1203 Market St Pascagoula, MS 39567

Property Details for 1203 Market St

Year built

1964

Lot size

1.85 lot acres

Property size

57,796 SF

Property type

Commercial real estate

Description

Bay Tower, a 76-unit apartment building in Pascagoula, Mississippi, presents a compelling value-add investment opportunity. This four-story, 57,796 square foot building, constructed in 1964 and renovated in 2010, sits on a 1.85-acre lot at 1203 Market St, 39567. Currently boasting 86% occupancy, the property generates a net operating income (NOI) of $26,371. However, a pro-forma NOI of $199,615 indicates significant upside potential. The property's location offers distinct advantages, being less than half a mile from the beach and within 10 minutes of major employers including Bollinger and Ingall's Naval Shipyard, Chevron's refinery, and a Rolls Royce facility. Historically an age-restricted property, Bay Tower benefits from a stable tenant base, while also presenting the opportunity to attract a broader range of renters by increasing rental rates to market levels. Further revenue growth potential exists through lease agreements with local businesses. This Class C multifamily asset offers investors a chance to capitalize on strong local employment and a prime coastal location. The building's existing infrastructure provides a solid foundation for enhancing profitability and maximizing return on investment.