North Main Apartments
Multifamily | 11 Units | $27,182/unit
Marketing description
Harmon Real Estate Company is pleased to present the exclusive offering of North Main Apartments, an 11-unit all-studio multifamily property located at 910 N. Main Street in Waldron, Arkansas. Offered at $299,000 ($27,182 per unit), the asset is priced at the comp-supported per-unit basis for small multifamily in the rural West-Central Arkansas market, with two clear return paths available to the next owner.
The property is currently operating at 3 of 11 units occupied. Current in-place rents of $600 per month for studios sit at the floor of local pricing — a comparable Waldron studio is actively listed at $850, and local one-bedroom units average $600–$900. The buyer's return comes from two complementary plays. First, leasing the eight currently unoccupied units at supported rents stabilizes the asset and grows in-place income from approximately $21,600 collected today to a defensible $79,200 GPR. Second, marking rents toward the upper end of the local range through natural turnover moves stabilized GPR toward $90,000+, supporting income growth of roughly 15–18% beyond stabilization without rent inflation assumptions.
Investment highlights
Priced at comp-supported per-unit basis — $27,182/unit aligns with the recent stabilized small-MF transaction bracket in rural West-Central Arkansas ($25,000–$54,000/unit); closest profile match is an 8-unit Russellville sale at $25,000/unit in October 2025
8-unit lease-up upside — 73% of units currently unoccupied; comp-supported $600 rents and active local demand (Waldron studio listed at $850) make this a clean execution play
Rent mark-to-market headroom — in-place $600 sits at the floor of the local $600–$900 1BR range; turnover-driven push to $700–$750 per unit supports a second leg of income growth on top of the lease-up
Two clear return paths — (1) stabilize via lease-up to a defensible ~$300,000+ comp value, and (2) push rents through turnover to capture cash-flow growth without dependence on market rent inflation
Tyson Foods in-market workforce — the area's largest employer (1,000+ employees) operates two miles from the property, anchoring durable demand for affordable studios
Diversified employment base — Mercy Hospital Waldron, Waldron Nursing Center, the Waldron School District, county government, and Walmart all within minutes of Main Street
Main Street location — high visibility, walk-to-work proximity to every major employment node in Waldron
Constrained new supply — no meaningful Class A or new multifamily competition in Waldron; thin inventory supports the rent floor through the hold period
Below-replacement-cost basis — $27,182/unit pricing is significantly below the cost a developer would incur to build new multifamily in this market, providing a structural margin of safety
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