501 Cypress Ln Greenville, MS 38701

Property Details for 501 Cypress Ln

Year built

172

Lot size

8.00 lot acres

Property size

54,345 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 60-unit apartment complex, River Bend Apartments, located at 501 Cypress Ln, Greenville, MS 38701. The property boasts a 91% occupancy rate and comprises seven, two-story buildings situated on an expansive 8-acre lot. The 54,345 square foot complex offers a mix of one- and two-bedroom units, averaging 897.68$/month in rent. Built in 1972 and extensively renovated in 2024, the property features 120 parking spaces (a 2:1 ratio), central air conditioning (85% newly installed), and on-site laundry facilities. Approximately 80% of units include modern upgrades and spacious layouts with balconies. Community amenities include a swimming pool and clubhouse. The property benefits from its strategic location near Highway 278, just 10 minutes from downtown Greenville, and close proximity to major employers, retailers (Walmart, Lowe's, etc.), and amenities (Greenville Indoor Mall, Delta Health System Medical Center, Greenville Golf & Country Club, and Tropicana Casino). Greenville's population of over 29,000 within a 5-mile radius ensures a consistent renter pool. The property's current gross operating income is $579,192, with a net operating income of $393,662. Pro forma projections indicate a potential gross operating income of $735,660 and a net operating income of $448,877, reflecting the potential for rental increases and further value enhancement. This stabilized multifamily investment offers significant upside potential through strategic renovations and rent increases, making it a compelling opportunity in the Greenville market.