120 Leflore Ave Clarksdale, MS 38614

Property Details for 120 Leflore Ave

Year built

1950

Lot size

0.50 lot acres

Property size

12,906 SF

Property type

Commercial real estate

Description

This exceptional 16-unit apartment building presents a compelling value-add investment opportunity in Clarksdale, Mississippi. Located at 120 Leflore Avenue, this Class B property boasts 12,906 square feet of net rentable space on a half-acre lot, offering a compelling price per square foot of $50.36. Built in 1950 and zoned for multi-family use, the property features a strong current NOI of $83,877, translating to a 12.90% cap rate. The pro-forma NOI mirrors this figure, indicating a stable and potentially lucrative investment. Each unit benefits from separate electric, water, and gas meters, with tenants responsible for all utilities, minimizing operational expenses for the owner. Recent upgrades include new roofs, high-quality hardwood floors, and low-maintenance cedar siding, contributing to the property's excellent condition and reduced maintenance needs. The asking price is $650,000, representing a price per unit of $40,625. This turnkey investment is ideal for those seeking a strong return on investment, with the potential to generate over 12% net return. The property's location in Clarksdale offers convenience and comfort, making it an attractive option for tenants. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable location.