15-Unit Condominium
For Sale
$2,260,000
All-183 Mcdonnell Ave, Biloxi, MS 39531
Leased condominium collection with furnished short-term rental units, open layouts, balconies, and pool views.
Property Size37,136 SF
Price / SF$60.86
Days on Market208
Property Features for All-183 Mcdonnell Ave
General Information
Standard status
Active
Size
37,136 SF
Property subtype
Residential Income
Units
Unit Mix
15 x 2BR/2BA
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$23,000
Amenities
pool
Listing Agency:
Welcome Home Real Estate, Inc.
(985) 629-1902
Listed By:
Tiffany Quave · License #S57886
(985) 629-1902
Source:
Exprealty
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 30 at 11:10PM
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 Welcome Home Real Estate, Inc.
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.
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 = 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
$207,676
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
9.19%
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%
$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
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
$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 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%
$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
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
NOI $418,783 @ 7.0% cap · market cap 18.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
