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Home For Sale

Picture of Home For Sale in Fort Smith, Arkansas, United States

$5,300,000

4301 Kinkead Ave
Fort Smith, Arkansas, United States

Listed By: Realtyww Info

Listed On: 06/19/2023

Listing ID: GL9981042 View More Details

Description

Boardwalk Terrace and College Terrace Apartments is a 106 unit multifamily property that is just blocks from the University of Arkansas Fort Smith. Sitting on 4 acres at the intersection of Kinkead Avenue and N. Albert Pike, this asset affords an investor a value-add opportunity that this property has been waiting for. Units have not been remodeled and with a healthy remodel budget, rents can be raised exponentially. The size the property also produces enough income to hire full time staff to streamline management operations. Boardwalk Apartments consist of 63 apartment units consisting of 1 bed/1 bath, 2 bed/1 bath, 2 bed/2 bath/ 3 bed/2 bath, and 4 bed/2 bath apartments, an excess of green space, playground, 2 maintenance rooms. This property also has a unique HUD contract that guarantees above market income for the owner and make ready cost which will reduce turnover cost. Contract will be inherited by new ownership. College Terrace is a 43 unit market rate community that is branded as a separate complex from Boardwalk (both properties located on same parcel). The unit mix consist of Studio, 1 bed/1 bath, 2 bed/1 bath apartments. Rent is well below market rate for comparable complexes and other competitors. Remodels have not been completed by the current ownership which gives a buyer a fresh sleight to implement their own value add program. This property is market rate and not capped by HUD. Market rent for competitors far exceed the in-place rent amounts at College Terrace. The property has an on-site laundry room, maintenance room, and shared office with Boardwalk. Financials and rent roll are available upon request. Please do not disturb residents. Showings will be conducted by Listing Firm on specified tour dates.

For more details:

Listed by: Harmon Real Estate Company
Source: The World Property Journal

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