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    1505 West St Jackson, MS 39202

    For Sale
    $3,000,000

    76-Unit Apartment Complex, High Potential

    Property size:
    47,480 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents the Seville Apartments, a 76-unit multifamily complex located at 1505 N West St, Jackson, MS 39202. The property, situated on a 1.68-acre lot (APN: 0000-4000-000), comprises two-story walk-up buildings constructed in 1969 and 1973, operating as a single economic unit under R5 Multifamily Residential zoning. The 47,480 square foot complex boasts a diverse unit mix including 64 one-bedroom, one-bathroom units; 8 two-bedroom, 1.5-bathroom units; and 4 two-bedroom, 1.5-bathroom townhome units. Each unit features a fully equipped kitchen and central HVAC. Resident convenience is enhanced by an on-site community laundry. Currently operating at 37% occupancy, this property presents significant upside potential for increased revenue. The asking price is $3,000,000, translating to $63.18 per square foot and $39,473.68 per unit. Note that this is a court-appointed sale subject to court approval. Offers are due September 18, 2024, at 4:00 PM CST. This is a rare chance to acquire a substantial multifamily asset in a growing Mississippi market. Detailed unit summaries and financial information are available upon request.

    Property Features for 1505 West St

    General Information

    Property type
    Multifamily properties
    Square Feet
    47,480 SF
    Class
    C
    Lot Size
    73,181 SF

    Building Details

    Year Built
    1969
    Stories
    2
    Units
    76

    HighLights

    • $3,000,000 asking price for a 76‑unit apartment building.
    • Multifamily property, Class C, totaling 47,480 square feet.
    • $63.18 price per square foot, with 37% occupancy.
    • 76 units, comprised of 64 one‑bedroom/one‑bath, 8 two‑bedroom/1.5‑bath, and 4 two‑bedroom/1.5‑bath townhomes.
    • Built in 1969 and 1973, two stories, situated on a 1.68‑acre lot in Jackson, MS.
    Property Profile Location Intelligence

    Current Use by Public Records

    Re-build Seville Apartments Apartment Building Gloria Hudson, Financial ... Insurance Agency

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Hinds
    State
    Mississippi
    Longitude
    -90.1826725
    Latitude
    32.3196617

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    FAQs

    What type of property is this?
    Multifamily property - 76-Unit Apartment Complex, High Potential
    Where is this multifamily property located?
    The property is located at 1505 West St Jackson, MS.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: $3,000,000 asking price for a 76-unit apartment building.; Multifamily property, Class C, totaling 47,480 square feet.; $63.18 price per square foot, with 37% occupancy.
    Request Owner's contact information
    1505 West St Jackson, MS 39202
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    Realmo Value Estimation

    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.

    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.

    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
    1505 West St Jackson, MS 39202
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