1608 Cherry St Conway, AR 72032

Property Details for 1608 Cherry St

Year built

2000

Lot size

1.82 lot acres

Property size

38,342 SF

Property type

Commercial real estate

Description

This exceptional 44-unit apartment building, located at 1608 Cherry Street in Conway, Arkansas, presents a compelling investment opportunity. Boasting a substantial 38,342 square feet on a 1.82-acre lot, this property offers significant potential for income generation. Built in 2000, the complex has undergone $500,000 in recent exterior renovations, enhancing its curb appeal and value. A brand new roof was installed in 2023, ensuring long-term structural integrity. All units are equipped with convenient washer/dryer connections, a highly desirable feature for tenants. The property's prime location at the corner of Cherry Street and Washington Avenue provides easy access to downtown Conway and Interstate 40 (1.5 miles away). Its proximity to major educational institutions, including Hendrix College (0.9 miles), Central Baptist College (2.0 miles), and the University of Central Arkansas (2.4 miles), ensures a consistent demand for rental units. Furthermore, the complex benefits from its close proximity to numerous national retailers such as Walmart Supercenter, Lowe's, KFC, and Dairy Queen, offering residents convenient access to shopping and dining options. The asking price for this well-maintained and strategically located multifamily property is $3,000,000. This represents a rare chance to acquire a high-performing asset in a thriving Arkansas market. The property's zip code is 72032.