Value Add Rentals

901 East 29th Avenue, Pine Bluff, AR

19.34% return

SP: $399,000

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Property Description

Attention Investors!! 18%+ cap rate and huge resale value!! 14 units total, consists of a 10 unit apartment complex and 2 duplexes. Apartment complex is currently rented below market value at $500 a month and needs a rent increase. Duplexes are in need of renovations. Tenants pay all utilities. Better area of the town. Tons of developments are coming to this city, including a casino, hotel and total downtown overhaul. Steal this property before prices increase. Lots of rental demand in the area. High quality construction. Professional management is available.

Property Information

Listing statusSold
Property typeMulti Family (3 properties)
Total units14
Total bedrooms30
Total bathrooms14
Building size12042 sq. ft.
Lot size1.0 acres
Year built1975 - 1981

CountyJefferson County
SubdivisionHAVIS & MOON RES
ConstructionBrick, Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$399,000
Estimated rehab¹$40,000
Total investment$439,000

TypeProforma
After repair value$560,000
Potential profit$121,000

Gross income (annually)$104,400
Operating expenses (annually)$19,515
Net income (annually)$84,885
Gross return23.78%

Gross income (monthly)$8,700
Operating expenses (monthly)$1,626
Net income (monthly)$7,074
Net return19.34%

Property Income & ExpensesMonthlyAnnual

Income

3005 South Missouri Street, Duplex
Unit 1: 3 bed / 1 bath$700/month$8,400/year
Unit 2: 3 bed / 1 bath$700/month$8,400/year
3108 South Georgia Street, Duplex
Unit 1: 2 bed / 1 bath$650/month$7,800/year
Unit 2: 2 bed / 1 bath$650/month$7,800/year
901 East 29th Avenue, Apartments
Unit 1: 2 bed / 1 bath$600/month$7,200/year
Unit 2: 2 bed / 1 bath$600/month$7,200/year
Unit 3: 2 bed / 1 bath$600/month$7,200/year
Unit 4: 2 bed / 1 bath$600/month$7,200/year
Unit 5: 2 bed / 1 bath$600/month$7,200/year
Unit 6: 2 bed / 1 bath$600/month$7,200/year
Unit 7: 2 bed / 1 bath$600/month$7,200/year
Unit 8: 2 bed / 1 bath$600/month$7,200/year
Unit 9: 2 bed / 1 bath$600/month$7,200/year
Unit 10: 2 bed / 1 bath$600/month$7,200/year
Total$8,700/month$104,400/year

Expenses

Property Taxes$235/month$2,815/year
Insurance$458/month$5,500/year
Waste Collection$150/month$1,800/year
Lawn care$200/month$2,400/year
Maintenance reserve$583/month$7,000/year
Total$1,626/month$19,515/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.