119 35Th Ave Hattiesburg, MS 39401
- Dormitories
- 1.65 lot acres
Current Use by Public Records
- Campus Cottages / Apartment Building
- USM Parking Place / Parking Lot
Property Details for 119 35Th Ave
- Year built
- 1968
- Lot size
- 1.65 lot acres
- Property type
- Dormitories
- Property subtype
- Student housing
- APN
- 2-028L-07-190.00
Description
This 44-unit apartment building, known as Campus Cottages, presents a compelling value-add investment opportunity in Hattiesburg, Mississippi. Located in a thriving Opportunity Zone and situated just three blocks from the University of Southern Mississippi's main campus, this Class B property boasts strong potential for increased rental income due to below-market rents. The property, built in 1968 and recently renovated in 2024, features 20 updated units, newly paved and striped parking, and recently added on-site laundry facilities (3 washers and 3 dryers). Solar window screens have been installed on all front-facing units to enhance energy efficiency. The 1.65-acre lot (APN 2-028L-07-190.00) is zoned R-3. The property's strategic location offers convenient access to the University's 14,606 students and nearly 900 staff, as well as Forrest General Hospital, a major employer in the area. Its proximity to I-59 (Exit 65A) and a variety of national retailers and restaurants further enhances its appeal. The property currently generates a NOI of $219,274, resulting in a 6.14% cap rate, and is offered at an asking price of $3,700,000. This is a rare chance to acquire a well-positioned multifamily asset with significant upside potential in a rapidly growing market. The property is currently for sale by owner.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hattiesburg
- County
- Forrest
- State
- Mississippi
- Longitude
- -89.3417226
- Latitude
- 31.3257437
