For Sale
$870,000

316 Drake StJonesboro, AR 72401

Six-unit multifamily investment opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents three, two-story duplexes totaling six units, situated on approximately 0.51 to 0.62 acres in Jonesboro, Arkansas. The property, built in 2022, boasts a total net rentable area of 6,600 square feet and features 6,600 square feet of air rights. Each unit includes a washer and dryer. The buildings are constructed on slabs, utilize plex piping and copper wiring, and are individually metered for utilities. Located at 316, 320, and 324 Drake Street, this Class B property is conveniently located just a 4-minute drive from downtown Jonesboro and Arkansas State University, and a short commute to the Craighead Technology Park, a major hub for high-tech industries. The property offers a current NOI of $56,040 and a pro-forma NOI of $57,693, resulting in a current cap rate of 6.44% and a pro-forma cap rate of 6.63%. The asking price is $870,000, or $145,000 per unit. The property is zoned R-3 and has APN numbers 01-144181-07600, 01-144181-07700, and 01-144181-07500. All cash purchase is required at closing. Offers should be submitted as a non-binding Letter of Intent detailing key terms including pricing, due diligence, closing timeframe, earnest money deposit, debt/equity structure, and buyer qualification. Contact us for further details and to schedule a showing.

Highlights

  • Three 2-story duplexes (six total units) on ~0.55 acres in Jonesboro, AR.
  • Property is 4 minutes from Arkansas State University and downtown Jonesboro.
  • 8 miles from Craighead Technology Park.
  • Slab construction with individual utility meters.
  • All units include washer/dryer hookups.
  • Plex piping and copper wiring.

Property Details for 316 Drake St

Property type
Apartment buildings
Class
B
Year Built
2022
Buildings
3
Stories
2
Lot Size (sq. ft)
22,216 SF
Units
6

Location Insight

City
Jonesboro
County
Craighead
State
Arkansas
Latitude
35.847343
Longitude
-90.697895
316 Drake St, Jonesboro, Arkansas

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316 Drake St
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