15-Unit Apartment
For Sale
$749,900
511 32nd Street, Gulfport, MS 39507
General Business zoning and convenient access to downtown Gulfport distinguish this multifamily property.
Property Size10,276 SF
Days on Market160
Property Features for 511 32nd Street
General Information
Standard status
Active
Size
10,276 SF
Property subtype
Multi Family Home
Zoning
General Business
Units
Unit Mix
3 x 2BR/1BA, 1 x 2BR/2BA, 11 x 1BR/1BA
Multifamily Units
15
Building Details
Building Size
10,276 SF
Year Built
1965
Stories
2
Units
15
Listing Agency:
Beau Vue Realty, LLC
(228) 819-2091
Listed By:
Monique C Ward · License #B21551
(228) 819-2091
Source:
Jdanielrealtysells
Added: Mar 5
Changed: Aug 11
Last Checked: Aug 11 at 2:46PM
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 Beau Vue Realty, LLC
Investment Insights
Based on property information with market context.
Located at 511 32nd Street in Gulfport, this 15-unit apartment building was constructed in 1965 and offers a varied residential configuration. The unit mix includes 11 one-bedroom, one-bath apartments, three two-bedroom, one-bath apartments, and one two-bedroom, two-bath apartment. The property carries General Business zoning.
Recent exterior work includes replacement soffit and fascia, painted vinyl siding, upgraded exterior lighting, and new upstairs railings. Interior improvements in several downstairs apartments include sheetrock, appliances, paint, fixtures, shower/tubs, cabinets, vanities, and sinks. Mechanical updates include four mini-split systems and one conventional HVAC unit, while several upstairs apartments have received paint and repairs. The property provides access to downtown Gulfport, the Gulfport business district, Gulfport-Biloxi International Airport, Port of Gulfport, Jones Park, and other coastal destinations.
Recent exterior work includes replacement soffit and fascia, painted vinyl siding, upgraded exterior lighting, and new upstairs railings. Interior improvements in several downstairs apartments include sheetrock, appliances, paint, fixtures, shower/tubs, cabinets, vanities, and sinks. Mechanical updates include four mini-split systems and one conventional HVAC unit, while several upstairs apartments have received paint and repairs. The property provides access to downtown Gulfport, the Gulfport business district, Gulfport-Biloxi International Airport, Port of Gulfport, Jones Park, and other coastal destinations.
Key Highlights
- 15‑unit apartment building with 11 one‑bedroom and 4 two‑bedroom apartments
- Unit mix includes three two‑bedroom, one‑bath units and one two‑bedroom, two‑bath unit
- General Business zoning at 511 32nd Street, Gulfport, MS 39507
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
$57,467
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
7.66%
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%
$1,149,340
$1.1M
Cap Rate 7%
$820,957
$821.0K
Cap Rate 9%
$638,522
$638.5K
Market Conditions
NOI Build-Up for 10,276 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
$113.4K $11.04/SF
− Vacancy
−$9.0K −$0.87/SF
EGI
$104.5K $10.17/SF
− OpEx
−$47.0K −$4.58/SF
NOI
$57.5K $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%
$1,149,340
Cap Rate 7%
$820,957
Cap Rate 9%
$638,522
Alternative Uses
Best Use
Apartment 5plus
$821.0K
$718.3K – $957.8K
NOI $57,467 @ 7.0% cap · market cap 7.66%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.66M
$1.45M – $1.93M
NOI $115,882 @ 7.0% cap · market cap 15.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
468
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - General Business zoning and convenient access to downtown Gulfport distinguish this multifamily property.
Where is this apartment building located?
The property is located at 511 32nd Street Gulfport, MS.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 15‑unit apartment building with 11 one‑bedroom and 4 two‑bedroom apartments; Unit mix includes three two‑bedroom, one‑bath units and one two‑bedroom, two‑bath unit; General Business zoning at 511 32nd Street, Gulfport, MS 39507
