3124 Vally StMeridian, MS 39301

Property Details for 3124 Vally St

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This Meridian, Mississippi multifamily portfolio presents a compelling investment opportunity. Comprising 60 apartment units and 90 single-family homes, totaling 150 units, this Class C property is offered at $4,000,000, representing a low cost per unit of $26,667. Currently operating at 40% occupancy, the portfolio boasts a pro-forma NOI of $405,920 and a 10% cap rate. Significant upside potential exists through lease-up and renovations. Market analysis indicates comparable renovated units command rents between $700 and $750 per month. A stabilized portfolio could achieve a NOI exceeding $500,000 and a valuation surpassing $6,000,000. Located at 3124 Valley St, Meridian, MS 39301, in Lauderdale County, this distressed asset presents a unique chance for an investor to enter the Meridian market with scale and implement a value-add strategy. The seller is open to creative financing options to facilitate a smooth transition and revitalization of this substantial portfolio. This is an exceptional opportunity to acquire a large-scale property at a significantly discounted price per unit.

Location Insight

City

Meridian

County

Lauderdale

State

Mississippi

Latitude

32.3635

Longitude

-88.7108

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