5420 28th Street
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.
Broker Details
Coldwell Banker Alfonso Realty,Inc. (228) 287-1000
MLS ID: mgc.leblpp State License Number: S30047
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $699,900 |
| No. of Units: | 13 |
| Year Built: | 1979 |
| Lot Size: | 8,700.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $53,838 |
| Property Website | Click Here |
| Number of Bedrooms: | 24 |
| Number of Bathrooms: | 12 |
ID: 3yd-MGCMLSMS-4150839
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