The Waller Group is proud to present the 94.4% occupied, 36- unit value-add property in Pine Bluff, AR. Current ownership has renovated the property by putting in $100,000 in interior and exterior renovations, replacing the roofs, upgrading appliances, and parking lots. The portfolio is available because current ownership is looking to retire. Current ownership is achieving $121,181 in annual NOI.
New ownership, based upon area rent comps, can raise rents by $139 / unit, which is a $0.21 / sqft bump. With this bump, new ownership can achieve an annual NOI of $167,301. Additionally, there is the opportunity to implement additional income fees through application fees, late fees, month-to-month fees, pet deposits/pet fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. Current management is willing to stay on for new ownership.