Vacant Senior Housing
For Sale
$150,000
2517 21st Avenue, Gulfport, MS 39507
T6 mixed-use zoning supports residential, commercial, and hospitality applications.
Property Size2,450 SF
Days on Market50
Property Features for 2517 21st Avenue
General Information
Standard status
Active
Size
2,450 SF
Property subtype
Commercial
Zoning
T6
Building Details
Building Size
2,450 SF
Year Built
1948
Listing Agency:
Crescent Sotheby's International
(228) 697-3714
Listed By:
Holly J Gibbs · License #B22047
(228) 697-3714
Source:
Jdanielrealtysells
Added: Jun 23
Changed: Aug 9
Last Checked: Aug 10 at 10:44AM
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 Crescent Sotheby's International
Investment Insights
Based on property information with market context.
Located at 2517 21st Avenue in Gulfport, this vacant senior housing property was previously used as a care home. The building dates to 1948 and requires repairs, with an existing layout that can be reconfigured for a new use.
The property carries T6 mixed-use zoning, supporting a combination of residential, commercial, and hospitality applications. The surrounding area includes beaches, casinos, dining, and entertainment venues. Additional parcels are also available for purchase, providing a broader basis for evaluating redevelopment options.
The property carries T6 mixed-use zoning, supporting a combination of residential, commercial, and hospitality applications. The surrounding area includes beaches, casinos, dining, and entertainment venues. Additional parcels are also available for purchase, providing a broader basis for evaluating redevelopment options.
Key Highlights
- T6 mixed‑use zoning supports residential, commercial, and hospitality uses
- Vacant building previously operated as a care home
- 1948 construction with an existing adaptable floor plan
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
$13,701
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
9.13%
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%
$274,020
$274.0K
Cap Rate 7%
$195,729
$195.7K
Cap Rate 9%
$152,233
$152.2K
Market Conditions
NOI Build-Up for 2,450 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
$27.0K $11.04/SF
− Vacancy
−$2.1K −$0.87/SF
EGI
$24.9K $10.17/SF
− OpEx
−$11.2K −$4.58/SF
NOI
$13.7K $5.59/SF
Area
Harrison County, MS
Vacancy
7.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
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%
$274,020
Cap Rate 7%
$195,729
Cap Rate 9%
$152,233
Alternative Uses
Best Use
Office B
$279.0K
$244.1K – $325.5K
NOI $19,527 @ 7.0% cap · market cap 13.02%
Second Best
Apartment 5plus
$195.7K
$171.3K – $228.4K
NOI $13,701 @ 7.0% cap · market cap 9.13%
Theoretical Best
Healthcare Medical
$394.7K
$345.4K – $460.5K
NOI $27,629 @ 7.0% cap · market cap 18.42%
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
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 39507, MS
17,724
Population
9,032
Households
2
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
8.2 sq mi
ZIP Area
2,161
Density / Sq Mi
$49,459
Median Household Income
$37,660
Median Earnings
$1,121
Median Rent
$220,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - T6 mixed-use zoning supports residential, commercial, and hospitality applications.
Where is this senior housing / retirement home located?
The property is located at 2517 21st Avenue Gulfport, MS.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: T6 mixed‑use zoning supports residential, commercial, and hospitality uses; Vacant building previously operated as a care home; 1948 construction with an existing adaptable floor plan
