274 McDonnell Ave

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Address: 274 Mc Donnell Ave, Biloxi, MS 39531, USA
Florida & Gulf Coast + Apartment Buildings
Created date: July 15, 2026
Date last updated: August 20, 2026
  • Property Overview: An 18-unit, garden-style multifamily community built in 1999, located in the highly desirable Biloxi, Mississippi rental market.
  • Turnkey Condition: The property recently underwent a comprehensive $315,000 capital improvement program, leaving it well-positioned with minimal deferred maintenance.
  • Extensive Renovations: Units were strategically converted from 3-bedroom to 2-bedroom layouts. Interiors feature new luxury vinyl plank (LVP) flooring, stainless steel appliances, and updated fixtures, while exterior upgrades include all-new vinyl siding, updated HVAC systems, and balcony repairs.
  • Unit Mix: The community features 17 two-bedroom/one-bathroom units and 1 three-bedroom/one-bathroom unit, with an average unit size of 780 square feet.
  • Significant Revenue Upside: With the heavy renovation lifting complete, new ownership has the immediate opportunity to drive revenue by stabilizing the property's occupancy (currently hovering between 55% and 59%) up to a projected 90% or higher.
  • Pricing Scenarios: The underwriting models a "Strike" price of 1.55million(86,111 per unit) and an "Aggressive" price of 1.78million(98,889 per unit).
  • Strategic Location: Positioned just minutes from the beach, the property offers highly convenient access to major regional economic drivers, including Keesler Air Force Base, the VA Medical Center, major casinos, and shipbuilding hubs.

Property Description

Blue Water Cove is an 18-unit multifamily community offering a rare, turnkey investment opportunity in Biloxi, Mississippi. Built in 1999, the garden-style property has recently undergone a comprehensive $315,000 capital improvement program, leaving it well-positioned for immediate operations with minimal deferred maintenance. The renovation strategically reconfigured the floorplans to predominantly two-bedroom layouts (averaging 780 sq. ft.) and fully modernized the interiors with luxury vinyl plank flooring, brand-new appliances, fresh paint, and updated fixtures. Exterior enhancements include all-new vinyl siding, modernized balconies with new railings, and updated HVAC systems. With the heavy lifting already complete, investors can immediately focus on capturing significant revenue upside by stabilizing occupancy and driving organic rent growth.
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Broker Details

Andrew Mulhall
Andrew Mulhall

SVN | AVAT Realty, LLC 256-726-9096

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Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 18
Year Built: 1999
Lot Size: 4.14 Acres
Opportunity Zone: No
Property Website Click Here
Address: 274 McDonnell Ave, Biloxi, MS 39531, USA
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