141 Market St Monticello, AR 71655-4065

This exceptional 64-unit apartment complex, Park Ridge of Monticello, presents a compelling value-add investment opportunity in Monticello, Arkansas. The property boasts 61,376 square feet of net rentable space, distributed across 13 two-story buildings situated on a 5.44-acre lot. Built in 2002 and extensively renovated in 2023, the complex includes 8 one-bedroom, 24 two-bedroom, and 32 three-bedroom units, averaging 959 square feet each. Currently operating at 100% occupancy (as of July 1, 2024), the property benefits from a strong tenant base drawn to its affordable rents and convenient location near the University of Arkansas at Monticello, Monticello Police Department, and Drew Memorial Health System. Recent capital expenditures include new roofs, flooring, HVAC units, and common area updates. The property offers significant upside potential through market-rate rent increases, given the recent decontrol from the LIHTC program and current $200 rent increases for new leases. With a current pro-forma NOI of $464,118 and a pro-forma cap rate of 7.75%, this asset represents a rare chance to acquire over 10% of Monticello's 611-unit multifamily market, which enjoys a low 2% vacancy rate. The property includes 121 parking spaces and is located at 141 Market St, Monticello, AR 71655 (APN: 703-03542-010-C). This is a private ownership, non-ground lease property suitable for a 1031 exchange.