224 Tyler St Greenville, MS 38756

Property Details for 224 Tyler St

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 9-unit apartment building located at 224 Tyler St, Leland, MS 38756, in Washington County. The property, classified as a Class C multifamily asset, is currently 100% occupied with a mix of 2 and 3-bedroom units, each featuring one parking space. The building boasts solid brick construction with asphalt shingle roofs, central heating and air conditioning, and city water and sewer connections, minimizing maintenance needs. Currently generating a Net Operating Income (NOI) of $71,592, resulting in an 18.13% capitalization rate, this property offers significant value-add potential. Pro-forma projections indicate a substantial increase in NOI to $137,028, leading to a 34.70% capitalization rate. The asking price is $394,900, translating to $43,878 per unit. This REO (Real Estate Owned) property is being sold in a distressed condition, presenting a unique opportunity for investors seeking high returns. The property's location in Leland, Mississippi, offers proximity to local amenities, schools, and employment centers. The seller is offering financing options. This is a prime opportunity to acquire a stable, income-generating asset with significant upside potential in a growing market. The property consists of four duplexes and one single-family home, all fully occupied by long-term tenants. Section 8 housing is anticipated to commence in January 2025, further enhancing the property's income stream. The anticipated Section 8 payments are $1,026 for a 2-bedroom unit and $1,438 for a 3-bedroom unit.

Location Insight

City

Greenville

County

Washington

State

Mississippi

Longitude

-90.8892

Latitude

33.4109