The Waller Group is proud to present the 80.8% occupied, 52- unit value-add property in Pine Bluff, AR. Current ownership has renovated the property by putting in $6,000 – $8,000 / unit in interior renovations, replacing more than 90% of the roofs on the SFR properties (less than 3 years ago), and replacing the roofs on the MF properties (in 2018). The portfolio is available because current ownership is looking to retire.
The MF side consists of 5 fourplex buildings (20 units total), and the SFR side consists of 32 units. Current ownership is achieving $183,259 in annual NOI. New ownership, based upon area rent comps, can raise rents by $81 / unit, which is a $0.09 / sqft bump. With this bump, new ownership can achieve an annual NOI of $240,522. 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. Wes Brown currently manages the portfolio and is willing to stay on for new ownership.