Multifamily Property with Three
For Sale
$909,900
647 Howard Avenue, Biloxi, MS 39530
Residential Income, Biloxi, MS
Property Size4,779 SF
Lot Size0.51 Acres
Price / SF$190.40
Days on Market155
Property Features for 647 Howard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Regional Business
Bedrooms
9
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 9, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 4, Bathroom 6, Bedroom 8, Bedroom 2, Bedroom 5
Parking
12
Window features
Vinyl Frames
Patio and Porch features
Deck, Porch
Appliances
Range
Subdivision
Metes And Bounds
Lot features
City Lot, Fenced, Near Beach, City Lot, Fenced, Near Beach
Standard status
Active
APN
1410k-01-049.000
Size
4,779 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM AT SE COR OF INTER OF E HOWARD AVE & ELMER ST E 115 FT TO POB E 97 FT S 200 FT M/L W 52 FT S 55 FT M/L W 45 FT N 250 FT M/L TO POB BEING PART OF CITY SEC BLK 83 & OF JOHN B CARGNATE CLAIM SEC 28-7-9 (FORMLY BEING THE
Tax Annual Amount
6937
Legal Description
COM AT SE COR OF INTER OF E HOWARD AVE & ELMER ST E 115 FT TO POB E 97 FT S 200 FT M/L W 52 FT S 55 FT M/L W 45 FT N 250 FT M/L TO POB BEING PART OF CITY SEC BLK 83 & OF JOHN B CARGNATE CLAIM SEC 28-7-9 (FORMLY BEING THE
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Water front features
Beach Access
Building Details
Year built
1920
Floors in Building
2
Number of units
3
Flooring type
Tile - Ceramic, Wood, Tile, Carpet, Vinyl
Roof type
Metal
Listing Agency:
Coldwell Banker Alfonso Realty-Lorraine Rd · Coldwell Banker Real Estate
(228) 287-1000
Listed By:
Michelle C Filipich · License #B20168
(228) 669-7213
Added: Mar 24
Changed: Aug 23
Last Checked: Aug 25 at 1:06AM
MLS# 4143399
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 multifamily property comprises three distinct structures on a 0.51-acre parcel. The main residence measures 4,779 square feet, has been remodeled, and is furnished for short-term rental use with 4 bedrooms and 3 baths. A separate 1-bedroom, 1-bath apartment is leased long term. The bungalow was built approximately one year ago and includes 4 bedrooms, 3 baths, and furnishings. Wood, carpet, tile, ceramic tile, and vinyl flooring are present, along with a porch and deck.
The property is zoned RB (Regional Business) and includes approved plans for construction of a second bungalow. Public water and public sewer serve the site, with ample parking noted. Beach access is a property feature, and the address is within walking distance of the beach, entertainment, and dining options in Biloxi.
The property is zoned RB (Regional Business) and includes approved plans for construction of a second bungalow. Public water and public sewer serve the site, with ample parking noted. Beach access is a property feature, and the address is within walking distance of the beach, entertainment, and dining options in Biloxi.
Key Highlights
- Three structures on 0.51 acres with 4,779 square feet of total property size
- Main home offers 4 bedrooms/3 baths and is furnished for short‑term rental use
- Separate 1 bedroom/1 bath apartment has a long‑term lease
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
$26,726
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
2.94%
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%
$534,520
$534.5K
Cap Rate 7%
$381,800
$381.8K
Cap Rate 9%
$296,956
$297.0K
Market Conditions
NOI Build-Up for 4,779 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
$52.8K $11.04/SF
− Vacancy
−$4.2K −$0.87/SF
EGI
$48.6K $10.17/SF
− OpEx
−$21.9K −$4.58/SF
NOI
$26.7K $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%
$534,520
Cap Rate 7%
$381,800
Cap Rate 9%
$296,956
Alternative Uses
Best Use
Apartment 5plus
$381.8K
$334.1K – $445.4K
NOI $26,726 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$769.9K
$673.7K – $898.2K
NOI $53,893 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 39530, MS
8,392
Population
4,533
Households
1.9
Avg Household Size
41
Median Age
18%
College-Educated
82%
High-School Grad
4.5 sq mi
ZIP Area
1,865
Density / Sq Mi
$39,755
Median Household Income
$26,222
Median Earnings
$821
Median Rent
$149,600
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?
Multifamily property - Three separate residences combine furnished short-term rental use, a leased apartment, and an additional furnished bungalow.
Where is this multifamily property located?
The property is located at 647 Howard Avenue Biloxi, MS.
What is the asking price?
The asking price for this property is $909,900.
What are key features of this property?
This property features: Three structures on 0.51 acres with 4,779 square feet of total property size; Main home offers 4 bedrooms/3 baths and is furnished for short‑term rental use; Separate 1 bedroom/1 bath apartment has a long‑term lease
