727 Hattie Ln Ward, AR 72176

Property Details for 727 Hattie Ln

Year built

1995

Lot size

315.00 lot acres

Property size

175,000 SF

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.