T-5 Zoned Office
For Sale
$224,900
2412 23rd Ave, Gulfport, MS 39501
Former office layout includes a garage, rear alley access, and additional parking.
Property Size2,362 SF
Price / SF$95.22
Days on Market44
Property Features for 2412 23rd Ave
General Information
Standard status
Active
Size
2,362 SF
Building Details
Year Built
1989
Listing Agency:
Sawyer Real Estate, Inc. Of Ms.
(228) 861-4689
Listed By:
Sandi E Sawyer-Dulaney · License #S22082
Source:
Fiorellaavenue
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 29 at 11:07PM
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.
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 = 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
$18,826
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
8.37%
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%
$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
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
$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 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%
$376,520
Cap Rate 7%
$268,943
Cap Rate 9%
$209,178
Alternative Uses
Best Use
Healthcare Medical
$380.5K
$333.0K – $443.9K
NOI $26,636 @ 7.0% cap · market cap 11.84%
Second Best
Office B
$268.9K
$235.3K – $313.8K
NOI $18,826 @ 7.0% cap · market cap 8.37%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $224,900.
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
