3624 Jody Nelson Dr

Offers Due - October 23rd, 2026

Bayou Apartments is a 211-unit brick garden community in Gulfport. Phase 1 was built in the 1960s and Phase 2 in 1970. All 211 units were fully renovated in 2025 with new kitchens, stainless appliances, and new flooring throughout, eliminating unit-renovation risk for the buyer.

Occupancy is 91%. In-place NOI of $1,285,804 includes an 8.9% vacancy and credit loss deduction, so the 7.22% cap rate includes no lease-up credit.

Scheduled rents average about $748 for one-bedrooms and $856 for two-bedrooms, compared with an MSA average asking rent of $1,179. The closest comparable property charges $950 for a two-bedroom.

Market vacancy is 2.1% for one-bedrooms and 3.1% for two-bedrooms, according to RealPage Analytics. Each additional point of occupancy adds approximately $24,000 in gross income.

Mississippi is a non-disclosure state, so the sale will not trigger a tax reassessment.

Only 144 units are under construction against 32,576 existing units in the MSA. Downtown Gulfport also has a $105 million mixed-use redevelopment underway, while the port is adding a $20 million gantry crane.

• This gated apartment community underwent a complete renovation of all units in 2025. Occupancy is already back up to 91% and rising. There is still plenty of upside left for the next owner. Loss to lease is estimated to be just over $100,000 and the overall market is very tight, especially in the 1 and 2 bedroom units. Market vacancies are as follows; 1 bedroom units are currently at 97.9% occupancy and 2 bedroom units are 96.4%.
• Gulfport, Mississippi's second largest city, has a population of over 73,000. The MSA is the second-largest region with a population of 420,782 and apartment inventory of 32,576 units in 345 properties. The job market is primarily blue collar and service industry with a heavy health care and military presence. Casinos on the Mississippi Gulf Coast brought in $1.59 billion in 2025. Bayou Apartments is well positioned in terms of both location and price point to serve these employees.