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Lee Garland

lee@garlandgroup.com +1(601) 941-2424

$ 699,900

Est. payment | -/mo

24 Beds

12 Baths

8,700 SqFt

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$ 699,900

Est. payment | -/mo

Save Virtual Tour

24 Beds

12 Baths

8,700 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 8,700 sqft

Price per Sqft $80

Subdivision Kennelworth Park

MLS Listing ID 4150839

Style Traditional

Bedrooms 24

Full Baths 12

Year Built 1979

Annual Tax Amount $5,694

Lot Size 0.620 Acres

Acres 0.62

Lot Dimensions 210' x 129'

Source MLS United

Property Description

PRICE IMPROVEMENT — $35,100 REDUCTION. 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 1-bedroom studio. The twelve apartments, in three residential buildings, are 100% leased and generate $8,490/month ($101,880/year). At the reduced price that is $53,838 per unit and a 6.87x gross rent multiplier. THREE COMPONENTS AT NO ASSIGNED VALUE. All current income comes from the twelve apartments. A buyer additionally receives a vacant 600 SF commercial space, a non-operating on-site laundry facility, and a vacant studio apartment behind them that needs renovation. Each is a near-term income project requiring capital and effort only — no rezoning, no entitlement, no repositioning risk. THE RENT GAP IS REAL AND IT'S CLOSING. Three units have been repriced on renewal this summer, all onto terms running into 2027 — 5420 D from $525 to $695 through 9/1/2027, 5430 D from $695 to $725 through 9/1/2027, and 5440 A from $695 to $725 through 8/13/2027. Five of the twelve apartments now carry $725, up from three at the start of the summer. In-place rents average $708 against a Gulfport market of $850-$1,100+ for comparable 2-bedroom units, so meaningful upside remains — captured through ordinary turnover, with no displacement and no capital. Renovate and lease the studio, bring the commercial space online, restore the laundry, and continue market-rate turnover, 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 per current City of Gulfport billing; dumpster service is also owner-paid. Two years of QuickBooks profit-and-loss statements, a unit-by-unit rent roll, executed leases, tax records, and utility billing are assembled and available to qualified buyers on request. Built 1979, 8,700 SF on 0.62 acres in Kennelworth Park. Zoned commercial/multifamily. Seller is motivated and has demonstrated it with a real price reduction. The file is clean — this property completed a full round of buyer due diligence earlier this summer and returned to market on a financing failure, not an inspection issue. 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.

Location

State MS

County Harrison

Direction From Canal Road, go East on 28th Street. From 25th Ave (Hwy 49), go West on 28th Street. Located across the street from the Navy SeaBee Base North Gate.

Interior

Interior Features Open Floorplan

Heating Central, Electric

Cooling Central Air, Electric

Flooring Ceramic Tile

Furnishings No

Window Features Aluminum Frames

Appliance Electric Water Heater, Range, Refrigerator

Laundry See Remarks

Exterior

Exterior Feature None

Parking Features Common, Concrete

Utilities Available Cable Available, Electricity Connected, Sewer Connected, Water Connected

Waterfront Description None

Roof Type Architectural Shingles

Porch Front Porch

Garage No

Building

Lot Description Corner Lot, Level, Dumpster

Foundation Slab

Sewer Public Sewer

Water Public

Architectural Style Traditional

Level or Stories One

Structure Type None

New Construction No

Others

Tax ID 0710n-03-028.000

Pets Allowed Breed Restrictions, Cats OK, Dogs OK

Virtual Tour https://www.propertypanorama.com/5420-28th-Street-Gulfport-MS-39501/unbranded

Listed by Coldwell Banker Alfonso Realty-Lorraine Rd

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(601) 941-2424

lee@garlandgroup.com

5420 28th Street Gulfport, MS 39501

Lee Garland

Key Details

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Interior

Exterior

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5420 28th Street