Triplex Investment Property Near
For Sale
$929,900
647 Howard Ave, Biloxi, MS 39530
Three distinct structures on one parcel, with approved plans to add a second bungalow and ample parking.
Property Size4,779 SF
Price / SF$194.58
Days on Market155
Property Features for 647 Howard Ave
General Information
Standard status
Active
Size
4,779 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,937
Listing Agency:
Coldwell Banker Alfonso Realty-Lorraine Rd
(228) 669-7213
Listed By:
Michelle C Filipich · License #B20168
(228) 669-7213
Source:
Exprealty
Added: Mar 24
Changed: Aug 23
Last Checked: Aug 24 at 1:03PM
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
Investment Insights
Based on property information with market context.
This for-sale triplex-style income property includes three separate structures on one parcel, offering multiple ways to generate rental income. The main home has been fully remodeled and is furnished, with 4 bedrooms and 3 bathrooms. There is also a 1-bedroom, 1-bath apartment that is currently long-term leased. A bungalow on the property was newly built about one year ago and is furnished, with 4 bedrooms and 3 bathrooms.
The property is zoned RB (Regional Business). It includes approved plans to build a second bungalow. Public remarks indicate ample parking and a prime setting within walking distance of the beach, entertainment, and dining.
Appointment is required to view the property, with the easiest showing days reported as Tuesday and Wednesday.
The property is zoned RB (Regional Business). It includes approved plans to build a second bungalow. Public remarks indicate ample parking and a prime setting within walking distance of the beach, entertainment, and dining.
Appointment is required to view the property, with the easiest showing days reported as Tuesday and Wednesday.
Key Highlights
- Three distinct structures on one parcel: main home, apartment, and newly built bungalow
- Main home (fully remodeled) operates as a short‑term rental: 4 bed / 3 bath, sleeps 9
- Long‑term leased apartment: 1 bed / 1 bath for consistent rental income
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
$30,078
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
3.23%
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%
$601,560
$601.6K
Cap Rate 7%
$429,686
$429.7K
Cap Rate 9%
$334,200
$334.2K
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
$46.5K $9.72/SF
− Vacancy
−$3.5K −$0.73/SF
EGI
$43.0K $8.99/SF
− OpEx
−$12.9K −$2.70/SF
NOI
$30.1K $6.29/SF
Area
Harrison County, MS
Vacancy
7.50%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$601,560
Cap Rate 7%
$429,686
Cap Rate 9%
$334,200
Alternative Uses
Best Use
Multifamily LT 5
$429.7K
$376.0K – $501.3K
NOI $30,078 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$381.8K
$334.1K – $445.4K
NOI $26,726 @ 7.0% cap · market cap 2.87%
Theoretical Best
Healthcare Medical
$769.9K
$673.7K – $898.2K
NOI $53,893 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Short term rental property - Three distinct structures on one parcel, with approved plans to add a second bungalow and ample parking.
Where is this short term rental property located?
The property is located at 647 Howard Ave Biloxi, MS.
What is the asking price?
The asking price for this property is $929,900.
What are key features of this property?
This property features: Three distinct structures on one parcel: main home, apartment, and newly built bungalow; Main home (fully remodeled) operates as a short‑term rental: 4 bed / 3 bath, sleeps 9; Long‑term leased apartment: 1 bed / 1 bath for consistent rental income
