Renovated 14-Unit Apartment
For Sale
$950,000
2524 28th Ave, Gulfport, MS 39501
Fourteen residences include studio and one-bedroom layouts, with on-site laundry supporting day-to-day tenant convenience.
Property Size12,960 SF
Price / SF$73.30
Days on Market13
Property Features for 2524 28th Ave
General Information
Standard status
Active
Size
12,960 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x studio, 10 x 1BR
Multifamily Units
14
Amenities
on-site coin-operated laundry facility
Building Details
Year Built
1940
Listing Agency:
Keller Williams
(228) 243-1222
Listed By:
Nicole S Sanchez · License #B24326
Source:
Fiorellaavenue
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 8:05PM
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 Keller Williams
Investment Insights
Based on property information with market context.
This 12,960-square-foot apartment property includes 14 units, comprising 4 studio apartments and 10 one-bedroom apartments. Renovation work includes 3 newly constructed units—Units 12, 13, and 14—while the original structure dates to 1940. An on-site coin-operated laundry facility provides an additional property amenity and income source.
The property is located at 2524 28th Ave in Gulfport, Mississippi, just minutes from downtown Gulfport, Gulf Coast beaches, and the Naval Construction Battalion Center Gulfport. Its setting also places the apartments near shopping, dining, entertainment, and major employment destinations. Historical occupancy has been approximately 100%.
The property is located at 2524 28th Ave in Gulfport, Mississippi, just minutes from downtown Gulfport, Gulf Coast beaches, and the Naval Construction Battalion Center Gulfport. Its setting also places the apartments near shopping, dining, entertainment, and major employment destinations. Historical occupancy has been approximately 100%.
Key Highlights
- 14‑unit apartment property totaling 12,960 square feet
- Unit mix includes 4 studio apartments and 10 one‑bedroom apartments
- 3 newly constructed units: Units 12, 13, and 14
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
$72,476
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
7.63%
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%
$1,449,520
$1.4M
Cap Rate 7%
$1,035,371
$1.0M
Cap Rate 9%
$805,289
$805.3K
Market Conditions
NOI Build-Up for 12,960 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
$143.1K $11.04/SF
− Vacancy
−$11.3K −$0.87/SF
EGI
$131.8K $10.17/SF
− OpEx
−$59.3K −$4.58/SF
NOI
$72.5K $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%
$1,449,520
Cap Rate 7%
$1,035,371
Cap Rate 9%
$805,289
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$906.0K – $1.21M
NOI $72,476 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.09M
$1.83M – $2.44M
NOI $146,150 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,157
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fourteen residences include studio and one-bedroom layouts, with on-site laundry supporting day-to-day tenant convenience.
Where is this apartment building located?
The property is located at 2524 28th Ave Gulfport, MS.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 14‑unit apartment property totaling 12,960 square feet; Unit mix includes 4 studio apartments and 10 one‑bedroom apartments; 3 newly constructed units: Units 12, 13, and 14
