Chapel Ridge of Hot Springs | 160 Morphew Rd
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Chapel Ridge of Hot Springs 160 Morphew Rd
88 Unit Apartment Building $7,500,000 ($85,227/Unit) Hot Springs National Park, AR 71913
Investment Highlights
- All new roofs, vinyl siding, and gutters completed September 2024.
- Attractive mix of one, two, and three bedroom units.
- Turn key apartment with ability to increase revenue.
- Well maintained asset in great location
- Close Proximity to Major Employers
Executive Summary
Brick Real Estate is proud to present the exclusive listing of the 88 unit Chapel Ridge community located in the Hot Springs, AR MSA. Built in 1999, Chapel Ridge is a rare Class “B” garden-style asset that offers a light value-add opportunity for an opportunistic buyer. Chapel Ridge offers an attractive unit mix of one, two, and three bedroom units with an average of 908 square feet. All units come fully equipped with washer and dryer hookups, large closets, and an eat in kitchen area. Chapel Ridge has undergone significant capital improvements under ownership including all new roofs, vinyl siding, and gutters completed in September of 2024. In addition to the exterior renovations, approximately 50% of the units have newer luxury vinyl plank flooring throughout. A market analysis show that with interior renovations and updates, rent premiums of $50-100 per unit can be achieved.
Property Facts
| Price | $7,500,000 | Building Class | B |
| Price Per Unit | $85,227 | Lot Size | 5.52 AC |
| Sale Type | Investment | Building Size | 79,888 SF |
| No. Units | 88 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1999/2024 |
| Apartment Style | Garden | Parking Ratio | 2.15/1,000 SF |
| Price | $7,500,000 |
| Price Per Unit | $85,227 |
| Sale Type | Investment |
| No. Units | 88 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 5.52 AC |
| Building Size | 79,888 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1999/2024 |
| Parking Ratio | 2.15/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Ceiling Fans
- Refrigerator
- Walk-In Closets
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 674 |
| 2+2 | 40 | - | 937 |
| 3+2 | 24 | - | 1,093 |
PROPERTY TAXES
| Parcel Number | 094244 | Improvements Assessment | $1,061,400 |
| Land Assessment | $20,740 | Total Assessment | $1,082,140 |
PROPERTY TAXES
Parcel Number
094244
Land Assessment
$20,740
Improvements Assessment
$1,061,400
Total Assessment
$1,082,140
zoning
| Zoning Code | MF (MF) |
| MF (MF) |
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Brick Real Estate
Chapel Ridge of Hot Springs | 160 Morphew Rd
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