900 Madden Rd, Jacksonville, AR 72076
- 20 Units
- 7.03% Pro Forma Cap
- Jacksonville, AR
The Waller Group is proud to present the 95.0% occupied, 20- unit value-add property in Jacksonville, AR. The property is available because current ownership is looking to reinvest proceeds. The parking lot was recently restriped and is all surface parking. The is an opportunity to build more apartments at the front of the property if re-zoned (currently zoned R-2/3 for duplex; need R-4 for MF) Current ownership is achieving $70,734 in annual NOI. New ownership, based upon area rent comps, can raise rents by $220 / unit, which is a $0.20 / sqft bump. With this bump, new ownership can achieve an annual NOI of $147,614. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. The property is currently self-managed with a full time maintenance staff. Proforma financials were underwritten with an 8% management fee.