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.
Highlights
125-unit single-family rental portfolio on over 315 acres in Lonoke County, AR (zip code 72176).
$8,800,000 asking price; $70,400 per unit; $50.29 per square foot.
Current NOI of $672,000 (7.64% cap rate); pro-forma NOI of $1,224,380 (13.91% cap rate) post-renovation (projected completion October 15, 2024).
90% occupancy; 175,000 square feet of living space; units average 2.5 acres each; land priced at $27,940 per acre.
Potential for further unit upgrades to achieve market rents of $1,250-$1,400; 1031 exchange possible.
Property Details
for 727 Hattie Ln
Property type
Mobile home & RV parks, Land
Square Feet
175,000 SF
Class
C
Year Built/Renovated
1995/2024
Lot Size (sq. ft)
13,721,400 SF
Units
125
Location Insight
City
Ward
County
Lonoke
State
Arkansas
Latitude
35.015409
Longitude
-91.816765
Nearby Comparable
For Sale
$1,400,000
Hickory Plains C-Store & Real Estate
Arkansas Convenience Store & Gas Station - Owner/User Opportunity
Mobile home & RV park - High-yield, value-add rental portfolio in Arkansas.
Where is the mobile home & rv park located?
The property is located at 727 Hattie Ln Ward, AR.
What is the asking price?
The asking price for this property is $8,800,000.
What are key features of this property?
This property features: 125-unit single-family rental portfolio on over 315 acres in Lonoke County, AR (zip code 72176).; $8,800,000 asking price; $70,400 per unit; $50.29 per square foot.; Current NOI of $672,000 (7.64% cap rate); pro-forma NOI of $1,224,380 (13.91% cap rate) post-renovation (projected completion October 15, 2024).
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Contacts
Joseph Worth
Learn more
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Hattie Ln Ward, AR 72176
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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727 Hattie Ln
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