3711 Birnie Avenue, Fort Smith, AR

11.53% return

SP: $440,000

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Property Description

Awesome Investment!!

16 unit complex. Only $25k per unit!!! Currently rented below market value. Property needs some cosmetic improvements to increase rents. Fort Smith MSA is home to 270,000 residents. Tons of rental demand in the area. Properties will generate an amazing return on investment once complete. Will easily appraise at $35-40k per unit after renovations.

Financing and property management is available.

Property Information

Listing statusSold
Property typeMulti Family
Total units16
Total bedrooms19
Total bathrooms16
Building size9180 sq. ft.
Lot size0.6 acres
Year built1985

CountySebastian County
SubdivisionPRAIRIE VIEW
ConstructionBrick/Frame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingWindow Unit
CoolingWindow A/C

Property Financial Summary

Sale price$440,000
Estimated rehab¹$80,000
Total investment$520,000

TypeProforma
After repair value$560,000
Potential profit$40,000

Gross income (annually)$90,000
Operating expenses (annually)$30,060
Net income (annually)$59,940
Gross return17.31%

Gross income (monthly)$7,500
Operating expenses (monthly)$2,505
Net income (monthly)$4,995
Net return11.53%

Property Income & ExpensesMonthlyAnnual

Income

Bldg 1
Unit 1: 1 bed / 1 bath$450/month$5,400/year
Unit 2: 1 bed / 1 bath$450/month$5,400/year
Unit 3: 1 bed / 1 bath$450/month$5,400/year
Unit 4: 1 bed / 1 bath$450/month$5,400/year
Unit 5: 1 bed / 1 bath$450/month$5,400/year
Unit 6: 1 bed / 1 bath$450/month$5,400/year
Unit 7: 1 bed / 1 bath$450/month$5,400/year
Unit 8: 2 bed / 1 bath$550/month$6,600/year
Bldg 2
Unit 9: 1 bed / 1 bath$450/month$5,400/year
Unit 10: 1 bed / 1 bath$450/month$5,400/year
Unit 11: 1 bed / 1 bath$450/month$5,400/year
Unit 12: 2 bed / 1 bath$550/month$6,600/year
Unit 13: 1 bed / 1 bath$450/month$5,400/year
Unit 14: 1 bed / 1 bath$450/month$5,400/year
Unit 15: 1 bed / 1 bath$450/month$5,400/year
Unit 16: 2 bed / 1 bath$550/month$6,600/year
Total$7,500/month$90,000/year

Expenses

Property Management$500/month$6,000/year
Waste Collection$230/month$2,760/year
Water and Sewer$500/month$6,000/year
Electric bill$85/month$1,020/year
Insurance$267/month$3,200/year
Maintenance reserve$667/month$8,000/year
Property Taxes$257/month$3,080/year
Total$2,505/month$30,060/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.