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1615 Thornton AveGulfport, MS 39501
Chalet Apartments
Asset ClassMultifamily
36 Units, Newly Renovated, 7.5% in place Cap Rate, Projected IRR 25%+, Gulfport, MS
overview of deal

Overview

Chalet Apartments is a newly renovated 36-unit apartment complex located adjacent to one of Gulfport's oldest and most desirable neighborhoods. Located a block from the beach and minutes from downtown, Gulfport/Biloxi International Airport, and the Mississippi Aquarium, Chalet offers tenants an unbeatable combination of convenience, lifestyle, and coastal charm. The current owner has invested more than $750,000 in capital improvements in the past 2 years. Improvements include 32 of 36 units fully renovated, new roof, balcony and railing repairs, aluminum wiring remediation, parking lot resurfacing & restriping, updated laundry facilities, a renovated pool, and enhanced security systems. The few remaining legacy units are in good and serviceable condition and provide an immediate light value-add component for a new investor.

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Investment Highlights

Cap Rate
7.5%
  • Sale Price $3,231,836
  • 36 Units
  • 5-Yr IRR over 25%
  • Located 1 block from the beach
  • Over $750,000 in recent capital improvements completed by current owner
  • New laundry equipment
  • Security system upgrades
  • Minutes from downtown Gulfport & Mississippi Aquarium
  • Adjacent to one of the Mississippi Gulf Coast's most desirable neighborhoods
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1615 Thornton AveGulfport, MS 39501
Mississippi Aquarium
Downtown Gulfport
Gulf Of America
Gulfport/Biloxi International Airport
Mississippi Gulf Coast Casinos
Keesler Air Force Base
Port of Gulfport

Sales Team

790 Howard Avenue, Biloxi, MS 39530

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Listing provided by Revere CRE