Chalet Apartments

Description:

Chalet Apartments is a courtyard-style multifamily community consisting of 36 residential units situated on approximately 0.92 acres with approximately 33,807 square feet of improvements. Originally constructed in 1970, the property features a distinctive architectural design with exposed wood beam ceilings, exposed brick accents, and open-air walkways surrounding a central pool and landscaped courtyard. The unit mix includes primarily one- and two-bedroom apartments along with a limited number of studio units and a townhouse-style cabana unit, with an average unit size of approximately 792 square feet. On-site amenities include laundry facilities, shared outdoor gathering areas, and resident parking, creating a well-balanced rental community with character that stands apart from typical apartment properties in the Gulfport market.

Gulfport is the second largest city in Mississippi and the hub of the Coast. Home to the international airport, the state’s busiest port, and key retail and commercial corridors, Gulfport offers both economic opportunity and lifestyle appeal. Its central location makes it highly accessible, while proximity to jobs, schools, healthcare, and the waterfront creates a strong draw for renters. Gulfport’s rental market benefits from steady demand, competitive affordability compared to neighboring states, and the cultural vibrancy of a growing coastal city.

Chalet Apartments is a newly renovated 36-unit apartment complex located adjacent to one of Gulfport's oldest and most desirable neighborhoods. Located a block from the beach and minutes from downtown, Gulfport/Biloxi International Airport, and the Mississippi Aquarium, Chalet offers tenants an unbeatable combination of convenience, lifestyle, and coastal charm. The current owner has invested more than $750,000 in capital improvements in the past 2 years. Improvements include 32 of 36 units fully renovated, new roof, balcony and railing repairs, aluminum wiring remediation, parking lot resurfacing & restriping, updated laundry facilities, a renovated pool, and enhanced security systems. The few remaining legacy units are in good and serviceable condition and provide an immediate light value-add component for a new investor. recent renewal and agency debt. The insurance premium used in the pro forma is based on a new estimate from Lemon Mohler Insurance Agency and assumes bank financing.