Gulfport Center Plaza

Description:

Gulfport Center Plaza is a single-story, 9,600 SF Class B retail building constructed in 2009. It is a pre-engineered metal building finished with stucco-coated exterior panels and a metal roof. Storefront glass runs the length of the front elevation, and each tenant has its own signage on the façade. The building is laid out as eight 1,200 SF suites (A through H). That layout matters. When Clear Families Chiropractic needed more room, it combined Suites E, F and G into one 3,600 SF space instead of moving down the road. A small tenant can start in one bay and grow without leaving, and the next owner keeps the tenant. The site is 1.4 acres, zoned B2 General Business, with 254 feet of frontage on Creosote Road. Customers park in 35+ spaces in front of the storefronts, and employees park along the side of the building. A pylon sign at the road gives every tenant a presence to passing traffic. Three leases, 3,600 SF and about a third of rental income, expire in 2027. The flip side is that two of those three tenants pay the lowest rents in the center. Here is the math. Champ Nutrition pays $12.88 and The Broken Gadget pays $13.16. The last lease signed was $19.06, and nearby comps average $15.00 to $17.98. Moving just those two tenants to $16.00 adds about $7,150 a year to NOI. At an 8.4% cap rate, that adds roughly $85,000 of value, and it comes from two lease renewals. The Bottom Line: With 75% financing, the center produces an 8.00% before-tax cash-on-cash return in Year 1 and a 12.4% before-tax IRR over five years. It is fully leased, it has room to grow in the rents, and it sits on a road that 11,000 cars a day already drive.


The property sits on Creosote Road just east of Highway 49, right next to Sonic at the Three Rivers Road intersection. Walmart, At Home and Home Depot are close by. So are I-10, Gulfport-Biloxi International Airport, national hotel brands, restaurants, and government and medical offices. More than 11,000 vehicles a day pass the front door on Creosote Road, and another 19,000 travel Three Rivers Road at the intersection. About 47,000 a day travel the Highway 49 corridor (all AADT 2025). Creosote Road is a main commuter route between Bayou View and I-10 by way of Washington Avenue. Bayou View is one of Gulfport's most sought-after neighborhoods for its homes and schools, and those commuters drive past this center twice a day. The customer base is deep. Nearly 33,000 people live within three miles, and 157,000 live within a 20-minute drive. Median household income is $55,309 within three miles and $62,514 within 20 minutes.


Gulfport Center Plaza is a 9,600 SF neighborhood retail center on 1.4 acres. It is 100% leased to six tenants. It was built in 2009 as a metal building with stucco-coated exterior panels, and it has 254 feet of frontage on Creosote Road and 35+ parking spaces. The tenants like it here. Clear Families Chiropractic expanded into three suites and now occupies 3,600 SF. The newest tenant, Gulf Coast Pack & Ship, signed a five-year lease at $19.06 per square foot. The asking price is $1,542,900, an 8.40% cap rate on in-place income.