15-Unit Apartment
For Sale
$749,900
511 32nd St, Gulfport, MS 39507
Multifamily property with varied unit layouts and recent exterior and interior improvements.
Property Size10,276 SF
Price / SF$72.98
Days on Market18
Property Features for 511 32nd St
General Information
Standard status
Active
Size
10,276 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA, 1 x 2BR/2BA, 11 x 1BR/1BA
Multifamily Units
15
Building Details
Year Built
1965
Listing Agency:
Beau Vue Realty, LLC
(228) 327-4814
Listed By:
Monique C Ward · License #B21551
Source:
Fiorellaavenue
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 30 at 8:40PM
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.
This 10,276-square-foot apartment property at 511 32nd St in Gulfport, Mississippi, was built in 1965 and contains 15 units. The unit mix includes 11 one-bedroom/one-bath apartments, three two-bedroom/one-bath apartments, and one two-bedroom/two-bath apartment. Recent exterior work includes new soffit and fascia, painted vinyl siding, exterior lighting, and upstairs railings. Interior updates in several downstairs apartments include sheetrock, appliances, paint, fixtures, shower/tubs, cabinets, vanities, and sinks. The property also has four new mini-split systems and one new conventional HVAC unit, while several upstairs apartments have received paint and repairs.
The property is near downtown Gulfport and the Gulfport business district, with access to the Gulfport-Biloxi International Airport, Mississippi Air National Guard, Port of Gulfport, Island View Casino Resort, Jones Park, Gulfport Small Craft Harbor, and the Mississippi Aquarium. Shopping, dining, recreation, and major transportation routes are also identified in the surrounding Gulf Coast area.
The property is near downtown Gulfport and the Gulfport business district, with access to the Gulfport-Biloxi International Airport, Mississippi Air National Guard, Port of Gulfport, Island View Casino Resort, Jones Park, Gulfport Small Craft Harbor, and the Mississippi Aquarium. Shopping, dining, recreation, and major transportation routes are also identified in the surrounding Gulf Coast area.
Key Highlights
- 15 units across a varied apartment mix
- 10,276 square feet; built in 1965
- Unit mix includes 11 one‑bedroom/one‑bath units, 3 two‑bedroom/one‑bath units, and 1 two‑bedroom/two‑bath unit
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 - Multifamily property with varied unit layouts and recent exterior and interior improvements.
Where is this apartment building located?
The property is located at 511 32nd St 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 units across a varied apartment mix; 10,276 square feet; built in 1965; Unit mix includes 11 one‑bedroom/one‑bath units, 3 two‑bedroom/one‑bath units, and 1 two‑bedroom/two‑bath unit
