Moss Point Landing 3800 Hill Ave
32 Unit Apartment Building $1,198,000 ($37,438/Unit) 7.01% Cap Rate Moss Point, MS 39562
INVESTMENT HIGHLIGHTS
- Many local employers
- low barrier to entry
- Somewhat walkable to shopping and banking
EXECUTIVE SUMMARY
32Unit Garden style apartments with 5 current vacancies. Perfect for local operator who can lease up remaining units. The new local manager is doing a great job and would like to stay. New roofs in 2020 and most of the units have been redone. Ample value ads still could be implemented. Gulfport to Mobile market is a strong rental area!
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$266,880
|
$17.56
|
| Other Income |
$2,000
|
$0.13
|
| Vacancy Loss |
$26,000
|
$1.71
|
| Effective Gross Income |
$242,880
|
$15.98
|
| Taxes |
$5,500
|
$0.36
|
| Operating Expenses |
$96,000
|
$6.32
|
| Total Expenses |
$101,500
|
$6.68
|
| Net Operating Income |
$141,380
|
$9.30
|
PROPERTY FACTS
| Price | $1,198,000 |
| Price Per Unit | $37,438 |
| Sale Type | Investment |
| Cap Rate | 7.01% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.74 AC |
| Building Size | 15,200 SF |
| Average Occupancy | 84% |
| No. Stories | 1 |
| Year Built/Renovated | 1983/2020 |
| Parking Ratio | 2.78/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Range
- Wheelchair Accessible (Rooms)
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 32 | $695.00 | 450 |
1 of 1
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $52,169 (2024) | |
| Land Assessment | $6,445 (2024) | Annual Taxes | $5,500 ($0.36/SF) |
| Improvements Assessment | $45,724 (2024) | Tax Year | 2025 |
ZONING
| Zoning Code | None (room to add more units to the east.) |
