T6 Mixed-Use
For Sale
$150,000
2517 21st Ave, Gulfport, MS 39507
Vacant building with an adaptable layout supporting residential, commercial, and hospitality concepts.
Property Size2,450 SF
Price / SF$61.22
Days on Market42
Property Features for 2517 21st Ave
General Information
Standard status
Active
Size
2,450 SF
Zoning
T6
Property Condition
Severity
Repairs Needed
Evidence
requires repairs
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Crescent Sotheby's International
(228) 697-3714
Listed By:
Holly J Gibbs · License #B22047
Source:
Fiorellaavenue
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:34AM
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 mixed-use property includes an existing building that requires repairs and was previously used as a care home. The current floor plan can be reconfigured for office space, residential units, or other supported concepts.
T6 zoning permits a combination of residential, commercial, and hospitality uses. The property is near beaches, casinos, restaurants, and entertainment venues, creating context for short-term rental, office, or residential applications. Additional parcels are also available for purchase.
T6 zoning permits a combination of residential, commercial, and hospitality uses. The property is near beaches, casinos, restaurants, and entertainment venues, creating context for short-term rental, office, or residential applications. Additional parcels are also available for purchase.
Key Highlights
- T6 mixed‑use zoning supports residential, commercial, and hospitality uses
- Vacant building at 2517 21st Avenue in Gulfport
- Previously operated as a care home
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
Mixed Use
$248.1K
$217.1K – $289.4K
NOI $17,364 @ 7.0% cap · market cap 11.58%
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
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?
Mixed-use property - Vacant building with an adaptable layout supporting residential, commercial, and hospitality concepts.
Where is this mixed-use property located?
The property is located at 2517 21st Ave 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 at 2517 21st Avenue in Gulfport; Previously operated as a care home
