15-Unit Apartment
For Sale
$699,900
511 32nd Street, Gulfport, MS 39507
MULTI_FAMILY - Gulfport, MS
Property Size10,276 SF
Lot Size0.33 Acres
Price / SF$68.11
Days on Market172
Property Features for 511 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
General Business
Bedrooms
19
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 1, Bathroom 5, Bedroom 12, Bedroom 2, Bathroom 12, Bedroom 14, Bathroom 11, Bathroom 10, Bedroom 3, Bathroom 15, Bedroom 4, Bedroom 9, Bathroom 9, Bathroom 16, Bedroom 16, Bedroom 8, Bathroom 7, Bathroom 4, Bedroom 17, Bedroom 15, Bedroom 11, Bathroom 14, Bedroom 6, Bedroom 10, Bathroom 6, Bathroom 8, Bedroom 13, Bathroom 2, Bedroom 7, Bathroom 13, Bedroom 5, Bedroom 18, Bathroom 1, Bedroom 19, Bathroom 3
Window features
Blinds
Subdivision
Magnolia Grove
Lot features
Level, City Lot, Level, City Lot
Elementary school
Pass Road
Middle school
Bayou View Middle School
High school
Gulfport
Standard status
Active
APN
0910n-05-010.000
Size
10,276 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 1 & 2 BLK 14 REV OF MAGNOLIA GROVE
Tax Annual Amount
7658
Legal Description
LOTS 1 & 2 BLK 14 REV OF MAGNOLIA GROVE
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1965
Floors in Building
2
Number of units
15
Flooring type
Tile - Ceramic, Combination, Laminate
Roof type
Shingle
Listing Agency:
Beau Vue Realty, LLC
(228) 819-2091
Listed By:
Monique C Ward · License #B21551
(228) 327-4814
Added: Mar 4
Changed: Aug 17
Last Checked: Aug 23 at 3:06PM
MLS# 4141295
Copyright © 2026 MLS United. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 15-unit apartment property contains 10,276 square feet on a 0.33-acre site and was built in 1965. The unit mix includes 11 one-bedroom, one-bath apartments; 3 two-bedroom, one-bath apartments; and 1 two-bedroom, two-bath apartment. Recent work includes new soffit and fascia, painted vinyl siding, exterior lighting, upstairs railings, and updates to several first-floor units. Improvements inside those units include appliances, sheetrock, paint, fixtures, shower/tubs, cabinets, vanities, and sinks. Four mini-split systems and one conventional HVAC unit have also been added, while several upstairs apartments received paint and repairs.
Located at 511 32nd Street in Gulfport, the property has access to public water and public sewer. The surrounding area includes downtown Gulfport, the Gulfport business district, Gulfport-Biloxi International Airport, Port of Gulfport, Jones Park, Gulfport Small Craft Harbor, and Mississippi Aquarium. Island View Casino Resort and the Mississippi Air National Guard are also identified nearby.
Located at 511 32nd Street in Gulfport, the property has access to public water and public sewer. The surrounding area includes downtown Gulfport, the Gulfport business district, Gulfport-Biloxi International Airport, Port of Gulfport, Jones Park, Gulfport Small Craft Harbor, and Mississippi Aquarium. Island View Casino Resort and the Mississippi Air National Guard are also identified nearby.
Key Highlights
- 15‑unit apartment property with 11 one‑bedroom and 4 two‑bedroom units
- 10,276 square feet on a 0.33‑acre site
- Unit mix includes 3 two‑bedroom/one‑bath, 1 two‑bedroom/two‑bath, and 11 one‑bedroom/one‑bath apartments
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
8.21%
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 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.66M
$1.45M – $1.93M
NOI $115,882 @ 7.0% cap · market cap 16.56%
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 - Income-producing apartment property with recent exterior work, interior unit updates, and a varied one- and two-bedroom layout.
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 $699,900.
What are key features of this property?
This property features: 15‑unit apartment property with 11 one‑bedroom and 4 two‑bedroom units; 10,276 square feet on a 0.33‑acre site; Unit mix includes 3 two‑bedroom/one‑bath, 1 two‑bedroom/two‑bath, and 11 one‑bedroom/one‑bath apartments
