Current Use by Public Records
- Riverbend Apartments / Apartment Complex / Apartment Building
Property Details for 301 Rainy Pass Rd
- Year built
- 1975
- Property type
- Apartment buildings
Description
Exceptional value-add opportunity awaits with the Riverbend Apartments, a 96-unit multifamily property located at 301 Rainy Pass Rd, West Memphis, Arkansas, 72301. This Class C apartment building, constructed in 1975, boasts 79,572 square feet of net rentable space spread across two stories. Currently operating at 81% occupancy, the property offers significant upside potential. The asking price is $6,350,000, translating to $66,145.83 per unit. The property's projected net operating income (NOI) is $483,840. An attractive feature is the absence of a ground lease. The sale is offered directly by the owner, and the projected occupancy date is October 1, 2024. This presents a compelling investment opportunity for those seeking to capitalize on the strong rental market in West Memphis. The property is situated in Crittenden County and offers a substantial number of units for potential renovation and increased rental income. This is a for-sale-by-owner opportunity.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- West Memphis
- County
- Crittenden
- State
- Arkansas
- Longitude
- -90.1918
- Latitude
- 35.143
