13-Unit Apartment Building
For Sale
$699,900
5420 28th St, Gulfport, MS 39501
Three residential buildings include leased apartments alongside vacant commercial and ancillary spaces for additional operating use.
Property Size8,700 SF
Lot Size0.62 Acres
Price / SF$80.45
Days on Market48
Property Features for 5420 28th St
General Information
Standard status
Active
Size
8,700 SF
Lot size
0.62 Acres
Property subtype
Multi-Family
Zoning
commercial/multifamily
Financials
Gross Income
$101,880
Gross Rent Multiplier
6.87
Average Monthly Rent
$708
Units
Unit Mix
12 x 2BR/1BA, 1 x 1BR studio
Multifamily Units
13
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1979
Tenancy
Multi
Listing Agency:
Coldwell Banker Alfonso Realty-Lorraine Rd
Listed By:
Philip J Leblanc · License #S30047
(228) 860-0082
Source:
Fiorellaavenue
Added: Sep 5
Changed: Oct 16
Last Checked: Oct 7 at 4:56PM
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 Alfonso Realty-Lorraine Rd
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Investment Insights
Based on property information with market context.
This 13-unit apartment portfolio consists of three residential buildings across two adjacent parcels at 5420 and 5400 28th St. The residential mix includes twelve 2-bedroom/1-bath apartments and one 1-bedroom studio. Twelve apartments are fully leased. The property totals 8,700 SF on 0.62 acres and was built in 1979. Additional improvements include a vacant 600 SF commercial space, an on-site laundry facility that is not currently operating, and a vacant studio requiring renovation.
The property is located in Gulfport, directly across from the north entrance of Naval Construction Battalion Center Gulfport. It is zoned commercial/multifamily and is situated in Kennelworth Park. Current documentation includes a unit-by-unit rent roll, executed leases, tax records, utility billing, and two years of QuickBooks profit-and-loss statements. Showings are by appointment only, and tenants should not be disturbed.
The property is located in Gulfport, directly across from the north entrance of Naval Construction Battalion Center Gulfport. It is zoned commercial/multifamily and is situated in Kennelworth Park. Current documentation includes a unit-by-unit rent roll, executed leases, tax records, utility billing, and two years of QuickBooks profit-and-loss statements. Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- 13 units: twelve 2‑bedroom/1‑bath apartments and one 1‑bedroom studio
- Twelve apartments are 100% leased
- 8,700 SF on 0.62 acres; built in 1979
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,661
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,233,220
$1.2M
Cap Rate 7%
$880,871
$880.9K
Cap Rate 9%
$685,122
$685.1K
Market Conditions
NOI Build-Up for 8,700 SF
Gross rent
$109.6K $12.60/SF
− Vacancy
−$11.0K −$1.26/SF
EGI
$98.7K $11.34/SF
− OpEx
−$37.0K −$4.25/SF
NOI
$61.7K $7.09/SF
Area
Harrison County, MS
Vacancy
10.00%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,233,220
Cap Rate 7%
$880,871
Cap Rate 9%
$685,122
Alternative Uses
Best Use
Mixed Use
$880.9K
$770.8K – $1.03M
NOI $61,661 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$695.0K
$608.2K – $810.9K
NOI $48,653 @ 7.0% cap · market cap 6.95%
Theoretical Best
Healthcare Medical
$1.40M
$1.23M – $1.64M
NOI $98,110 @ 7.0% cap · market cap 14.02%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
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Business Placement
Demographics for 39501, MS
22,599
Population
10,565
Households
2.1
Avg Household Size
35
Median Age
13%
College-Educated
78%
High-School Grad
14.4 sq mi
ZIP Area
1,569
Density / Sq Mi
$33,491
Median Household Income
$28,522
Median Earnings
$962
Median Rent
$115,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Three residential buildings include leased apartments alongside vacant commercial and ancillary spaces for additional operating use.
Where is this apartment building located?
The property is located at 5420 28th St 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: 13 units: twelve 2‑bedroom/1‑bath apartments and one 1‑bedroom studio; Twelve apartments are 100% leased; 8,700 SF on 0.62 acres; built in 1979
