Multi-Unit Storefront
For Sale
$275,000
828 Pass Rd, Gulfport, MS 39501
Renovated commercial space with separate suites, individual utility metering, private restrooms, and B-2 zoning.
Property Size2,612 SF
Price / SF$105.28
Days on Market28
Property Features for 828 Pass Rd
General Information
Standard status
Active
Size
2,612 SF
Zoning
B-2
Amenities
new HVAC system
individual power meter
private restroom
newer roof
large storefront display window
Building Details
Year Built
1950
Buildings
1
Tenancy
Multi
Listing Agency:
Coastal Realty Group
(228) 238-4523
Listed By:
Tyler Hoover · License #S60822
Source:
Fiorellaavenue
Added: Aug 4
Changed: Aug 30
Last Checked: Aug 30 at 8:27PM
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 Coastal Realty Group
Investment Insights
Based on property information with market context.
Located at 828 Pass Rd in Gulfport, this 1950 commercial building has been renovated into three separate units. Unit A contains 632 sq ft, Unit B contains 982 sq ft, and Unit C contains 997 sq ft. Each suite includes a new HVAC system, individual power meter, and private restroom. The property also features a newer roof and a large storefront display window. Unit B is leased, adding an existing rental component to the property.
The building is zoned B-2 (Business District) and sits near Gulfport-Biloxi International Airport and Interstate I-10. It shares a common wall with an established neighboring business, placing the property within an active commercial setting on Pass Road.
The building is zoned B-2 (Business District) and sits near Gulfport-Biloxi International Airport and Interstate I-10. It shares a common wall with an established neighboring business, placing the property within an active commercial setting on Pass Road.
Key Highlights
- Three separate units: Unit A 632 sq ft, Unit B 982 sq ft, and Unit C 997 sq ft
- Each unit has a new HVAC system, individual power meter, and private restroom
- Unit B is leased and provides existing 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
$23,489
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
8.54%
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%
$469,780
$469.8K
Cap Rate 7%
$335,557
$335.6K
Cap Rate 9%
$260,989
$261.0K
Market Conditions
NOI Build-Up for 2,612 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
$36.7K $14.04/SF
− Vacancy
−$3.1K −$1.19/SF
EGI
$33.6K $12.85/SF
− OpEx
−$10.1K −$3.85/SF
NOI
$23.5K $8.99/SF
Area
Harrison County, MS
Vacancy
8.50%
Lease Rate
$14.04 /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%
$469,780
Cap Rate 7%
$335,557
Cap Rate 9%
$260,989
Alternative Uses
Best Use
Retail
$335.6K
$293.6K – $391.5K
NOI $23,489 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
6,792 visits/mo
0.1 miles
Family Dollar
Shops & Services
4,725 visits/mo
0.2 miles
Chevron
Shops & Services
2,395 visits/mo
0.3 miles
U-Haul
Shops & Services
1,769 visits/mo
0.3 miles
Advance Auto Parts
Shops & Services
435 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Renovated commercial space with separate suites, individual utility metering, private restrooms, and B-2 zoning.
Where is this storefront property located?
The property is located at 828 Pass Rd Gulfport, MS.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three separate units: Unit A 632 sq ft, Unit B 982 sq ft, and Unit C 997 sq ft; Each unit has a new HVAC system, individual power meter, and private restroom; Unit B is leased and provides existing rental income
