Two-Story Brick Multifamily
For Sale
$995,000
951 Vision Oaks Blvd, Gulfport, MS 39507
Two 3,600-sf two-story brick buildings offer a mix of 3BR units and fully occupied income units.
Property Size7,466 SF
Lot Size0.69 Acres
Price / SF$133.27
Days on Market66
Property Features for 951 Vision Oaks Blvd
General Information
Standard status
Active
Size
7,466 SF
Lot size
0.69 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
11
Building Details
Year Built
1987
Stories
2
Listing Agency:
Southern Way Realty
Listed By:
Alain Harpin · License #B20368
(228) 324-7187
Source:
Propertiesnorthms
Added: Jul 10
Changed: Sep 1
Last Checked: Sep 13 at 11:50AM
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 Southern Way Realty
Investment Insights
Based on property information with market context.
This property includes two 3,600-sf, two-story brick apartment buildings on approximately 0.69 acres. Building 1 features second-floor units consisting of two 3BR/1.5BA apartments. The first floor consists of three single rooms and two deluxe rooms with baths, with first-floor units sharing a common kitchen, living area, and two baths.
Building 2 includes four 3BR/1.5BA units, with two units upstairs and two units downstairs. The property is currently fully occupied in Building 2.
Reported income includes one 3BR unit at $595/month (with a manager discount noted) and one deluxe single at $595/month in Building 1. Building 2 is listed as four units at $1,300/month each.
Building 2 includes four 3BR/1.5BA units, with two units upstairs and two units downstairs. The property is currently fully occupied in Building 2.
Reported income includes one 3BR unit at $595/month (with a manager discount noted) and one deluxe single at $595/month in Building 1. Building 2 is listed as four units at $1,300/month each.
Key Highlights
- Two 3,600‑sf, 2‑story brick buildings on 0.69 AC, built in 1987
- Bldg 1: Two 3BR/1.5BA units on the second floor
- Bldg 1: Five first‑floor units with shared common kitchen, living area, and two baths
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
$41,752
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
4.20%
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%
$835,040
$835.0K
Cap Rate 7%
$596,457
$596.5K
Cap Rate 9%
$463,911
$463.9K
Market Conditions
NOI Build-Up for 7,466 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
$82.4K $11.04/SF
− Vacancy
−$6.5K −$0.87/SF
EGI
$75.9K $10.17/SF
− OpEx
−$34.2K −$4.58/SF
NOI
$41.8K $5.59/SF
Area
Harrison County, MS
Vacancy
7.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
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%
$835,040
Cap Rate 7%
$596,457
Cap Rate 9%
$463,911
Alternative Uses
Best Use
Apartment 5plus
$596.5K
$521.9K – $695.9K
NOI $41,752 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.20M
$1.05M – $1.40M
NOI $84,194 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two 3,600-sf two-story brick buildings offer a mix of 3BR units and fully occupied income units.
Where is this apartment building located?
The property is located at 951 Vision Oaks Blvd Gulfport, MS.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two 3,600‑sf, 2‑story brick buildings on 0.69 AC, built in 1987; Bldg 1: Two 3BR/1.5BA units on the second floor; Bldg 1: Five first‑floor units with shared common kitchen, living area, and two baths
