Listing Agency: Welcome Home Real Estate, Inc. a***@yahoo.com Show Phone

Listed By: Tiffany Quave · License #S57886 Show Phone

Source: Exprealty

Added: Feb 4 Changed: Oct 8 Last Checked: Oct 15 at 4:12AM

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Investment Insights

Based on property information with market context.

This 37,136-square-foot condominium property includes 15 income-producing units offered with current leases in place. Each residence contains two bedrooms and two bathrooms, along with walk-in closets, an open floor plan, tile finishes, stainless steel appliances, a bar, and a balcony oriented toward the pool.

Four units are furnished for short-term rentals. The property is located at All-183 Mcdonnell Ave in Biloxi, Mississippi, within one block of the beach. The combination of existing leases, varied rental formats, and consistent unit layouts provides a defined multifamily configuration for continued operation.

Key Highlights

• 15 income‑producing condominiums with current leases in place
• 37,136 square feet of property area
• Each unit includes 2 bedrooms and 2 bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$207,676

Cap Rate

9.19%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,153,520 $4.2M

Cap Rate 7%

$2,966,800 $3.0M

Cap Rate 9%

$2,307,511 $2.3M

Market Conditions

NOI Build-Up for 37,136 SF

Gross rent

$410.0K $11.04/SF

− Vacancy

−$32.4K −$0.87/SF

EGI

$377.6K $10.17/SF

− OpEx

−$169.9K −$4.58/SF

NOI

$207.7K $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 Rate 5%

$4,153,520

Cap Rate 7%

$2,966,800

Cap Rate 9%

$2,307,511

Alternative Uses

Best Use

Apartment 5plus

$2.97M

$2.60M – $3.46M (±1% cap)

NOI $207,676 @ 7.0% cap · market cap 9.19%

Second Best

—

—

no second resolved use

Theoretical Best

Healthcare Medical

$5.98M

$5.23M – $6.98M (±1% cap)

NOI $418,783 @ 7.0% cap · market cap 18.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Short term rental ...

Suggested Use

Top Pick Real Estate Agency HVAC Service Parking Lot & Garage Pharmacy Law Firm Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15

Residential units

Location Intelligence

Trade Area within ½ mile

411

Businesses Nearby

Explore this area Business Placement

Demographics for 39531, MS

19,965

Population

9,660

Households

2.1

Avg Household Size

36

Median Age

34%

College-Educated

91%

High-School Grad

6.6 sq mi

ZIP Area

3,025

Density / Sq Mi

$54,599

Median Household Income

$37,293

Median Earnings

$1,066

Median Rent

$193,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Leased condominium collection with furnished short-term rental units, open layouts, balconies, and pool views.

Where is this apartment building located?

The property is located at All-183 Mcdonnell Ave Biloxi, MS.

What is the asking price?

The asking price for this property is $2,260,000.

What are key features of this property?

This property features: 15 income‑producing condominiums with current leases in place; 37,136 square feet of property area; Each unit includes 2 bedrooms and 2 bathrooms