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    1712 15Th St Gulfport, MS 39501

    For Sale
    $5,500,000

    Class A Office, Gulf Views, High NOI

    Property size:
    30,958 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional Class A, 30,958 square foot office building in Gulfport, Mississippi, presents a compelling owner-user or value-add investment opportunity. Boasting stunning Gulf of Mexico views, this four-story building, constructed in 2003, enjoys a prime location at the intersection of 15th Street and US Highway 90, a half-mile from the Gulfport and Dan Russel, Jr. US Courthouses. Currently 100% occupied with a lease expiring September 30, 2025, the building offers a substantial net operating income (NOI) of $321,156, translating to a pro-forma cap rate of 5.84%. The 29,294 square feet of net rentable space is priced at $177.66 per square foot, with an asking price of $5,500,000. The building features an elevator, ample on-site parking, and additional undeveloped land offering potential for future expansion. A ground-floor Salutes Italian Restaurant adds to the property's appeal. The fourth-floor terrace presents a unique opportunity to increase income, potentially as a rooftop bar or entertainment venue. The current owner can extend existing leases on the second and third floors for four more years or vacate the space for an owner-user. The property sits on a 3.512-acre lot and is zoned T4+ General Urban Transect Zone.

    Property Features for 1712 15Th St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    30,958 SF
    Class
    A
    Lot Size
    152,983 SF

    Building Details

    Year Built
    2003
    Stories
    4

    HighLights

    • $5,500,000 asking price for this Class A office building.
    • 30,958 total square feet, with 29,294 square feet of net rentable space.
    • $177.66 price per square foot.
    • 5.84% pro‑forma cap rate, generating a pro‑forma NOI of $321,156.
    • 100% occupancy until September 30, 2025.
    • Four‑story building constructed in 2003, situated on a 3.512‑acre lot in Gulfport, MS.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Morris Bart, LTD Law Firm

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Law Firm Gym & Fitness Building Supply Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Gulfport
    County
    Harrison
    State
    Mississippi
    Longitude
    -89.0823818
    Latitude
    30.3697315

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    FAQs

    What type of property is this?
    Office Property / Space - Class A Office, Gulf Views, High NOI
    Where is this office property / space 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: $5,500,000 asking price for this Class A office building.; 30,958 total square feet, with 29,294 square feet of net rentable space.; $177.66 price per square foot.
    Request Owner's contact information
    1712 15Th St Gulfport, MS 39501
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1712 15Th St Gulfport, MS 39501
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