Property Details for 2100 40Th Ave

Property type

Commercial real estate

Description

This exceptional multifamily investment portfolio comprises 175 units across three properties in Pine Bluff and White Hall, Arkansas. The portfolio boasts a current 7% capitalization rate with a pro-forma rate projected at 9.5%, reflecting significant value-add potential. Built between 1973 and 1998, with renovations completed in 2019, the properties offer a mix of unit sizes and layouts. Currently operating at 95% occupancy, the portfolio demonstrates strong performance and low delinquency. The properties benefit from a proven strategy for rent increases, with potential for an additional $100 or more per month per unit through light upgrades. Further upside exists through utility billbacks, estimated at $35-$50 per unit, and additional fee implementation. Significant capital investment has been made over the past five years. The portfolio's strategic location near the $3.5 billion Hyundai project and Jefferson Regional Hospital provides exceptional long-term growth prospects. Assumable financing is available at a blended rate of 4.18% with a loan-to-value ratio in the mid-to-upper 60% range, offering a compelling acquisition opportunity. The Hyundai project alone is expected to create over 250 permanent jobs and more than 2,000 construction jobs through 2029, further enhancing the portfolio's future value. The net rentable square footage totals 152,596 square feet. This is a rare opportunity to acquire a well-performing, value-add portfolio in a rapidly developing area.

Location Insight

City

Pine Bluff

County

Jefferson

State

Arkansas

Longitude

-92.023684293821

Latitude

34.189088307668