141 Market StMonticello, AR 71655

Property Details for 141 Market St

Year built

2002

Lot size

4.25 AC

Property size (Sq ft)

40,457 SF

Property type

Office properties

Property subtype

Office buildings

APN

703-03542-010-C

APU

70303542010C

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,430,262

  6.5%

  $5,935,626

  7%

  $5,511,653

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,086,096

  Geo Method

  $2,893,889

• Alternative Use

  Use

  Valuation

  Residential

  $7,360,176

  Hospitality

  $6,741,882

  Educational

  $5,609,167

  Medical

  $5,802,074

  Retail

  $8,725,371

Location Insight

City

Monticello

County

Drew

State

Arkansas

Latitude

33.6348

Longitude

-91.8073

Property Tax & Assessments

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