5420 28th Street
$629,900
5420 28th Street, Gulfport, MS 39501
27,007.2 sqft
Building Size
0.62 acres
Lot Area
Details:
Highlights:
- Garage Description: No Garage
Description:
PRICE IMPROVEMENT — NOW $629,900, $105,100 BELOW ORIGINAL LIST. Rare investment opportunity directly across from the north entrance of Naval Construction Battalion Center (NCBC) Gulfport — one of the Gulf Coast's most reliable demand drivers for residential rentals. This 13-unit mixed-use portfolio spans two adjacent parcels (5400 & 5420 28th St) and includes twelve 2-bedroom/1-bath apartments plus one studio. The twelve apartments, in three residential buildings, are 100% leased and generate $8,490/month ($101,880/year). At the new price that is $48,454 per unit and a 6.18x gross rent multiplier. THREE COMPONENTS AT NO ASSIGNED VALUE. All current income comes from the twelve apartments. A buyer also receives a vacant 600 SF commercial space, a non-operating on-site laundry, and a vacant studio apartment that needs renovation. Each is a near-term income project requiring capital and effort only — no rezoning, no entitlement, no repositioning risk. RENTS ARE RISING. Three units renewed this summer at higher rents on terms running into 2027, and five of the twelve apartments now lease at $725. In-place rents average $708 against a Gulfport market of $850-$1,100+ for comparable 2-bedroom units, leaving meaningful upside through ordinary turnover with no displacement. Bring the studio, commercial space, and laundry online and stabilized gross potential approaches $13,100/month. DOCUMENTED OPERATING PICTURE. Property taxes on both parcels total $6,456/year. Insurance runs $13,125/year on the owner's existing policy. Water and sewer on the master meter run approximately $862/month; dumpster is owner-paid. Two years of QuickBooks P&Ls, a unit-by-unit rent roll, executed leases, tax records, and utility billing are available to qualified buyers, along with a full investor offering package. Built 1979, 8,700 SF on 0.62 acres in Kennelworth Park. Zoned commercial/multifamily. The property completed a full round of buyer due diligence earlier this year and returned to market on a buyer financing failure, not an inspection issue. Seller is motivated. Ideal for a 1031 exchange buyer, regional multifamily operator, or value-add investor. Do not disturb tenants — showings by appointment only. All information deemed reliable but not guaranteed; buyer to verify all data.
Listing ID: 378b1b4b-3236-442c-b556-fa4a4a8a0e0a
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Location
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