727 Hattie Ln, Ward, AR 72176
- Mobile home & RV parks
- 175,000 SF
- 315.00 lot acres
Current Use by Public Records
- Mobile home & RV parks
Property Details for 727 Hattie Ln
- Year built
- 1995
- Lot size
- 315.00 lot acres
- Property type
- Mobile home & RV parks
- Property subtype
- Residential income homes
Description
This exceptional investment opportunity presents a 125-unit single-family rental portfolio situated on over 315 acres of land in Lonoke County, Arkansas, near Ward (zip code 72176). The portfolio boasts a current NOI of $672,000, translating to a 7.64% cap rate. However, with planned renovations nearing completion (projected occupancy date: October 15, 2024), a pro-forma NOI of $1,224,380 is anticipated, resulting in a significantly improved pro-forma cap rate of 13.91%. The property features 175,000 square feet of living space, with units averaging 2.5 acres each, priced at $70,400 per unit. The land itself offers substantial value, with a price per acre of $27,940. Built in 1995 and renovated in 2024, the portfolio currently enjoys a 90% occupancy rate. The asking price is $8,800,000, representing a price per square foot of $50.29. The property's location in a growing market, coupled with the potential for further unit upgrades to achieve market rents of $1,250-$1,400, presents a compelling value-add proposition. The portfolio's current cash flow, combined with the significant land holdings and potential for future unit additions, makes this a truly unique land banking opportunity. Low taxes and insurance costs, along with tenants responsible for utilities and landscaping, further enhance the investment's attractiveness. A 1031 exchange is a possible sale condition.
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Location Insight
- Map
- Local Demand
- City
- Ward
- County
- Lonoke
- State
- Arkansas
- Longitude
- -91.816765
- Latitude
- 35.015409
