College Manor Apartments
Multifamily | 9.35% CAP | 33 Units
Marketing description
College Manor Apartments is a 33-unit multifamily community ideally located at 124 S College Street in Mountain Home, Arkansas, directly adjacent to Arkansas State University at Mountain Home. The property offers a rare combination of new construction and classic value-add within a single asset. Seventeen of the 33 units were built in 2022 under current ownership and feature modern finishes, layouts, and amenities, while the original 16-unit complex, constructed in 1985, provides a clear runway for future upside. The unit mix consists of 7 1x1, 10 2x1, and 16 2x2 units averaging 775 square feet. Current ownership achieves $295,960 in annual NOI at 100% occupancy.
The 17 units built in 2022 serve as a proven renovation concept, already leased and performing at below market rents. New ownership can mark rents to market immediately, raising rents an average of $182 per unit, a $0.24 per square foot increase, and capturing $39,960 of annual loss-to-lease. For investors seeking enhanced returns, a full renovation of the original 16 units to match the 2022 vintage finishes supports additional rent premiums beyond the in-place mark-to-market. Additional revenue levers include implementing RUBS for water reimbursement at approximately $63 per unit per month and passing trash charges through to residents. Depending on value add scope, annualized NOI can be increased to $309,396 or higher. The property is currently owner managed, with proforma financials underwritten to an 8% third-party management fee, taxes were also raised 10% in pro forma underwriting.
Mountain Home is the county seat of Baxter County and the regional hub for healthcare, education, and outdoor recreation in north central Arkansas. The local economy is anchored by Baxter Regional Medical Center, one of the area's largest employers, and Arkansas State University at Mountain Home, both of which drive consistent demand for quality rental housing. A stable population of approximately 13,000 in the city and 41,000 countywide, combined with a limited supply of quality multifamily product, supports durable occupancy and steady rent growth. The area continues to attract retirees, students, healthcare professionals, and families drawn by the low cost of living, low crime rates, and outdoor lifestyle centered around Bull Shoals Lake, Norfork Lake, and the White River.
Investment highlights
- College Manor Apartments is a 33-unit multifamily community ideally located at 124 S College Street in Mountain Home, Arkansas, directly adjacent to Arkansas State University at Mountain Home. The property offers a rare combination of new construction and classic value-add within a single asset. Seventeen of the 33 units were built in 2022 under current ownership and feature modern finishes, layouts, and amenities, while the original 16-unit complex, constructed in 1985, provides a clear runway for future upside. The unit mix consists of 7 1x1, 10 2x1, and 16 2x2 units averaging 775 square feet. Current ownership achieves $295,960 in annual NOI at 100% occupancy.
- The 17 units built in 2022 serve as a proven renovation concept, already leased and performing at below market rents. New ownership can mark rents to market immediately, raising rents an average of $182 per unit, a $0.24 per square foot increase, and capturing $39,960 of annual loss-to-lease. For investors seeking enhanced returns, a full renovation of the original 16 units to match the 2022 vintage finishes supports additional rent premiums beyond the in-place mark-to-market. Additional revenue levers include implementing RUBS for water reimbursement at approximately $63 per unit per month and passing trash charges through to residents. Depending on value add scope, annualized NOI can be increased to $309,396 or higher. The property is currently owner managed, with proforma financials underwritten to an 8% third-party management fee, taxes were also raised 10% in pro forma underwriting.
- Mountain Home is the county seat of Baxter County and the regional hub for healthcare, education, and outdoor recreation in north central Arkansas. The local economy is anchored by Baxter Regional Medical Center, one of the area's largest employers, and Arkansas State University at Mountain Home, both of which drive consistent demand for quality rental housing. A stable population of approximately 13,000 in the city and 41,000 countywide, combined with a limited supply of quality multifamily product, supports durable occupancy and steady rent growth. The area continues to attract retirees, students, healthcare professionals, and families drawn by the low cost of living, low crime rates, and outdoor lifestyle centered around Bull Shoals Lake, Norfork Lake, and the White River.
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
