5420 28th Street, Gulfport, Mississippi image 1
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5420 28th Street

Gulfport, MS 39501
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$699,900 $2,950/Mo
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Bed 24

Bed

Bath 12

Bath

Acres0.62

Acre(Lot)

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 v acant 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.

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Detail Ic Property Details

Property Type : Residential Income

Price : $699,900

AD Id : 79464507

MLS Id : 4150839

Beds : 24

Lot Size : 0.62 Acre

Tax Amount : $5,694

Year Built : 1979

County : Harrison

Subdivision: None Available

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Feature Features

  • Bedroom Information

    Total beds: 24

    Bathroom Information

    Total Baths: 12 Full Baths: 12

  • Flooring Information

    Ceramic Tile

  • Roofing Information

    Shingle

  • Interior Features

    Open Floorplan Roof: Shingle Appliances: Electric Water Heater, Range, Refrigerator Laundry Features: See Remarks Window Features: Aluminum Frames

  • Heating & Cooling

    Has Heating: Yes Heating: Central, Electric Has Cooling: Yes Cooling: Central Air, Electric

  • Building Information

    Year Built: 1979 Building Area Total: 8700 Construction Materials: Brick, Wood Siding Stories: 1 Patio And Porch Features: Front Porch Private Pool: No

  • Exterior Features

    Exterior Features: None

  • Lot Information

    Lot Dimensions: 210' x 129' Main Square Feet: 0.62 Acres Lot Size Acres: 0.62 Lot Size Square Feet: 27007.2 Lot Description: Corner Lot, Level

    Property Information

    Subdivision: Kennelworth Park Source Property Type: Residential Income Levels: One Property Age: 47

  • Listing Price Information

    Listing Price: $699900 Original Price: $735000 1031 Exchange, Cash, Conventional

  • Tax Information

    Parcel Number: 0710n-03-028.000 Tax Year: 2025 Annual Tax: $5694 Tax Legal Desc: LOTS 11 TO 18 INC BLK 10 KENELSWORTH PARK SEC 31-7-11

  • Parking Information

    Parking Total: 24 Common, Concrete

    Garage Information

    Pets Allowed: Breed Restrictions, Cats OK, Dogs OK

  • Utility Information

    Cable Available, Electricity Connected, Sewer Connected, Water Connected

  • Location Information

    Direction: From Canal Road, go East on 28th Street. From 25th Ave (Hwy 49), go West on 28th Street. Located across the street from the Navy SeaBee Base North Gate. WaterSource: Public Security Features: Smoke Detector(s)
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
614 2nd Street, Gulfport, MS, 39501 $525,000 3 2 -- 0.19 Acre
616 E Beach Boulevard, Gulfport, MS, 39501 $1,799,000 3 4 -- 0.35 Acre
631 2nd Street, Gulfport, MS, 39501 $645,000 5 5 -- 0.16 Acre
715 2nd Street, Gulfport, MS, 39501 $1,200,000 5 6 -- 0.35 Acre
2208 Gulf Avenue, Gulfport, MS, 39501 $324,900 3 2 -- 0.23 Acre
2304 Gulf Avenue, Gulfport, MS, 39501 $224,900 4 2 -- 0.28 Acre
2811 Gulf Avenue, Gulfport, MS, 39501 $72,000 3 1 -- 0.16 Acre
2801 Gulf Avenue, Gulfport, MS, 39501 $72,000 3 1 -- 0.24 Acre
922 E Beach Boulevard, Gulfport, MS, 39501 $2,490,000 3 4 -- 0.48 Acre
924 E Beach Boulevard, Gulfport, MS, 39501 $2,450,000 3 5 -- 0.48 Acre

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Information is deemed to be reliable but not guaranteed. Copyright © 2026 MLS United, LLC.

ByOwner last updated this listing 09/29/2026 @ 11:17

MLS: 4150839 LISTED BY: Philip Leblanc, Coldwell Banker Alfonso Realty-Lorraine Rd 228-287-1000 SOURCE: MLS United LLC

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