316 Drake StJonesboro, AR 72401

Property Details for 316 Drake St

Year built

2022

Lot size

0.51 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Jonesboro

County

Craighead

State

Arkansas

Latitude

35.8473

Longitude

-90.6979

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