Elmwood Apartments

818 West 28th Avenue, Pine Bluff, AR

18.44% return

SP: $899,000

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Property Description

CASH COW!!!

29 units. Great condition, completely renovated in 2016. New HVAC units, water heaters, roof, plumbing and electric! Only $31k per unit!!! On-site laundry. Close to shopping. Larger units have a 2 bath set up. Property will generate an 18.44% RETURN!!

Professional property management and financing available!!

Property Information

Listing statusSold
Property typeMulti Family
Total units29
Total bedrooms57
Total bathrooms38
Building size19920 sq. ft.
Lot size0.8 acres
Year built1940

CountyJefferson County
SubdivisionTOMLINSON S/D
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$899,000
Estimated rehab¹$0
Total investment$899,000

TypeProforma

Gross income (annually)$228,900
Operating expenses (annually)$63,164
Net income (annually)$165,736
Gross return25.46%

Gross income (monthly)$19,075
Operating expenses (monthly)$5,264
Net income (monthly)$13,811
Net return18.44%

Property Income & ExpensesMonthlyAnnual

Income

Laundry Income$800/month$9,600/year
Unit A11: 1 bed / 1 bath$550/month$6,600/year
Unit A12: 2 bed / 1 bath$625/month$7,500/year
Unit A13: 2 bed / 1 bath$625/month$7,500/year
Unit A15: 2 bed / 1 bath$625/month$7,500/year
Unit A16: 2 bed / 1 bath$625/month$7,500/year
Unit A17: 2 bed / 1 bath$625/month$7,500/year
Unit A21: 2 bed / 1 bath$625/month$7,500/year
Unit A22: 2 bed / 1 bath$625/month$7,500/year
Unit A23: 2 bed / 1 bath$625/month$7,500/year
Unit A24: 2 bed / 1 bath$625/month$7,500/year
Unit A25: 2 bed / 1 bath$625/month$7,500/year
Unit A26: 2 bed / 1 bath$625/month$7,500/year
Unit A27: 2 bed / 1 bath$625/month$7,500/year
Unit B11: 2 bed / 1 bath$625/month$7,500/year
Unit B12: 2 bed / 1 bath$625/month$7,500/year
Unit B21: 2 bed / 1 bath$625/month$7,500/year
Unit B22: 2 bed / 1 bath$625/month$7,500/year
Unit C11: 2 bed / 1 bath$625/month$7,500/year
Unit C12: 2 bed / 1 bath$625/month$7,500/year
Unit C21: 2 bed / 1 bath$625/month$7,500/year
Unit C22: 2 bed / 2 bath$650/month$7,800/year
Unit D11: 2 bed / 2 bath$650/month$7,800/year
Unit D12: 2 bed / 2 bath$650/month$7,800/year
Unit D21: 2 bed / 2 bath$650/month$7,800/year
Unit D22: 2 bed / 2 bath$650/month$7,800/year
Unit E11: 2 bed / 2 bath$650/month$7,800/year
Unit E12: 2 bed / 2 bath$650/month$7,800/year
Unit E21: 2 bed / 2 bath$650/month$7,800/year
Unit E22: 2 bed / 2 bath$650/month$7,800/year
Total$19,075/month$228,900/year

Expenses

Property Taxes$454/month$5,444/year
Insurance$557/month$6,687/year
Water and Sewer$294/month$3,526/year
Waste Collection$242/month$2,903/year
Electric bill$97/month$1,164/year
Lawn care$120/month$1,440/year
Maintenance reserve$2,000/month$24,000/year
Property Management$1,500/month$18,000/year
Total$5,264/month$63,164/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.