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Home For Sale

Picture of Home For Sale in Searcy, Arkansas, United States

$1,425,000

701 S Elm St
Searcy, Arkansas, United States

Listed By: Realtyww Info

Listed On: 06/03/2023

Listing ID: GL10273508 View More Details

Description

Check out Stonegate Manor Apartments. This 34-unit apartment complex with substantial value-add potential in Searcy located just one mile from Harding University, where nearly 5, 000 students attend class daily. Not only this, but it also sits just South of E Beebe Capps Expy which has a 19, 000 average VPD count as well as numerous businesses that sit on it. The Stonegate Manor Apartments have 34 units that are 2 bed/2 bath and a single unit that has had the bottom floor converted to the laundry room for the entire complex. There are 2 washers and 2 dryers in this unit. The upstairs has been walled off from each side upstairs but could be expanded into for additional rooms with additional rental income. The property sits on 1.76 acres with an approximate total rentable square footage of 28, 900 SF before counting the untapped potential of the upstairs of the laundry unit. It is comprised of 10 buildings. Property management is currently being handled by a local third-party company. The property is currently sitting at a 47.05% occupancy with 16 out of 34 units rented. The current owners have done many updates since taking ownership including both interior and exterior improvements.

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Listed by: Re Max Elite
Source: The World Property Journal

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