529 E Pass Road, Gulfport, MS 39507 (MLS# 4007430)

Palm View Apartments is a well located 26 unit apartment complex. All units are 2 bedroom 2 bathroom units. Floor plan is spacious and very functional. All units are essentially the same floor plan except some are flipped 180 degrees. Amenities include pool, clubhouse. Laundry facilities could easily be added to increase revenues. It should be noted that the interior unit photographs are of one of two just renovated units and are not representative of the other 24 units. Many of the units are substantially below market rent. Year 1 of the Proforma Income Statement shows the current income. Year 2 assumes that the below market rents are brought to near current market rents. Years 3 and after assume rents grow at 3% annually. Some additional Cap Ex would need to be budgeted to bring rents up to market as units turn over. Palm View was built in 1970. At the end of 2021 the exterior received a complete makeover including a new roof, gutters, downspouts and fresh paint. The parking lot is scheduled to patched, resealed and striped before the end of January. The rents would be considered mostly under market creating some significant upside potential. Palm View Apartments would be considered ''affordable'' or ''work force'' housing. Located in the heart of Gulfport, the 2nd largest city in Mississippi on busy Pass Road, Palm View residents have easy access to the beach, shopping, restaurants, public transportation and, most importantly, the majority of jobs.