Palm View Apartments

Palm View is located on the primary East/West thoroughfare running through Biloxi and into Gulfport, MS, with an average HH Income within 2 miles of $72,000. See Offering Memorandum for more information.SVN is pleased to present the exclusive opportunity to acquire Palm View Apartments in beautiful Biloxi, Mississippi, the booming coastal town that many know as the 'Las Vegas of the Southeast.' With a STRONG population gain of 12 % since the last census, and a $2 billion casino planned to break ground as early as late 2024, this part of the Southeast Region is primed for continued growth. Our current asking price of only $2.4 million offers a steep discount relative to the value currently trending at the property. Palm View has seen moderate renovations and a turnover of the majority of tenants during the process. Occupancy with better, higher paying tenants is gaining quickly, and at 80% occupied last month, collections were already over $20,000. By the time you close on this property it will be 90% occupied and yielding $24,000/month in revenue, likely equating to a 8%+ cap rate in Year 1 of your ownership with strong continued upside. Some attractive acquisition metrics: GRM: 7.23 Eff Rent: $945 Price per sq: $89 (Partially renovated) Avg HH Income: $70,000 (within 2 miles) Renovations include: New LVP, new bathroom vanities and sinks, new light fixture packages, toilets, resurfaced showers, new plumbing fixtures, new Frigidaire appliances, resurfaced countertops, new interior doors, new thermostats, new exterior paint, fresh sealcoat and stripe. Property already had a pool, leasing office with washer/dryers, and walk-in closets. Important Sales Comps to note: 1. Beauvoir Manor, a 1972 build nearby, sold for $83,667/unit in April 2. Palmetto is a 1977 built property that looks very similar to Palm View that traded for $112/square foot in January.