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Park Ridge of Monticello 141 Market St

64 Unit Apartment Building For Sale 7.50% Cap Rate Monticello, AR 71655

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Investment Highlights

Below Market Rents
New Roofs in Fall of 2023

High Occupancy
Close Proximity to Major Employers

Executive Summary

OFFERS ARE DUE JULY 30TH @ 6PM CST
The Park Ridge of Monticello Apartments offers an attractive mix of 8 one-bedroom units, 24 two-bedroom units, and 32 three-bedroom units with an average unit size of 959 SF. The property has a current occupancy of 100% due to the affordable rents and location. With a proven value-add plan with rents recently taken out of the LIHTC decontrol period, this offers a prime opportunity to continue with unit updates and push rents. Ownership is currently realizing ±$200 increases for new rents.
In the city of Monticello, there are currently only 611-units in the entire multi-family market. This opportunity would give the new owner the chance to have more than 10% of the market share. The market also possesses an attractive 2% vacancy rate in the market due to the increasing demand for multifamily housing.
The property is located within 4-miles radius from the University of Arkansas at Monticello, Monticello Police Department, and the Drew Memorial Health System, capturing the large tenant base of students, doctors, and young professionals. The seller has recently implemented a series of capital expenditures in the last 12-months to include but not limited to: new roofs, new flooring, and updates to common areas.

Monticell AR Apartments_Teaser

Property Facts

Sale Type	Investment	Lot Size	4.25 AC
Cap Rate	7.50%	Building Size	61,360 SF
Sale Conditions	1031 Exchange	Average Occupancy	95%
No. Units	64	No. Stories	2
Property Type	Multifamily	Year Built	2002
Property Subtype	Apartment	Parking Ratio	1.97/1,000 SF
Apartment Style	Garden	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Building Class	B

Sale Type	Investment
Cap Rate	7.50%
Sale Conditions	1031 Exchange
No. Units	64
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	B
Lot Size	4.25 AC
Building Size	61,360 SF
Average Occupancy	95%
No. Stories	2
Year Built	2002
Parking Ratio	1.97/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.