Overview
Introducing an exceptional investment opportunity at 707 E North St, Pass Christian, MS. This impressive property boasts an overall footprint of 100,177 SF and 100 units, presenting an excellent prospect for Multifamily/Low-Rise/Garden investors. Just minutes from the beach and downtown, the property provides residents with convenience and coastal living that few rental options in the area can match. With limited competition in the submarket, Caribbean in the Pass captures strong renter demand while delivering stable performance backed by the Gulf Coast’s growing economy and lifestyle appeal. Don't miss the chance to secure this prime asset in a sought-after location.
Investment Highlights
Caribbean in the Pass presents investors with the opportunity to acquire a stabilized, cash flowing asset with clear avenues to increase total revenue by continuing the proven rental increase strategy and lowering insurance expense. At the ask price of $8,000,000, or $80,000 per unit, this asset offers significant cash-on-cash returns and an IRR that will double your money in 5 years.
- Significant decreases to insurance have occurred under current ownership within the last year, and we have received quotes that would decrease the total insurance expense further under new ownership.
- Anticipated cash-on-cash approaching 14% and IRR approaching 26% at the ask price of $8M.
- We have received agency debt quotes ranging from 5.2-5.3% rates with up to 5 years of Interest Only payments.
- With a significant amount of current loss-to-lease, new ownership can expect to drastically increase rental income through renewing/leasing at or towards in-place asking rents
Photo Gallery
Sales Team
