Office Building with Alley
For Sale
$224,900
2412 23rd Avenue, Gulfport, MS 39501
Commercial Sale, Gulfport, MS
Property Size2,362 SF
Lot Size0.47 Acres
Price / SF$95.22
Days on Market208
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, Bedroom 1, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 4, Bedroom 3
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 26
Last Checked: Aug 29 at 4:06PM
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.
Built in 1989, this 2,362-square-foot office property occupies a 0.47-acre lot near Downtown Gulfport. The interior includes 4 bedrooms and 2.5 bathrooms, reflecting a layout that was most recently used for office purposes and may accommodate office, medical, legal, or other professional applications. Possible single-family residential use is also identified in the property information.
The site includes a two-car garage, additional parking, rear alley access, a shingle roof, a fireplace, public water, and public sewer. T-5 zoning is noted, and some updates are needed. The property is near the Harrison County Courthouse, Pass Road, and Downtown Gulfport, with access from 23rd Avenue.
The site includes a two-car garage, additional parking, rear alley access, a shingle roof, a fireplace, public water, and public sewer. T-5 zoning is noted, and some updates are needed. The property is near the Harrison County Courthouse, Pass Road, and Downtown Gulfport, with access from 23rd Avenue.
Key Highlights
- 2,362‑square‑foot office property on a 0.47‑acre lot
- T‑5 zoning with possible office, medical, legal, professional, or single‑family residential use
- Previously operated as an office with a 4‑bedroom, 2.5‑bath interior
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 property with flexible interior, off-street parking, and proximity to Downtown Gulfport.
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: 2,362‑square‑foot office property on a 0.47‑acre lot; T‑5 zoning with possible office, medical, legal, professional, or single‑family residential use; Previously operated as an office with a 4‑bedroom, 2.5‑bath interior
