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141 Market StMonticello, AR 71655

64-unit apartment complex, value-add opportunity

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 64-unit apartment complex, Park Ridge of Monticello, presents a compelling value-add investment opportunity in Monticello, Arkansas. The property boasts 61,376 square feet of net rentable space, distributed across 13 two-story buildings situated on a 5.44-acre lot. Built in 2002 and extensively renovated in 2023, the complex includes 8 one-bedroom, 24 two-bedroom, and 32 three-bedroom units, averaging 959 square feet each. Currently operating at 100% occupancy (as of July 1, 2024), the property benefits from a strong tenant base drawn to its affordable rents and convenient location near the University of Arkansas at Monticello, Monticello Police Department, and Drew Memorial Health System. Recent capital expenditures include new roofs, flooring, HVAC units, and common area updates. The property offers significant upside potential through market-rate rent increases, given the recent decontrol from the LIHTC program and current $200 rent increases for new leases. With a current pro-forma NOI of $464,118 and a pro-forma cap rate of 7.75%, this asset represents a rare chance to acquire over 10% of Monticello's 611-unit multifamily market, which enjoys a low 2% vacancy rate. The property includes 121 parking spaces and is located at 141 Market St, Monticello, AR 71655 (APN: 703-03542-010-C). This is a private ownership, non-ground lease property suitable for a 1031 exchange.

Highlights

  • Significant upside potential through market-rate rent increases following LIHTC decontrol, with current new leases commanding $200 more in rent.
  • Convenient location near University of Arkansas at Monticello, Monticello Police Department, and Drew Memorial Health System.
  • 100% occupancy as of July 1, 2024.
  • Well-maintained asset with recent renovations including new roofs, flooring, HVAC units, and common area updates.
  • Opportunity for further rent increases through light renovations.
  • Prime location with proximity to Little Rock, Memphis, and Jackson.

Property Details for 141 Market St

Property type
Apartment buildings
Class
C
Year Built/Renovated
2002/2023
Buildings
13
Stories
2
Lot Size (sq. ft)
236,966 SF
Units
64

Location Insight

City
Monticello
County
Drew
State
Arkansas
Latitude
33.635166
Longitude
-91.8077523
141 Market St, Monticello, Arkansas

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141 Market St
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