Office Building with Rear Alley
For Sale
$224,900
2412 23rd Avenue, Gulfport, MS 39501
COMMERCIAL - Gulfport, MS
Property Size2,362 SF
Lot Size0.47 Acres
Price / SF$95.22
Days on Market202
Property Features for 2412 23rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4
Parking features
Off Street
Fireplace
1
Subdivision
Gulfport City
Lot features
City Lot, City Lot
Standard status
Active
APN
0811c-03-032.000
Size
2,362 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 20 TO 24 INC BLK 50 ORIGINAL GULFPORT
Legal Description
LOTS 20 TO 24 INC BLK 50 ORIGINAL GULFPORT
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1989
Floors in Building
1
Roof type
Shingle
Listing Agency:
Sawyer Real Estate, Inc. Of Ms.
(228) 863-0232
Listed By:
Sandi E Sawyer-Dulaney · License #S22082
(228) 861-4689
Added: Feb 2
Changed: Aug 4
Last Checked: Aug 23 at 6:06AM
MLS# 4138221
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 office building offers a flexible layout for professional use, having most recently been used as an office. The property features four bedrooms and 2.5 bathrooms, with a floor plan that can adapt to a range of office, medical, legal, or professional applications. A fireplace is included, and the roof is shingled. Built in 1989, the property is on a 0.47-acre lot with a total area of 2,362 square feet.
For access and parking, the site includes a two-car garage, off-street parking, and rear alley access. Public water and public sewer services are available, supporting a variety of tenant needs.
Zoned T-5, the property is positioned near the Harrison County Courthouse, Downtown Gulfport, and Pass Road, which can help support day-to-day visibility and convenience for employees and clients.
For access and parking, the site includes a two-car garage, off-street parking, and rear alley access. Public water and public sewer services are available, supporting a variety of tenant needs.
Zoned T-5, the property is positioned near the Harrison County Courthouse, Downtown Gulfport, and Pass Road, which can help support day-to-day visibility and convenience for employees and clients.
Key Highlights
- 0.47‑acre lot with 2,362 square feet
- T‑5 zoning for office and related professional use
- Rear alley access plus a two‑car garage
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
Office B
$268.9K
$235.3K – $313.8K
NOI $18,826 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$380.5K
$333.0K – $443.9K
NOI $26,636 @ 7.0% cap · market cap 11.84%
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 - Office building on a roughly half-acre lot with rear alley access, off-street parking, and public water and sewer.
Where is this office building located?
The property is located at 2412 23rd Avenue 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: 0.47‑acre lot with 2,362 square feet; T‑5 zoning for office and related professional use; Rear alley access plus a two‑car garage
