124 College StMountain Home, AR 72653

For Sale
Call for price

33-unit apartment complex, high ROI potential

Overview

Added:
Dec 11, 2024
Days on market:
92
College Manor Apartments, located at 124 S College St, Mountain Home, AR 72653, presents a compelling investment opportunity. This 33-unit apartment complex, situated on a 2.85-acre lot, offers a mix of unit sizes: seven 1-bedroom/1-bathroom, ten 2-bedroom/1-bathroom, and sixteen 2-bedroom/2-bathroom units, averaging 775 square feet. Originally built in 1985 with 16 units, the property underwent significant renovations in 2022, adding 17 new units, including a 560-square-foot office suite. The property currently generates a Net Operating Income (NOI) of $273,944 annually. Market analysis indicates potential for substantial NOI growth through rent increases. Without renovations to the original units, rents could increase by $200 per unit ($0.46/sq ft). Renovating the original 16 units to match the 2022 additions could yield a $400 per unit increase ($0.92/sq ft). Further revenue enhancement is possible through implementing RUBS for water and charging for trash removal. Pro forma financials were prepared using a 7% management fee. The property's location in Mountain Home, a growing community in the Ozark Mountains, benefits from a stable economy driven by healthcare (Baxter Regional Medical Center), education (Arkansas State University-Mountain Home), and tourism. The city's convenient location at the intersection of US Highways 62 and 412, along with its municipal airport, enhances accessibility. The strong demand for multifamily housing in Mountain Home, coupled with the property's proven renovation concept, positions College Manor Apartments for enhanced returns. This value-add asset offers investors a chance to capitalize on the area's growth and stable rental market. Nine buildings comprise the complex.

Highlights

  • 33-unit apartment building in Mountain Home, AR.
  • Built in 1985, renovated in 2022. Includes 9 buildings on a 2.85-acre lot.
  • Currently generates $273,944 annual NOI, with potential to increase to $326,675 through rent increases and operational improvements.
  • Value-add opportunity with proven renovation concept.
  • Located in a growing community with strong demand for multifamily housing.

Property Details for 124 College St

Property type
Multifamily properties, Apartment buildings
Year Built/Renovated
1985/2022
Buildings
9
Lot Size (sq. ft)
124,146 SF
Units
33

Location Insight

City
Mountain Home
County
Baxter
State
Arkansas
Latitude
36.339189546655
Longitude
-92.380668906838
124 College St, Mountain Home, Arkansas
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124 College St
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