1015 West Pine St, Hattiesburg MS - 32 Unit Complex
32-unit Complex with long-term tenant (12 units)
Marketing description
Don't miss this opportunity to invest in a cash-flowing multifamily property within the exciting new "Right Down Broadway" Overlay Project. Per the Hattiesburg Urban Development & Planning Division, nothing needs to be changed or added by the current Owner or a new Owner. Here is the Right Down Broadway Master Plan Landing Page for further information: https://www.hattiesburgms.com/broadway/
This is the first time the property has been on the market in six years. For the risk-averse, a long-term Corporate Tenant leasing 12 units provides further stability & risk reduction. The lease has been in place for more than 6 years & current Owners have maintained the contract on good terms for all 6 years of their ownership.
Gross Income, Rent Rolls & Total Operating Expense are available to qualified Buyers with a signed Confidentiality Agreement, I am happy to provide floorplans, photos, etc.
Owners can substantiate Trailing NOI (Cap Rate 6.78) & Stabilized NOI (Cap Rate 8.85)
Owner Financing & Leaseback are not offered by the Seller
Property Manager does not live on-site; at least a 24-hour notice is required for showings
Best Ways to Reach Me: (985)264-5342 or [email protected]
Investment highlights
- 32 units: (12) 2/1 units @ 901 SF; (8) 2/1 units @ 816 SF; (12) 1/1 units @ 603 SF
- A long-term Corporate Lease is in place for 12 units (see more below)
- $81.38/SF x 24,576 SF Living Area (excludes on-site laundry)
- Occupancy has remained consistent at 90-100%; vacancies fill quickly; tenants are vetted
- A few rents are below market; Rental Office (a 2/1) can be rented for additional profitability & occupancy
- Average/Good condition building (built 1972) offering lower rents & high cash-flow potential
- Located in a progressive university/college town with a high-energy vibe
- Within City limits with all mid-size metro-area perks (shopping, big-box stores, restaurants, coffee shops, entertainment, education, healthcare/medical, the Hattiesburg Zoo & more)
- Desirable Flood Zone C
- 90 miles to Jackson, MS; 69 miles to Gulfport, MS; 106 miles to New Orleans
Continuous & ongoing maintenance; recent installation of 14 hot water heaters & 9 central AC units as part of Owners' 5-year Plan
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