Mixed-Use Care Home
For Sale
$150,000
2517 21st Avenue lot S, Gulfport, MS 39501
COMMERCIAL - Gulfport, MS
Property Size2,300 SF
Lot Size0.19 Acres
Price / SF$65.22
Days on Market451
Property Features for 2517 21st Avenue lot S
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Gulfport City
Standard status
Active
APN
0811c-01-007.002
Size
2,300 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S 20 FT OF LOT 5 & ALL OF LOT 6 & N 5 FT OF LOT 7 BLK 28 ORIGINAL GULFPORT SEC 4-8-11
Tax Annual Amount
1526
Legal Description
S 20 FT OF LOT 5 & ALL OF LOT 6 & N 5 FT OF LOT 7 BLK 28 ORIGINAL GULFPORT SEC 4-8-11
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 10:06PM
MLS# 4113693
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 is a vacant assisted living/care home building offered for sale as-is. The existing layout is designed for residential-style use and can be adapted for other purposes, though the property requires repairs. Utilities include access to public water and sewer, and the site offers on-site parking.
The property is located in Gulfport, MS and is described as being in the heart of downtown Gulfport. It is situated for convenient access to major roads and public transportation, and the surrounding area includes amenities such as dining and entertainment.
Zoned T6 (Mixed-Use), the property supports redevelopment options that can accommodate a mix of uses consistent with the listed zoning designation. Buyers should confirm permissible uses with local zoning authorities as part of their due diligence.
The property is located in Gulfport, MS and is described as being in the heart of downtown Gulfport. It is situated for convenient access to major roads and public transportation, and the surrounding area includes amenities such as dining and entertainment.
Zoned T6 (Mixed-Use), the property supports redevelopment options that can accommodate a mix of uses consistent with the listed zoning designation. Buyers should confirm permissible uses with local zoning authorities as part of their due diligence.
Key Highlights
- Vacant building at 2517 21st Ave, Gulfport, MS 39501, built in 1948
- Zoned T6 (mixed‑use), allowing a mix of residential, commercial, and hospitality uses (per listing)
- Previously used as a care home; existing layout may be adapted for office space, residential, or other uses
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
$12,862
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
8.57%
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%
$257,240
$257.2K
Cap Rate 7%
$183,743
$183.7K
Cap Rate 9%
$142,911
$142.9K
Market Conditions
NOI Build-Up for 2,300 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
$25.4K $11.04/SF
− Vacancy
−$2.0K −$0.87/SF
EGI
$23.4K $10.17/SF
− OpEx
−$10.5K −$4.58/SF
NOI
$12.9K $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%
$257,240
Cap Rate 7%
$183,743
Cap Rate 9%
$142,911
Alternative Uses
Best Use
Office B
$261.9K
$229.2K – $305.5K
NOI $18,332 @ 7.0% cap · market cap 12.22%
Second Best
Apartment 5plus
$183.7K
$160.8K – $214.4K
NOI $12,862 @ 7.0% cap · market cap 8.57%
Theoretical Best
Healthcare Medical
$370.5K
$324.2K – $432.3K
NOI $25,937 @ 7.0% cap · market cap 17.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
817
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Assisted living facility - Vacant assisted living/care home on a mixed-use zoned site with on-site parking and public water and sewer.
Where is this assisted living facility located?
The property is located at 2517 21st Avenue lot S 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 building at 2517 21st Ave, Gulfport, MS 39501, built in 1948; Zoned T6 (mixed‑use), allowing a mix of residential, commercial, and hospitality uses (per listing); Previously used as a care home; existing layout may be adapted for office space, residential, or other uses
