Four-Plex Residential Income
For Sale
$225,000
Pending
3305 Spruce Street, Pascagoula, MS 39581
A 4-plex with separate units, allowing one residence and three currently rented units for income.
Property Size3,024 SF
Days on Market68
Property Features for 3305 Spruce Street
General Information
Standard status
Pending
Size
3,024 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1971
Tenancy
Multi
Listing Agency:
Coldwell Banker Smith Home Rltrs-Gautier
(228) 327-0388
Listed By:
Mike M Wixon · License #S25663
(228) 327-0388
Source:
Compass
Added: Jun 1
Changed: Jul 10
Last Checked: Aug 6 at 10:28AM
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 Coldwell Banker Smith Home Rltrs-Gautier
Investment Insights
Based on property information with market context.
This income-producing four-plex offers four separate residential units with practical, tenant-friendly layouts. Each unit includes a living room open to a separate dining area, a galley-style kitchen, and bedrooms described as roomy. Units 1 and 4 are located downstairs, while Units 2 and 3 are upstairs, accessed by doorways that close off the stairs from the outside for added privacy.
The property is located in Pascagoula, off Old Mobile Hwy, at 3305 Spruce Street. The configuration provides a clear multi-unit setup within a single building, with the downstairs/upstairs separation helping distinguish the units spatially.
For buyers seeking residential income, the building supports an owner-occupant strategy as well as a fully rented approach, since one unit can be lived in while the other three are currently rented. The unit-by-unit living, dining, and kitchen arrangements are designed to provide self-contained setups suitable for long-term residential tenancy.
The property is located in Pascagoula, off Old Mobile Hwy, at 3305 Spruce Street. The configuration provides a clear multi-unit setup within a single building, with the downstairs/upstairs separation helping distinguish the units spatially.
For buyers seeking residential income, the building supports an owner-occupant strategy as well as a fully rented approach, since one unit can be lived in while the other three are currently rented. The unit-by-unit living, dining, and kitchen arrangements are designed to provide self-contained setups suitable for long-term residential tenancy.
Key Highlights
- Income‑producing 4‑plex in Pascagoula off Old Mobile Hwy, with one unit available to live in and three units currently rented
- 8 total bedrooms across four units; units 1 and 4 are downstairs, and units 2 and 3 are upstairs
- Each unit features a living room open to a separate dining area, plus a galley‑type kitchen
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
$18,237
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
8.11%
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%
$364,740
$364.7K
Cap Rate 7%
$260,529
$260.5K
Cap Rate 9%
$202,633
$202.6K
Market Conditions
NOI Build-Up for 3,024 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
$35.9K $11.88/SF
− Vacancy
−$2.8K −$0.91/SF
EGI
$33.2K $10.97/SF
− OpEx
−$14.9K −$4.93/SF
NOI
$18.2K $6.03/SF
Area
Jackson County, MS
Vacancy
7.70%
Lease Rate
$11.88 /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%
$364,740
Cap Rate 7%
$260,529
Cap Rate 9%
$202,633
Alternative Uses
Best Use
Multifamily LT 5
$299.4K
$261.9K – $349.3K
NOI $20,955 @ 7.0% cap · market cap 9.31%
Second Best
Apartment 5plus
$260.5K
$228.0K – $304.0K
NOI $18,237 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$826.1K
$722.9K – $963.8K
NOI $57,829 @ 7.0% cap · market cap 25.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 39581, MS
11,512
Population
5,411
Households
2.1
Avg Household Size
35
Median Age
18%
College-Educated
86%
High-School Grad
14.0 sq mi
ZIP Area
822
Density / Sq Mi
$37,571
Median Household Income
$26,774
Median Earnings
$892
Median Rent
$125,000
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 - A 4-plex with separate units, allowing one residence and three currently rented units for income.
Where is this quadplex located?
The property is located at 3305 Spruce Street Pascagoula, MS.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Income‑producing 4‑plex in Pascagoula off Old Mobile Hwy, with one unit available to live in and three units currently rented; 8 total bedrooms across four units; units 1 and 4 are downstairs, and units 2 and 3 are upstairs; Each unit features a living room open to a separate dining area, plus a galley‑type kitchen
