Overview

Description

Nestled on a serene dead-end street, this Gulfport apartment complex offers a rare blend of location, condition, and potential. Constructed in the late 60s to early 70s, the property comprises 210 units in very good condition, showing minimal deferred maintenance. Bayou View is advantageously positioned near key attractions and amenities, including the Gulfport-Biloxi International Airport, pristine beaches, and the vibrant downtown area of Gulfport. Despite its desirable location, rents are currently set well below the market, unveiling a significant upside potential with an estimated Loss to Lease of over $600,000. Investment highlights include a proforma cap rate of over 8%, signaling an attractive value-add proposition. The property's careful maintenance is evident across its 20 large 2-story buildings, an office, and a laundromat. With rents trailing behind the current market, this offering presents an exceptional opportunity to capitalize on the potential for rent growth and value appreciation in a sought-after Gulfport location.


Gulfport, Mississippi's second-largest city following Jackson, boasts a population of over 73,000, anchoring the Gulfport-Biloxi Metropolitan Statistical Area, which itself is home to over 416,000 residents. Bayou View benefits from Gulfport's blend of urban access and coastal appeal, closely situated to the airport, downtown, and beaches.


Bayou View Apartments is a well maintained class C multifamily investment property presenting minimal deferred maintenance. With current MTM rents significantly below the current market rents, the complex harbors considerable upside potential, underscored by a Loss to Lease surpassing $600,000.

Location

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