141 Market St Monticello, AR 71655-4065
Property profile & analytics
141 Market St Monticello, AR 71655-4065
- Office buildings
- 40,457 SF
- 4.25 lot acres
Property ID
US05-1186006
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Park Ridge of Monticello / Apartment Building
Property Details for 141 Market St
- Year built
- 2002
- Lot size
- 4.25 lot acres
- Property size
- 40,457 SF
- Property type
- Office buildings
- APN
- 703-03542-010-C
- APU
- 70303542010C
Description
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.
Value Estimations
based on Realmo’s proprietary methodology
-
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $4,000,000 Current use
- RESTAURANT
- $3,630,000 Change: -9% Conversion: Moderate
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Monticello
- County
- Drew
- State
- Arkansas
- Longitude
- -91.8073
- Latitude
- 33.6348
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$24,891
$10,000
$503,210
$513,210
-
$50,000
$2,516,050
$2,566,050
