed By:
Carl Watson
Source:
Fiorellaavenue
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 7:40PM
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 Century 21 Busch Realty Group
Investment Insights
Based on property information with market context.
Built in 2010, this 2,500-square-foot duplex contains two 1,250-square-foot residences, each with three bedrooms and two full bathrooms. The upper-level unit includes a private balcony, while the ground-level residence has front-porch access. Both homes provide washer and dryer hookups, and the washer and dryer in Unit A convey with the sale. The property is currently occupied by tenants, and electricity and water are separately metered for each unit.
The duplex is positioned across from the community pool and next to a vacant lot, leaving no adjacent property on one side. Shopping, dining, entertainment, Keesler Air Force Base, downtown Ocean Springs, and the St. Martin School District are identified nearby. An assumable FHA loan at 3.7% is available subject to lender approval and buyer qualification.
The duplex is positioned across from the community pool and next to a vacant lot, leaving no adjacent property on one side. Shopping, dining, entertainment, Keesler Air Force Base, downtown Ocean Springs, and the St. Martin School District are identified nearby. An assumable FHA loan at 3.7% is available subject to lender approval and buyer qualification.
Key Highlights
- 2,500‑square‑foot duplex built in 2010
- Two 1,250‑square‑foot units, each with 3 bedrooms and 2 full bathrooms
- Both units are tenant‑occupied and separately metered for electricity and water
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
$17,324
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
6.79%
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%
$346,480
$346.5K
Cap Rate 7%
$247,486
$247.5K
Cap Rate 9%
$192,489
$192.5K
Market Conditions
NOI Build-Up for 2,500 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
$26.7K $10.68/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$24.7K $9.90/SF
− OpEx
−$7.4K −$2.97/SF
NOI
$17.3K $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%
$346,480
Cap Rate 7%
$247,486
Cap Rate 9%
$192,489
Alternative Uses
Best Use
Multifamily LT 5
$247.5K
$216.6K – $288.7K
NOI $17,324 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$215.4K
$188.5K – $251.3K
NOI $15,077 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$683.0K
$597.6K – $796.8K
NOI $47,808 @ 7.0% cap · market cap 18.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom units offer separate utility metering, laundry hookups, private outdoor areas, and proximity to a neighborhood pool.
Where is this duplex located?
The property is located at 2401 Esplanade St Ocean Springs, MS.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 2,500‑square‑foot duplex built in 2010; Two 1,250‑square‑foot units, each with 3 bedrooms and 2 full bathrooms; Both units are tenant‑occupied and separately metered for electricity and water
