River Oak Village Apartments of Aberdeen

ASKING: $1,100,000 | 9.3% CAP

Located at 212 Pullen Lake Road, the River Oak Village Apartments in Aberdeen, Mississippi, present an excellent opportunity for investors seeking a fully occupied, cash-flowing multifamily asset.​ This recently renovated, garden-style apartment community consists of 20 units, each offering spacious 2-bedroom, 2-bathroom layouts with modern amenities.​ The property sits on a 3.93-acre lot and is ideally positioned just off Highway 8, providing easy access to major routes, retail amenities, and dining options.​ The property has undergone substantial improvements, including updated kitchens, new community laundry facilities, and professional landscaping, making it a popular choice for renters.​ With a strong rental market, limited competition, and proximity to major employers in nearby Tupelo, River Oak Village is an attractive, income-generating asset with significant value-add potential.​

Property Overview:

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  Address: 212 Pullen Lake Road, Aberdeen, MS 39730

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  Property Type: Multifamily, Garden-Style Apartments

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  Unit Count: 20 Fully Renovated Units

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  Occupancy: 100% Occupied

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  Total Lot Size: 3.93 Acres

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  Year Built: 1979 (recently renovated in 2024)

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  Building Count: 7 Buildings

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  Total Square Footage: 15,000 sq.​ ft.​

Financial Overview:

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  Current Gross Operating Income (GOI): $179,388

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  Net Operating Income (NOI): $103,320

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  Proforma GOI: $216,720 (with potential rent increases)

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  Projected NOI: $130,405

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  Occupancy Rate: 100%

Property Features:

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  Unit Size: Each unit is approximately 750 sq.​ ft.​

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  Floor Plan: Spacious 2-bed, 2-bath units with modern kitchens, energy-efficient appliances, large closets, garden tubs, and private patios.​

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  Recent Upgrades: New community laundry room, landscaping, and unit renovations.​

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  Parking: 15 parking spaces with a 0.75 parking ratio per unit.​

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  Roofing: Asphalt roofs (4 years old) and new condensers.​

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  Laundry: On-site laundry facilities with new contract and machines from Caldwell & Gregory.​

Location Highlights:

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  Proximity: Just off Highway 8, with easy access to Highways 25 and 45, making it ideal for commuting professionals.​

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  Nearby Retailers: Walking distance to national brands including McDonald's, Subway, AutoZone, Food Giant, Western Union, and Dollar General.​

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  Local Amenities: Close to popular dining spots like El Jefe, Topp’s Barbeque, and North Side Ice Cream Shoppe.​

Market Overview:

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  Population: Aberdeen has a population of approximately 5,200 residents, with Monroe County totaling 34,100.​

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  Rental Market: Median rental prices in Aberdeen are around $700/month, with strong demand for quality rental housing.​

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  Historic Appeal: Aberdeen is known for its tree-lined streets, antebellum homes, and over 200 buildings listed on the National Register of Historic Places.​

Investor's Takeaway: This is a rare opportunity to acquire a stabilized, cash-flowing multifamily property in a growing market with potential for rent growth and limited local competition.​ The River Oak Village Apartments provide a solid investment with modern amenities, an ideal location, and immediate income generation.​

Investment Highlights:

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  Cash-Flowing Asset: Fully leased, renovated units in a stable rental market.

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  Value-Add Potential: Opportunity to increase rents or convert units to Section 8 housing for additional income.

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  Limited Competition: With only 4% of housing in the area comprising multifamily properties, River Oak Village is one of the largest apartment communities within a 10-mile radius.