This Multifamily Property is Off-Market.

12229 Prudie Circle
Gulfport, MS 39503 ·

2 Units · Multifamily For Sale

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The Meadows of Gulfport

Price N/A Property Use Type Investment
No. Units 2 Construction Status Under Construction/Proposed
Building Size 2,300 SF No. Stories 2
Property Type Multifamily Year Built 2009
Property Sub-type
Duplex/Triplex/Fourplex
More...
  • Garden/Low-Rise
Parking Ratio 4 / 1,000 SF
Listing ID: 15885641 Date Created: 09/09/2008 Last Updated: 12/11/2008

Description

New duplex development- Qualifies for BOTH $73,000 FORGIVABLE HUD second and GO-ZONE Bonus depreciation. Both programs part of Congress' Katrina relief package for S. MS. Phase I of The Meadows is sold out and EVERY buyer has been awarded the HUD funding. Accepting contracts and HUD applications now for Phase II. Deadline for HUD applications is fast approaching so inquiries should be submitted immediately. Projected 5 year IRR combining the two programs is 85+%. Requires good credit (720) and 10% buyer down.

Located in Gulfport, MS 1/2 mi north of I-10 (not in flood zone and reasonably priced insurance) and 1 mi east of Highway 49. More than 20 restaurants and the largest retail mall in South MS within 3 miles. Hospital, schools, and GPT/BLX Intl Airport all within 5 mi. Biloxi casinos approx 20 minute drive to the east.

Highlights

  • HUD 2nd forgiven 1/3 at the end of years 3, 4 and 5...This is a NON-SERVICABLE mortgage.
  • One unit rented at market rate ($1,050)...2nd unit rented at only $93 below market
  • Biloxi, MS ranked #1 hottest residential mkt in America at www.housingpredictor.com
  • Less than 20% of pre-Katrina rental stock has been replaced on the MS Gulf Coast

Research

12229 Prudie Circle, Gulfport, MS 39503 (Harrison County)

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