Southern Pines Apartments

For Sale

15373 St. Charles Street, Gulfport, MS 39503

This Gulfport property for sale is located at 15373 St. Charles Street. The current listed sale price for Southern Pines Apartments is Subject To Offer. Southern Pines Apartments is situated on a lot that is 7 acre in size.

Contacts

broker

Andrew Agee

SVN | AVAT Realty

(256) 653-0065

Property Details

  • Property Type Multi-Family
  • Property Size 105,900 SF
  • Units 101
  • Lot Size 7 Acre
  • Year Built 1970
  • Year Renovated 2023
  • Date Updated Apr 14, 2024
Located in North Gulfport, Southern Pines Apartments is eight miles from the Gulf Coast along State Highway 49 and 1.7 miles North of Interstate 10, the southernmost cross-country interstate highway in the U.S., stretching from Santa Monica, California, to I-95 in Jacksonville, Florida. Major cities that I-10 connects include Los Angeles, Phoenix, Houston, New Orleans, Biloxi, Mobile, and Jacksonville. Southern Pines is located 3.6 miles from Gulfport-Biloxi International Airport and 10 minutes Mississippi Gulf Coast College, and less than 1 mile from a grocery-anchored shopping center and national retailers such as Starbucks, Chick-fil-A, Walmart, and many others. Strongest Retail corridor in Metro area.SVN | AVAT is proud to present Southern Pines, a 101-unit property located in Gulfport, MS. To many locals, Southern Pines is known as the 'sister property' to Magnolia Crossing, an 80-unit property nestled in a quiet and convenient part of the Biloxi/Gulfport area. This opportunity provides potential investors the chance to get their hands on great scale in the Gulf Coast market. Southern Pines flaunts an estimated year-one cash return of over $150k, which results in a cash-on-cash return of 7.7%. It should be noted that these figures assume an expense ratio of 54% or $6.3k/door of expenses. One of the most attractive parts of this opportunity is the financial performance’s upward trajectory. From T-12 to T-1 the property has increased income nearly $75k, resulting in a revenue upturn of over 8%. Due to the strong cash flow of the property, investors should expect a down payment of less than 30% in order to obtain financing.

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Highlights

  • 101-unit property located in Gulfport, MS
  • Sister Property to Magnolia Crossing, an 80-unit property nestled in a quiet and convenient part of the Biloxi/Gulfport area
  • 75% of Units have been Renovated. Upgrades Include: Paint, Flooring, fixtures, kitchen cabinet upgrades, countertop and tub refinishing, appliances, HVAC, other
  • In addition to unit improvements, new roofs have been installed for all buildings in 2022 and the pool was resurfaced in 2023.
  • Estimated year-one cash return of over $150k, which results in a cash-on-cash return of 7.7%

Getting around

  • 66/100

    Walk Score ®

  • 41/100

    Bike Score ®

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Location

  • City Gulfport, MS
  • Zip Code 39503

Points of Interest

  • Walmart

    0.45 miles

  • Sam's Club

    1.40 miles

  • Circle K

    1.47 miles

  • Kangaroo Express

    1.89 miles

  • Shell

    2.10 miles

  • Shell

    3.47 miles

  • Pilot

    3.47 miles

  • Clark's

    5.27 miles

  • Kangaroo Express

    5.49 miles

  • Exxon

    5.50 miles

  • IVCR Employee parking

    6.58 miles

  • Tennis Court Parking Lot

    7.62 miles

  • Hardy Hall Parking Lot

    7.67 miles

  • Stadium Parking

    8.02 miles

  • Student Parking

    8.03 miles

  • SpringHill Suites

    1.71 miles

  • Holiday Inn Gulfport-Airport

    2.19 miles

  • Best Western Plus Seaway Inn

    2.24 miles

  • Clarion Inn

    2.29 miles

  • Quality Inn Gulfport

    2.33 miles

  • Ramada Gulfport

    2.38 miles

  • Americas Best Value Inn - Gulfport

    2.43 miles

  • Motel 6 Gulfport

    2.47 miles

  • Econo Lodge Inn & Suites Gulfport

    2.51 miles

  • Fairfield Inn & Suites Gulfport

    2.59 miles

  • Food Giant

    0.25 miles

  • Walmart Neighborhood Market

    0.49 miles

  • Belk

    1.29 miles

  • TJ Maxx

    1.38 miles

  • Gulfport Premium Outlets

    2.00 miles

  • Walmart Supercenter

    2.48 miles

  • Save-A-Lot

    5.31 miles

  • Walmart Neighborhood Market

    6.21 miles

  • Walmart Supercenter

    7.66 miles

  • JCPenney

    7.82 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Andrew Agee

SVN | AVAT Realty

(256) 653-0065