8701 Old Spanish Trail

Palmetto Place is a newly built 34-unit apartment community located at 8701 Old Spanish Trail in Ocean Springs, Mississippi. The property features all 2-bedroom, 2-bath units across 36,456 square feet and sits on 1.41 acres with ample on-site parking. Two laundry facilities serve the complex, and each unit is designed for long-term durability and tenant convenience.Palmetto Place benefits from a strong location across the street from Ocean Springs Middle School and within one mile of the new Ocean Springs High School. It also sits near the Ocean Springs Airport, a private-use airstrip that serves Jackson County’s aviation community. The property is within minutes of key retail, grocery, and dining amenities, making it well positioned to attract both working professionals and families.The property has just reached 91% occupancy. Once stabilized at 96% occupancy, the NOI is projected to be $365,745. The asking price of $5,400,000 represents an in place Cap Rate of 5.5%. At the market rate of 96% occupancy the Cap Rate is projected to be 6.75%. The Internal Rate of Return is projected to be over 12.5% on a five year hold.

• Sale Price: $5,400,000
• Number of Units: 34
• Lot Size: 1.523 Acres
• Building Size: 36,456 SF
• Price Per Unit: $158,823
• Proforma NOI $365,745
• Cap Rate 5.5%
• Lot Size 1.41 Acres
• Parking Spaces: 60
• Current Occupancy: 91%
• Year Built: 2024