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5420 28th Street, 
Gulfport, MS 39501

$699,900


24

Beds


12

Baths


8,700

Sq Ft


Multi-Family


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Active

228-287-1000

Last updated:

October 13, 2026, 03:12 PM

MLS#

4150839

Source:

MS UNITED

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About This Home

5420 28th Street

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.

Home Facts

Multi-Family

12 Baths

24 Bedrooms

Built in 1979

Subdivision & Development:

Kennelworth Park

Price Summary

699,900

$80 per Sq. Ft.

MLS #:

4150839

Last Updated:

October 13, 2026, 03:12 PM

Added:

4 month(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

24

Bathrooms

Total Bathrooms:

12

Full Bathrooms:

12

Interior

Living Area:

8,700 Sq. Ft.


Structure

Structure

Architectural Style:

Traditional

Building Area:

8,700 Sq. Ft.

Year Built:

1979


Lot

Lot Size (Sq. Ft):

27,007


Finances & Disclosures

Finances

Price:

$699,900

Price per Sq. Ft:

$80 per Sq. Ft.

5420 28th Street
Source:MS UNITED
The information being provided by MLS United is for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The information is deemed reliable but not guaranteed and should therefore be independently verified. © 2026 MLS United All rights reserved.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.