College Manor Apartments 124 S College St

College Manor Apartments, located at 124 S College Street in Mountain Home, Arkansas, is a 33-unit multifamily property spanning 28,580 square feet on 2.85 acres. Originally constructed in 1985 as a 16-unit complex, College Manor underwent a significant expansion in 2022, with 17 additional units added to bring the property to its current scale. The unit mix includes seven one-bedroom/one-bath units, 10 two-bedroom/one-bath units, and 16 two-bedroom/two-bath units, averaging 775 square feet. Additionally, one unit is a 560-square-foot office, providing a workspace for on-site management, rental office space, or space for amenities.

College Manor presents a compelling investment opportunity with a high NOI and room for substantial rent growth. Currently, the property is fully leased, but market analyses suggest significant potential for rental increases. New ownership could raise rents by an estimated $200 per unit, equivalent to an increase of $0.46 per -square-foot, without additional renovations to the original 16 units. Should the new owner choose to renovate these units to match the features of the recently added 17, rents could be further increased by $400 per unit, yielding an impressive $0.92 per -square-foot gain. Furthermore, implementing a ratio utility billing system (RUBS) for water and adding tenant charges for trash removal opens an additional pathway to enhance income. With these strategies in place, annualized NOI could increase by approximately 20%, making College Manor a prime value-add asset with a proven, scalable renovation concept.

Nestled in the scenic Ozark Mountains, Mountain Home, Arkansas, combines small-town charm with economic stability, providing an ideal setting for multifamily. Known for its high quality of life, Mountain Home serves as a regional hub for healthcare, education, and outdoor recreation, with a population of roughly 13,000 in the city and over 41,000 in Baxter County. Major employers, such as Baxter Regional Medical Center and Arkansas State University-Mountain Home, drive a stable economy and support a diverse tenant base that includes workers, students, and families. The area’s relatively low vacancy rate of 2.8% and steady rent growth, at 4.9% year-over-year as of Q4 2024, underscore the consistent demand for quality rental housing. Located at the junction of US Highways 62 and 412, Mountain Home offers convenient access to nearby towns and larger urban centers, widening the attractiveness to a broader range of tenants.