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    Class A Office Building Title is generated by Realmo AI

    1712 15th St., Gulfport, MS 39501

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    Class A office building with Gulf views and development potential.

    Type:Office
    Property size:
    30,958 SF
    Price / SF:
    $177/SF
    Added:
    Aug 21, 2024
    Days on Market:
    686
    Last Refresh:
    May 13 at 8:20 pm

    Property Features for 1712 15th St.

    General Information

    Standard status
    Active
    Size
    30,958 SF
    Property subtype
    Office

    Building Details

    Year Built
    2003

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    Barry Spizer
    Barry Spizer

    Listing office SRSA Commercial Real Estate

    Listing date Aug 21, 2024

    Source Crexi

    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 SRSA Commercial Real Estate

    HighLights

    • Class A office building with SPECTACULAR Gulf of Mexico views.
    • Prime location near Gulfport Courthouses and downtown.
    • Opportunity to increase income with Fourth Floor Terrace for rooftop bar/entertainment.
    • Abundant on‑site parking with undeveloped land for future development.
    • Elevator served building.
    • Salutes Italian Restaurant on the ground floor.

    Overview

    This Class A office building offers views of the Gulf of Mexico. The property is located approximately half a mile from the Gulfport Courthouse and the Dan Russel, Jr. US Courthouse, at the intersection of 15th Street and US Highway 90 (E. Beach Blvd.), a short distance from downtown Gulfport. The building is elevator served and includes Salutes Italian Restaurant on the ground floor. On-site parking is abundant, with additional undeveloped land available for future development. The fourth-floor terrace presents an opportunity to increase income, potentially as a rooftop bar or entertainment venue. The owner has the option to extend their lease on the 2nd and 3rd floors for four more years or free up the space for an owner-user. The property has a size of 30958 square feet.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $494.1k $15.96
    − Vacancy −$33.6k −$1.09
    EGI $460.5k $14.87
    − OpEx −$115.1k −$3.72
    NOI $345.4k $11.16
    30,958 SF · lease $15.96/SF/yr · vacancy 6.80% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $4.93M
    $4.32M – $5.76M (±1% cap)
    NOI $345,369 @ 7.0% cap · market cap 6.28%
    Second Best
    Office B
    $3.52M
    $3.08M – $4.11M (±1% cap)
    NOI $246,748 @ 7.0% cap · market cap 4.49%
    Theoretical Best
    Healthcare Medical
    $4.99M
    $4.36M – $5.82M (±1% cap)
    NOI $349,113 @ 7.0% cap · market cap 6.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Morris Bart, LTD Law Firm

    Suggested Use

    Electronics & Wireless Store Acupuncture Tech Support Center Wine and Liquor Store (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Restaurant Mobile Phone Store Florist Tanning Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gulfport
    County
    Harrison
    State
    Mississippi
    Longitude
    -89.0823989
    Latitude
    30.3697131

    FAQs

    What type of property is this?
    Office building - Class A office building with Gulf views and development potential.
    Where is this office building located?
    The property is located at 1712 15th St. Gulfport, MS.
    What is the asking price?
    The asking price for this property is $5,500,000.
    What are key features of this property?
    This property features: Class A office building with SPECTACULAR Gulf of Mexico views.; Prime location near Gulfport Courthouses and downtown.; Opportunity to increase income with Fourth Floor Terrace for rooftop bar/entertainment.
    (504) 831-2363 Call to check price and availability
    More about this property
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