1712 15Th St Gulfport, MS 39501

Property Details for 1712 15Th St

Year built

2003

Lot size

2.20 lot acres

Property size

27,986 SF

Property type

Office Properties & Spaces

APN

0811G-03-055.000

APU

0811G03055000

Description

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.