Vacant Mixed-Use
For Sale
$150,000
2517 21st Avenue lot N, Gulfport, MS 39507
COMMERCIAL - Gulfport, MS
Property Size2,450 SF
Price / SF$61.22
Days on Market451
Property Features for 2517 21st Avenue lot N
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
0811c-01-009.000
Size
2,450 SF
Taxes and HOA fees
Tax Year
2022
Tax Description
LOTS 3 & 4 & N 5 FT OF LOT 5 BLK 28 ORIGINAL GULFPORT
Tax Annual Amount
3000
Legal Description
LOTS 3 & 4 & N 5 FT OF LOT 5 BLK 28 ORIGINAL GULFPORT
Building Details
Year built
1948
Listing Agency:
Crescent Sotheby's International · Sotheby's International Realty
(985) 345-6802
Listed By:
Holly J Gibbs · License #B22047
(228) 697-3714
Added: May 18, 2025
Changed: Aug 4
Last Checked: Aug 11 at 6:06PM
MLS# 4113692
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.
The property at 2517 21st Avenue in Gulfport is a vacant building previously utilized as a care home. It is ready for redevelopment and requires repairs, while the existing structure and layout provide a basis for reconfiguration. The floor plan can be adapted to support a range of uses, including office space, residential units, or other concepts consistent with its zoning.
Zoned T6 (Mixed-Use), the property allows for a mix of residential, commercial, and hospitality uses. The offering also highlights proximity to amenities such as beaches, casinos, dining, and entertainment venues, which may be relevant for redevelopment plans involving short-term rentals or commercial use. Additional parcels are available for purchase, further supporting development options.
Zoned T6 (Mixed-Use), the property allows for a mix of residential, commercial, and hospitality uses. The offering also highlights proximity to amenities such as beaches, casinos, dining, and entertainment venues, which may be relevant for redevelopment plans involving short-term rentals or commercial use. Additional parcels are available for purchase, further supporting development options.
Key Highlights
- Vacant downtown Gulfport property at 2517 21st Ave, Gulfport, MS 39501
- Zoned T6 (mixed‑use), allowing a mix of residential, commercial, and hospitality uses
- Year built 1948; previously used 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
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
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?
Short term rental property - Vacant mixed-use building on 21st Avenue with a flexible T6 zoning designation and an adaptable floor plan.
Where is this short term rental property located?
The property is located at 2517 21st Avenue lot N 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: Vacant downtown Gulfport property at 2517 21st Ave, Gulfport, MS 39501; Zoned T6 (mixed‑use), allowing a mix of residential, commercial, and hospitality uses; Year built 1948; previously used as a care home
