Mixed-Use Office and Apartment
For Sale
Contact for pricing
777 Watkins Ave, Gulfport, MS 39507
Two renovated office-ground units and an upper leased two-bedroom apartment with separate upper-level office space.
Property Size3,681 SF
Price / SF$99.16
Days on Market265
Property Features for 777 Watkins Ave
General Information
Standard status
Active
Size
3,681 SF
Property subtype
Mixed Use, Office, Retail
Zoning
T4+
Occupancy
34%
Building Details
Year Built
1890
Stories
2
Units
3
Listing Agency:
Southeast Commercial Real Estate Services Gulfport
Listed By:
Victoria Chambers · License #MS S- 48764
(228) 224-4777
Source:
Crexi
Added: Feb 3
Changed: Oct 25
Last Checked: Oct 24 at 5:28PM
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 Southeast Commercial Real Estate Services Gulfport
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Investment Insights
Based on property information with market context.
This mixed-use property includes a fully renovated upper-level two-bedroom, two-bathroom apartment, along with a separate office space on the upper level. The building also offers two additional ground-floor units suited for professional use. The property totals approximately 3,681 square feet.
The site is located just off Pass Road, one block from Cowan Lorraine, and next to Hansboro Square shopping plaza, with easy access to I-10 and Hwy 90. Zoning is listed as T4 Plus.
The building has three separate power meters, one for each unit, while water and gas utilities are metered collectively. The upstairs apartment is currently leased, providing ongoing rental income.
The site is located just off Pass Road, one block from Cowan Lorraine, and next to Hansboro Square shopping plaza, with easy access to I-10 and Hwy 90. Zoning is listed as T4 Plus.
The building has three separate power meters, one for each unit, while water and gas utilities are metered collectively. The upstairs apartment is currently leased, providing ongoing rental income.
Key Highlights
- Approx. 3,681 SF commercial building with an upstairs 2BD/2BA apartment plus separate upper‑level office space
- Upper unit is fully renovated and leased for $1,150/month
- Ground floor includes two additional office/ground units for professional use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,339
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$586,780
$586.8K
Cap Rate 7%
$419,129
$419.1K
Cap Rate 9%
$325,989
$326.0K
Market Conditions
NOI Build-Up for 3,681 SF
Gross rent
$47.7K $12.96/SF
− Vacancy
−$8.6K −$2.33/SF
EGI
$39.1K $10.63/SF
− OpEx
−$9.8K −$2.66/SF
NOI
$29.3K $7.97/SF
Area
Harrison County, MS
Vacancy
18.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$586,780
Cap Rate 7%
$419,129
Cap Rate 9%
$325,989
Alternative Uses
Best Use
Office B
$419.1K
$366.7K – $489.0K
NOI $29,339 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$593.0K
$518.9K – $691.9K
NOI $41,511 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
546
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two renovated office-ground units and an upper leased two-bedroom apartment with separate upper-level office space.
Where is this office building located?
The property is located at 777 Watkins Ave Gulfport, MS.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Approx. 3,681 SF commercial building with an upstairs 2BD/2BA apartment plus separate upper‑level office space; Upper unit is fully renovated and leased for $1,150/month; Ground floor includes two additional office/ground units for professional use
