Value Add Rentals
901 E 29th Avenue, Pine Bluff, AR
19.34% return
SP:
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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
  • Total units14
  • Total bedrooms30
  • Total bathrooms14
  • Building size12042 sq. ft.
  • Lot size1.0 acres
  • Year built1975 - 1981
  • CountyJefferson County
  • SubdivisionHAVIS & MOON RES
  • ConstructionBrick, Frame
  • RoofShingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Sale price $399,000
  • Estimated rehab 1 $40,000
  • Total investment $439,000
  • Type Proforma
  • 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 return 23.78%
  • Gross income (monthly) $8,700
  • Operating expenses (monthly) $1,626
  • Net income (monthly) $7,074
  • Net return 19.34%

Property Income & Expenses

  • Income
  • 3005 S 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 S 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 E 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.

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