Value-Add Apartments With Recent Renovations | 501 Cypress Ln
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Value-Add Apartments With Recent Renovations 501 Cypress Ln
60 Unit Apartment Building $4,225,000 ($70,417/Unit) 10.26% Cap Rate Greenville, MS 38701
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
ASKING: $4,225,000 | 10.26% CAP
Investment Opportunity Overview:
We are pleased to present an exceptional opportunity to invest in The River Bend Apartments, located at 501 Cypress Lane, Greenville, MS. This property offers investors the chance to acquire a well-maintained multifamily complex with strong cash flow and further value-add potential.
Key Property Details:
Property Address: 501 Cypress Lane, Greenville, MS 38701 [Google Street View Link]
Purchase Price: $4,225,000
Cap Rate: 10.26%
Property Type: Multifamily (60 Units)
Occupancy: 90.00% occupied
Unit Mix: 35 one-bedroom units (780 sq. ft.) and 24 two-bedroom units (975 sq. ft.)
Year Built/Renovated: 1972 / 2024
Total Square Footage: 54,345 sq. ft.
Land Size: 8 acres
Gross Operating Income (GOI): $$656,238
Expenses: $222,662 (current)
Net Operating Income (NOI): $433,576 (current)
Investment Highlights:
Strong Location: River Bend Apartments is located near Highway 278 and downtown Greenville, providing easy access to major retail amenities, including Walmart, Lowe’s, Chick-fil-A, and more. The property is also close to major job centers such as the Delta Health System Medical Center and Washington County Convention Center.
Recent Upgrades: The complex has undergone significant renovations, including a new roof in 2020 and unit updates. There’s an opportunity to update the remaining 9% of units, bringing the property to 100% occupancy.
Amenities: The property offers on-site laundry, a swimming pool, a clubhouse, and controlled access, enhancing its appeal to renters.
Value-Add Potential: With several vacant units awaiting renovation, this property presents a value-add opportunity. Additionally, rental rates have room for growth, offering the potential to increase cash flow.
Stabilized Cash Flow: The property is currently 90% occupied and generates stable income. Its location and amenities ensure continued demand.
Section 8 Housing Potential: The property’s unit sizes and rent structures make it a candidate for Section 8 housing conversion, which could provide additional rental security and income stability.
AIRBNB: Unit 2103 Projected Monthly Additional Income of 8k Per Month.
Investment Opportunity Overview:
We are pleased to present an exceptional opportunity to invest in The River Bend Apartments, located at 501 Cypress Lane, Greenville, MS. This property offers investors the chance to acquire a well-maintained multifamily complex with strong cash flow and further value-add potential.
Key Property Details:
Property Address: 501 Cypress Lane, Greenville, MS 38701 [Google Street View Link]
Purchase Price: $4,225,000
Cap Rate: 10.26%
Property Type: Multifamily (60 Units)
Occupancy: 90.00% occupied
Unit Mix: 35 one-bedroom units (780 sq. ft.) and 24 two-bedroom units (975 sq. ft.)
Year Built/Renovated: 1972 / 2024
Total Square Footage: 54,345 sq. ft.
Land Size: 8 acres
Gross Operating Income (GOI): $$656,238
Expenses: $222,662 (current)
Net Operating Income (NOI): $433,576 (current)
Investment Highlights:
Strong Location: River Bend Apartments is located near Highway 278 and downtown Greenville, providing easy access to major retail amenities, including Walmart, Lowe’s, Chick-fil-A, and more. The property is also close to major job centers such as the Delta Health System Medical Center and Washington County Convention Center.
Recent Upgrades: The complex has undergone significant renovations, including a new roof in 2020 and unit updates. There’s an opportunity to update the remaining 9% of units, bringing the property to 100% occupancy.
Amenities: The property offers on-site laundry, a swimming pool, a clubhouse, and controlled access, enhancing its appeal to renters.
Value-Add Potential: With several vacant units awaiting renovation, this property presents a value-add opportunity. Additionally, rental rates have room for growth, offering the potential to increase cash flow.
Stabilized Cash Flow: The property is currently 90% occupied and generates stable income. Its location and amenities ensure continued demand.
Section 8 Housing Potential: The property’s unit sizes and rent structures make it a candidate for Section 8 housing conversion, which could provide additional rental security and income stability.
AIRBNB: Unit 2103 Projected Monthly Additional Income of 8k Per Month.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- 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
| Price | $4,225,000 | Building Class | C |
| Price Per Unit | $70,417 | Lot Size | 8.00 AC |
| Sale Type | Investment | Building Size | 54,345 SF |
| Cap Rate | 10.26% | Average Occupancy | 90% |
| No. Units | 60 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 2.21/1,000 SF |
| Apartment Style | Garden |
| Price | $4,225,000 |
| Price Per Unit | $70,417 |
| Sale Type | Investment |
| Cap Rate | 10.26% |
| 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 | 90% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.21/1,000 SF |
Unit Amenities
- Balcony
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Clubhouse
- Laundry Facilities
- Pool
- Property Manager on Site
PROPERTY TAXES
| Parcel Number | 514100000 | Total Assessment | $253,682 (2024) |
| Land Assessment | $0 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| 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) ($0.00/SF)
Tax Year
2023
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Value-Add Apartments With Recent Renovations | 501 Cypress Ln
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