Building Details

Year Built 1989

Listing Agency: Sawyer Real Estate, Inc. Of Ms.

Listed By: Sandi E Sawyer-Dulaney · License #S22082 Show Phone

Source: Fiorellaavenue

Added: Jul 18 Changed: Oct 2 Last Checked: Oct 7 at 1:23PM

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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 Sawyer Real Estate, Inc. Of Ms.

Investment Insights

Based on property information with market context.

Built in 1989, this 2362-square-foot office building is arranged with four bedrooms and 2.5 baths, offering a configuration suited to office, medical, legal, or other professional use. The property was most recently used as an office and requires some updates. A two-car garage, additional parking, and rear alley access support daily employee and client access. The approximately 0.5-acre lot provides room around the building, while T-5 zoning adds an important land-use characteristic.

The property is near the Harrison County Courthouse, Downtown Gulfport, and Pass Road. Its Gulfport location combines proximity to civic, downtown, and corridor activity with direct rear access. Possible single-family residential use is also identified, adding flexibility beyond the building’s recent office use.

Key Highlights

• T‑5 zoning on an approximately 0.5‑acre lot
• 2362‑square‑foot building with 4 bedrooms and 2.5 baths
• Most recently used as an office

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,826

Cap Rate

8.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$376,520 $376.5K

Cap Rate 7%

$268,943 $268.9K

Cap Rate 9%

$209,178 $209.2K

Market Conditions

NOI Build-Up for 2,362 SF

Gross rent

$30.6K $12.96/SF

− Vacancy

−$5.5K −$2.33/SF

EGI

$25.1K $10.63/SF

− OpEx

−$6.3K −$2.66/SF

NOI

$18.8K $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 Rate 5%

$376,520

Cap Rate 7%

$268,943

Cap Rate 9%

$209,178

Alternative Uses

Best Use

Healthcare Medical

$380.5K

$333.0K – $443.9K (±1% cap)

NOI $26,636 @ 7.0% cap · market cap 12.39%

Second Best

Office B

$268.9K

$235.3K – $313.8K (±1% cap)

NOI $18,826 @ 7.0% cap · market cap 8.76%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store Locksmith Home Appliance Store Veterinary Clinic Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

817

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Former office layout includes a garage, rear alley access, and additional parking.

Where is this office building located?

The property is located at 2412 23rd Ave Gulfport, MS.

What is the asking price?

The asking price for this property is $215,000.

What are key features of this property?

This property features: T‑5 zoning on an approximately 0.5‑acre lot; 2362‑square‑foot building with 4 bedrooms and 2.5 baths; Most recently used as an office