Value-Add Apartments With Recent Renovations | 501 Cypress Ln
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Value-Add Apartments With Recent Renovations 501 Cypress Ln
60 Apartment Units Online Auction Sale Greenville, MS 38701
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Investment Highlights
- Apartment community with upgrades including a new roof in 2020, on-site laundry, a four-bedroom Airbnb, and renovations to 80% of the apartments.
- 10 minutes from downtown Greenville, the Greenville Mall, the Delta Medical Center, The Trop Casino, and the Washington County Convention Center.
- Airbnb Unit 2103 Avg Daily Rate $202.00 | Additional 70k-100k of Annual Income
- Vacant units haven’t been updated, offering a value-add opportunity to complete renovations and achieve 100% occupancy.
- More than 29,000 residents within 5 miles, with 50% currently renting their homes, delivering household segment spending of more than $38 million.
- Possibilities to add more Airbnb Units
Executive Summary
The River Bend Apartments offer investors a rare opportunity to acquire an 90% occupied, incoming-generating multifamily complex with numerous recent upgrades and renovations. This cash-flowing property maintains a high level of occupancy thanks to its prime location near Highway 278 and downtown Greenville, Mississippi.
Originally constructed in 1972, the two-story property comprises 60 one- and two-bedroom apartments across seven buildings totaling 54,345 square feet. Popular community features include units with balconies, on-site laundry facilities, a swimming pool, a clubhouse, and secure controlled access. Several recent upgrades have been completed on the property, including a new roof in 2020, a four-bedroom and two-bathroom Airbnb, and renovations and updates to 80% of the apartment units. The remaining seven units that haven’t been updated are the only vacancies, presenting a value-add opportunity to complete the remaining renovations and bring the community to 100% occupancy.
The River Bend Apartments provide an attractive option for families and commuting professionals who value privacy, as well as strong access to local amenities and job centers. The community is just 10 minutes from downtown Greenville and household name retailers, including Walmart Supercenter, Lowe’s, Harbor Freight Tools, Chick-fil-A, McDonald’s, Subway, and the 40-store Greenville Indoor Mall. Other prominent demand drivers and employment centers nearby include the Greenville Golf and Country Club, the Delta Health System Medical Center, the Tropicana Casino, and the Washington County Convention Center.
The ninth most populous city in Mississippi and the seat of Washington County, Greenville is a scenic community tucked along the Mississippi River and the Mississippi-Arkansas Border. Within 5 miles of the River Bend Apartments, Greenville boasts a population of more than 29,000, with 50% currently renting their homes. This significant pool of renters provides a stable tenant pipeline, with consumer spending on household segments exceeding $38 million in 2023.
Don’t miss this rare chance to acquire a performing multifamily investment with additional upside at 501 Cypress Avenue, the River Bend Apartments.
Listed with Brian Brockman with Bang Realty, MS License #21542
Originally constructed in 1972, the two-story property comprises 60 one- and two-bedroom apartments across seven buildings totaling 54,345 square feet. Popular community features include units with balconies, on-site laundry facilities, a swimming pool, a clubhouse, and secure controlled access. Several recent upgrades have been completed on the property, including a new roof in 2020, a four-bedroom and two-bathroom Airbnb, and renovations and updates to 80% of the apartment units. The remaining seven units that haven’t been updated are the only vacancies, presenting a value-add opportunity to complete the remaining renovations and bring the community to 100% occupancy.
The River Bend Apartments provide an attractive option for families and commuting professionals who value privacy, as well as strong access to local amenities and job centers. The community is just 10 minutes from downtown Greenville and household name retailers, including Walmart Supercenter, Lowe’s, Harbor Freight Tools, Chick-fil-A, McDonald’s, Subway, and the 40-store Greenville Indoor Mall. Other prominent demand drivers and employment centers nearby include the Greenville Golf and Country Club, the Delta Health System Medical Center, the Tropicana Casino, and the Washington County Convention Center.
The ninth most populous city in Mississippi and the seat of Washington County, Greenville is a scenic community tucked along the Mississippi River and the Mississippi-Arkansas Border. Within 5 miles of the River Bend Apartments, Greenville boasts a population of more than 29,000, with 50% currently renting their homes. This significant pool of renters provides a stable tenant pipeline, with consumer spending on household segments exceeding $38 million in 2023.
Don’t miss this rare chance to acquire a performing multifamily investment with additional upside at 501 Cypress Avenue, the River Bend Apartments.
Listed with Brian Brockman with Bang Realty, MS License #21542
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Sale Type | Investment | Lot Size | 8.00 AC |
| Sale Conditions | Auction Sale | Building Size | 54,345 SF |
| No. Units | 60 | Average Occupancy | 97% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1972 |
| Apartment Style | Garden | Parking Ratio | 2.21/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 8.00 AC |
| Building Size | 54,345 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.21/1,000 SF |
Amenities
Unit Amenities
- Balcony
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Clubhouse
- Laundry Facilities
- Pool
- Property Manager on Site
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About Vicksburg/Central Area
As the home of Mississippi State University, Starkville is a prototypical college town. The university enrolls more than 23,000 students, and total enrollment has increased over the past few years. Furthermore, the university employs roughly 4,500 individuals as either administrative or academic staff, further boosting the local rental demand pool.
Aside from Mississippi State, some of Starkville’s largest employers include healthcare and manufacturing operations such as Oktibbeha County Hospital, Flexsteel Industries, and Weavexx Corporation. The Cotton District is a major regional attraction, as well, and the neighborhood frequently draws visitors for its festivals and concerts.
Investors are drawn to the Starkville for the area’s stable demand drivers, which provides the region with a steady base of renters. In particular, students at Mississippi State provide an outsized share of rental demand for the area. As there are only about 5,000 dormitory beds at the university, the vast majority of students seek off-campus housing, boosting demand for market-rate properties throughout the area.
PROPERTY TAXES
| Parcel Number | 514100000 | Total Assessment | $253,682 (2024) |
| Land Assessment | $0 (2024) | Annual Taxes | ($1) |
| Improvements Assessment | $0 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
514100000
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$253,682 (2024)
Annual Taxes
($1)
Tax Year
2023
Sale Advisor
Sale Advisor
Steven Koutsantonis, Owner/Founder/Principal
(917) 903-4168
Contact
Steven Koutsantonis is the Founder of Cedar William, a premier NYC-based commercial real estate brokerage and investment firm. Since partnering with HCG Commercial Real Estate in 2016, Cedar William has facilitated transaction exceeding $100M in asset value with focus on value-add retail and office opportunities throughout the national United States. The firm's expertise spans from deal origination, underwriting, lending, due diligence, acquisition, property management, and strategic exit planning.
Moreover, Cedar William stands out in the NYC market with its top-tier brokerage services. Boasting 20 years of industry experience, we provide both tenant and landlord representation for sales and leasing throughout the New York metropolitan area.
Moreover, Cedar William stands out in the NYC market with its top-tier brokerage services. Boasting 20 years of industry experience, we provide both tenant and landlord representation for sales and leasing throughout the New York metropolitan area.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 202567. Ten-X Auction Firm 1474; Arlene Richardson Auctioneer 1677
-
Steven Koutsantonis -
Cedar William | Commercial Real Estate
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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