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    208-Unit Multifamily Portfolio in Meridian Title is generated by Realmo AI

    3830 Poplar Springs Dr, Meridian, MS 39305

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    Multifamily portfolio in Meridian, Mississippi with value-add opportunities.

    Type:Multifamily
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 5:41 am

    Property Features for 3830 Poplar Springs Dr

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Mickey Davis
    Mickey Davis

    Listing agent Mickey Davis License #License(s) MS: 15586

    Listing office Marcus & Millichap | Memphis

    Listing date Apr 3, 2026

    Source Marcusmillichap

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap | Memphis

    HighLights

    • 208‑unit multifamily portfolio offering immediate scale.
    • Significant recent capital improvements totaling $1,322,797 reducing deferred maintenance.
    • Value‑add opportunity through continued interior upgrades.
    • Located in the desirable North Meridian corridor.
    • Diversified employment base supported by healthcare, military, manufacturing, and logistics sectors.
    • Assets offered free and clear of existing debt.

    Overview

    Heritage Place and Regency Apartments, a 208-unit multifamily portfolio in Meridian, Mississippi, presents an investment opportunity. The portfolio comprises Heritage Place (128 units) and Regency Apartments (80 units), situated near each other in the North Meridian corridor. This pairing offers investors immediate scale and operating efficiencies, with the potential to implement a cohesive management and value-add strategy within the same submarket. Heritage Place has undergone $805,440 in capital improvements (approximately $6,300 per unit), strategically allocated across interior renovations and major systems. These improvements include unit upgrades, flooring replacements, painting and resurfacing, appliance upgrades, HVAC improvements, plumbing and electrical repairs, and exterior and roofing enhancements, reducing deferred maintenance. Regency Apartments has benefited from $517,357 in recent capital expenditures (approximately $6,500 per unit). Completed renovations include unit upgrades, flooring upgrades, HVAC improvements, plumbing and electrical work, and extensive exterior, roofing, landscaping, and common area enhancements. Meridian serves as a regional economic hub for East Mississippi and West Alabama, supported by healthcare, military, manufacturing, and logistics. Naval Air Station Meridian remains a long-term economic anchor, while Anderson Regional Medical Center and Rush Foundation Hospital provide employment stability. Residents benefit from proximity to Bonita Lakes Park and the Highway 39 North retail corridor. The portfolio offers the opportunity to acquire scale in a stable, yield-driven workforce housing market with upside through operational efficiencies and structured interior renovation programs. The assets will be offered free and clear of existing debt, and both portfolio and individual acquisition strategies will be considered.
    Location Intelligence

    Current Use by Public Records

    Heritage Place Apartments Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Meridian
    County
    Lauderdale
    State
    Mississippi
    Longitude
    -88.705349
    Latitude
    32.397414

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    FAQs

    What type of property is this?
    Apartment building - Multifamily portfolio in Meridian, Mississippi with value-add opportunities.
    Where is this apartment building located?
    The property is located at 3830 Poplar Springs Dr Meridian, MS.
    What are key features of this property?
    This property features: 208‑unit multifamily portfolio offering immediate scale.; Significant recent capital improvements totaling $1,322,797 reducing deferred maintenance.; Value‑add opportunity through continued interior upgrades.
    (901) 620-3600
    We can help!
    Listing Contact
    Mickey Davis
    Mickey Davis
    Real Estate License ID: License(s) MS: 15586
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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