5420 28th Street, Gulfport, MS 39501 (MLS# 4150839)

5420 28th Street, Gulfport, MS 39501

$699,900

Virtual Tour

https://www.propertypanorama.com/5420-28th-Street-Gulfport-MS-39501/unbranded

Property Type: Res Income Multi-Fam Bedrooms: 24 Square Footage: 8,700 Lot Size (sq. ft.): 27,007 Status: Active

Current Price: $699,900 List Date: 8/07/2026 Last Modified: 8/24/2026

Overview

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 ... (Read more) 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.

Listing Details MLS# 4150839

General Property Information

# of Units Included in Sale: 13
Approx Lot Size Acres: 0.62
Lot Size Dimensions: 210' x 129'
Approx H/C SqFt: 8700
SqFt Source: Public Records
List Price/SqFt: 80.45
Year Built Known: Yes
Year Built: 1979
Year Built Source: Public Records
Total Floors: Yes
Bedrooms Total: 24
Bathrooms Full: 12
Furnished: No
School District: Gulfport Dist
Accessibility Features: No
Complex Name: Seabreeze

Property Features

Structure Type: Multi Family Additional Type Details: Apartment Complex Architectural Style: Traditional Lot Features: Corner Lot; Dumpster; Level Levels: One Owner Pays: Insurance; Taxes; Trash Collection; Water; Other Tenant Pays: Electricity Interior Features: Open Floorplan Pets Allowed: Breed Restrictions; Cats OK; Dogs OK Bathroom Features: 5 Foot Tub; Ceramic Tile Appliances: Electric Water Heater; Range; Refrigerator Walls - Interior: Sheetrock Flooring: Ceramic Tile Window Features: Aluminum Frames Door Features: Dead Bolt Lock(s) Laundry Features: See Remarks Security Features: Smoke Detector(s) Cooling: Central Air; Electric Heating: Central; Electric Utilities: Cable Available; Electricity Connected; Sewer Connected; Water Connected Sewer: Public Sewer Water Source: Public Foundation Details: Slab Listing Terms: 1031 Exchange; Cash; Conventional Roof: Architectural Shingles Exterior Features: None Patio And Porch Features: Front Porch Fencing: None Driveway Features: Concrete Drive Parking Features: Common Waterfront Features: None Water Heater: 40 Gallons or Less; Electric Lease Term: 12 Months Disclosures: None Approx Age Code: Older Home 25+ Years Parking Spaces: 2 Space Unit Available Documents: APOD; Leases; Marketing Package; Tax Info Unit 1 Appliances: Range; Refrigerator; Water Heater - Electric Unit 2 Appliances: Range; Refrigerator; Water Heater - Electric Unit 3 Appliances: Range; Refrigerator; Water Heater - Electric Unit 4 Appliances: Range; Refrigerator; Water Heater - Electric Unit 5 Appliances: Range; Refrigerator; Water Heater - Electric Unit 6 Appliances: Range; Refrigerator; Water Heater - Electric Unit 7 Appliances: Range; Refrigerator; Water Heater - Electric Unit 8 Appliances: Range; Refrigerator; Water Heater - Electric

Address and Location Information

Street Number: 5420
Street Name: 28th
Street Suffix: Street
County: Harrison
State: MS
Zip Code: 39501
Parcel Number: 0710n-03-028.000
PPIN: 090753
Subdivision: Kennelworth Park
Directions to Property: 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.
N or S of I-10: S
N or S of CSX Railroad Track: N

Listing Information

Listing Service: Full Service
Never Occupied: No

Tax and Financial Information

Tax Annual Amount: 5694
Tax Year: 2025
Homestead Y/N: No
Additional Exemptions Y/N: No
Flood Insurance Required?: No
Annual Home Insurance: 13125
Leasehold Y/N: No
Sold In Previous 12 Months: No
Association: No
Covenants Y/N: No
Legal Description: LOTS 11 TO 18 INC BLK 10 KENELSWORTH PARK SEC 31-7-11

Listing Terms

Assumption: Non-Qualify

More Information

Parking Features

Parking Total: 24

Showing Requirements

Showing: Appointment Required
Appointment Phone: 228-860-0082

Unit 1

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5420 A

Unit 2

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5420 B

Unit 3

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5420 C

Unit 4

Full Baths: Yes
Number of Rooms: 5
Rent: 525
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5420 D

Unit 5

Full Baths: Yes
Number of Rooms: 5
Rent: 725
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5430 A

Unit 6

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5430 B

Unit 7

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5430 C

Unit 8

Full Baths: Yes
Number of Rooms: 5
Rent: 695
Furnished: No
Leased: Yes
Occupied: Yes
Description: 5430 D

Documents

Offering Memorandum ›

Listing Office: Coldwell Banker Alfonso Realty-Lorraine Rd

Listing Agent: Philip J Leblanc

Last Updated: August - 24 - 2026

5420 28th Street, Gulfport, MS 39501 (MLS# 4150839)