Gulfport Quadplex with Redevelopment
For Sale
$836,600
2938 BEACH BOULEVARD S, Gulfport, FL 33707
Four-unit property with separate buildings, one livable unit, and three units requiring substantial renovation.
Property Size2,792 SF
Price / SF$299.64
Days on Market9
Property Features for 2938 BEACH BOULEVARD S
General Information
Standard status
Active
Size
2,792 SF
Property subtype
Quadruplex
Building Details
Year Built
1920
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP
(727) 461-1700
Listed By:
Maryann Spearman · License #3234385
Source:
Endlesssummerrealty
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 24 at 4:11AM
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 BHHS FLORIDA PROPERTIES GROUP
Investment Insights
Based on property information with market context.
This 2,792-square-foot quadplex, built in 1920, includes three units within a two-story block building and a fourth unit in a detached single-unit structure. One unit is currently livable and was previously used as an Airbnb, while the other three require substantial renovation and repairs. A new roof was installed in 2020, and white vinyl fencing serves the property.
The corner parcel fronts Beach Boulevard S and 30th Avenue S in Gulfport’s Waterfront Redevelopment District, near Gulfport Beach, the Gulfport Pier, restaurants, shops, galleries, breweries, and the Gulfport Art Walk. Any future use or development remains subject to zoning and City of Gulfport approval.
The corner parcel fronts Beach Boulevard S and 30th Avenue S in Gulfport’s Waterfront Redevelopment District, near Gulfport Beach, the Gulfport Pier, restaurants, shops, galleries, breweries, and the Gulfport Art Walk. Any future use or development remains subject to zoning and City of Gulfport approval.
Key Highlights
- Four total units across two buildings
- 2,792 square feet on a corner parcel
- Three units in a two‑story block building; one in a separate single‑unit building
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
$32,589
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
3.90%
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%
$651,780
$651.8K
Cap Rate 7%
$465,557
$465.6K
Cap Rate 9%
$362,100
$362.1K
Market Conditions
NOI Build-Up for 2,792 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
$49.9K $17.88/SF
− Vacancy
−$3.4K −$1.21/SF
EGI
$46.6K $16.67/SF
− OpEx
−$14.0K −$5.00/SF
NOI
$32.6K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$651,780
Cap Rate 7%
$465,557
Cap Rate 9%
$362,100
Alternative Uses
Best Use
Multifamily LT 5
$465.6K
$407.4K – $543.2K
NOI $32,589 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$366.8K
$321.0K – $428.0K
NOI $25,678 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$726.2K
$635.4K – $847.3K
NOI $50,835 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
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?
Quadplex - Four-unit property with separate buildings, one livable unit, and three units requiring substantial renovation.
Where is this quadplex located?
The property is located at 2938 BEACH BOULEVARD S Gulfport, FL.
What is the asking price?
The asking price for this property is $836,600.
What are key features of this property?
This property features: Four total units across two buildings; 2,792 square feet on a corner parcel; Three units in a two‑story block building; one in a separate single‑unit building
