Bay Tower Apartments | 1203 Market St
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Bay Tower Apartments 1203 Market St
76 Unit Apartment Building $2,400,000 ($31,579/Unit) 3.50% Cap Rate Pascagoula, MS 39567
Investment Highlights
- Great Market Stability.
- 0.5 miles from the beach.
- 45 minutes from Mobile.
- Potential to capture new tenant base.
- 40 minutes from Biloxi.
- Loss-to-Lease Opportunity.
Executive Summary
Bay Tower is a 76 unit mid-rise apartment community in Pascagoula, Mississippi and was constructed in 1964. Historically, this was an age restricted property and has stable tenants with potential to capture a new tenant base. Located less than 1/2 mile to the beach and less than 10 minutes to some of Mississippi's major economic drivers. Bollinger and Ingall's Naval Shipyard, Chevron's highest volume refinery in the US, as well as a Rolls Royce facility. Currently occupancy has decreased from market averages, creating an opportunity for attentive management. By continuing to rent units at or above market, the occupancy will increase, thus greatly increasing the return on this property. There is also an opportunity to sign a lease contract with some of the major employers in the area.
Data Room Click Here to Access
- Operating and Financials
Property Facts
| Price | $2,400,000 | Building Class | C |
| Price Per Unit | $31,579 | Lot Size | 1.85 AC |
| Sale Type | Investment | Building Size | 57,796 SF |
| Cap Rate | 3.50% | Average Occupancy | 86% |
| No. Units | 76 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1964/2010 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Apartment Style | Mid Rise |
| Price | $2,400,000 |
| Price Per Unit | $31,579 |
| Sale Type | Investment |
| Cap Rate | 3.50% |
| No. Units | 76 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 1.85 AC |
| Building Size | 57,796 SF |
| Average Occupancy | 86% |
| No. Stories | 4 |
| Year Built/Renovated | 1964/2010 |
| Parking Ratio | 1.18/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Patio
Site Amenities
- Business Center
- Fitness Center
- Lounge
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | 521 |
| 1+1 | 43 | - | 650 |
| 2+1 | 13 | - | 942 |
| 2+2 | 12 | - | 942 |
PROPERTY TAXES
| Parcel Number | 4-12-30-719.000 | Improvements Assessment | $338,314 |
| Land Assessment | $8,796 | Total Assessment | $347,110 |
PROPERTY TAXES
Parcel Number
4-12-30-719.000
Land Assessment
$8,796
Improvements Assessment
$338,314
Total Assessment
$347,110
zoning
| Zoning Code | SFR6 (Single Family Residential 6) |
| SFR6 (Single Family Residential 6) |
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Bay Tower Apartments | 1203 Market St
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