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$107.31
Days on Market218
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: Sep 8
Last Checked: Aug 14 at 7:48AM
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
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 = 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
$29,339
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
7.43%
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%
$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
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
$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 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%
$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 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$593.0K
$518.9K – $691.9K
NOI $41,511 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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 $395,000.
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
