Blue Water Cove Apartments

Investment Overview

Blue Water Cove is an 18-unit multifamily community offering a rare, turnkey investment opportunity in Biloxi, Mississippi. Built in 1999, the garden-style property has recently undergone a comprehensive $315,000 capital improvement program, leaving it well-positioned for immediate operations with minimal deferred maintenance. The renovation strategically reconfigured the floorplans to predominantly two-bedroom layouts (averaging 780 sq. ft.) and fully modernized the interiors with luxury vinyl plank flooring, brand-new appliances, fresh paint, and updated fixtures. Exterior enhancements include all-new vinyl siding, modernized balconies with new railings, and updated HVAC systems. With the heavy lifting already complete, investors can immediately focus on capturing significant revenue upside by stabilizing occupancy and driving organic rent growth.

Investment Highlights

• Property Overview: An 18-unit, garden-style multifamily community built in 1999, located in the highly desirable Biloxi, Mississippi rental market.
• Turnkey Condition: The property recently underwent a comprehensive $315,000 capital improvement program, leaving it well-positioned with minimal deferred maintenance.
• Extensive Renovations: Units were strategically converted from 3-bedroom to 2-bedroom layouts. Interiors feature new luxury vinyl plank (LVP) flooring, stainless steel appliances, and updated fixtures, while exterior upgrades include all-new vinyl siding, updated HVAC systems, and balcony repairs.
• Unit Mix: The community features 17 two-bedroom/one-bathroom units and 1 three-bedroom/one-bathroom unit, with an average unit size of 780 square feet.
• Significant Revenue Upside: With the heavy renovation lifting complete, new ownership has the immediate opportunity to drive revenue by stabilizing the property's occupancy (currently hovering between 55% and 59%) up to a projected 90% or higher.
• Pricing Scenarios: The underwriting models a "Strike" price of 1.55million(86,111 per unit) and an "Aggressive" price of 1.78million(98,889 per unit).
• Strategic Location: Positioned just minutes from the beach, the property offers highly convenient access to major regional economic drivers, including Keesler Air Force Base, the VA Medical Center, major casinos, and shipbuilding hubs.