100% Leased Renovated Multifamily Community 212 Pullen Lake Rd

ASKING: $1,100,000 | 9.3% CAP
Summary:
I wanted to present you with an excellent investment opportunity located at 212 Pullen Lake Road, Aberdeen, MS—the River Oak Village Apartments, which is currently being offered for sale. Below are the key details for your consideration:
This garden-style apartment complex offers stable cash flow and significant value-add potential, including options for rent increases or conversion to Section 8 housing. It is strategically located off Highway 8, with close proximity to highways 25 and 45, offering easy access to nearby retail amenities such as McDonald’s, AutoZone, and Dollar General.
Key Property Details:
* Property Address: 212 Pullen Lake Road, Aberdeen, MS 39730 (Google Street View Link)
* Purchase Price: $1,100,000
* Cap Rate: 9.3%
* Property Type: Multifamily (20 Units)
* Occupancy: 100% fully occupied
* Unit Mix: All 2-bed, 2-bath units, each 750 square feet
* Year Built: 1979, with recent renovations in 2024
* Total Square Footage: 15,000 sq. ft.
* Land Size: 3.93 acres
* Net Operating Income (NOI): $103,320.39 (current)
* Current Gross Operating Income: $179,388
* Expenses: $67,098.21
Property Features:
* Unit Size: Each unit is approximately 750 sq. ft.
* Floor Plan: Spacious 2-bed, 2-bath units with modern kitchens, energy-efficient appliances, large closets, garden tubs, and private patios.
* Recent Upgrades: New community laundry room, landscaping, and unit renovations.
* Parking: 15 parking spaces with a 0.75 parking ratio per unit.
* Roofing: Asphalt roofs (4 years old) and new condensers.
* Laundry: On-site laundry facilities with new contract and machines from Caldwell & Gregory.
Location Highlights:
* Proximity: Just off Highway 8, with easy access to Highways 25 and 45, making it ideal for commuting professionals.
* Nearby Retailers: Walking distance to national brands including McDonald's, Subway, AutoZone, Food Giant, Western Union, and Dollar General.
* Local Amenities: Close to popular dining spots like El Jefe, Topp’s Barbeque, and North Side Ice Cream Shoppe.
Investment Highlights:
* Cash-Flowing Asset: Fully leased, renovated units in a stable rental market.
* Value-Add Potential: Opportunity to increase rents or convert units to Section 8 housing for additional income.
* Limited Competition: With only 4% of housing in the area comprising multifamily properties, River Oak Village is one of the largest apartment communities within a 10-mile radius.
Market Overview:
* Population: Aberdeen has a population of approximately 5,200 residents, with Monroe County totaling 34,100.
* Rental Market: Median rental prices in Aberdeen are around $700/month, with strong demand for quality rental housing.
* Historic Appeal: Aberdeen is known for its tree-lined streets, antebellum homes, and over 200 buildings listed on the National Register of Historic Places.
Investor's Takeaway: This is a rare opportunity to acquire a stabilized, cash-flowing multifamily property in a growing market with potential for rent growth and limited local competition. The River Oak Village Apartments provide a solid investment with modern amenities, an ideal location, and immediate income