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316 Drake St
Jonesboro, AR 72401
Drake Street Apartments · Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Rents are currently $109 below the market rate, offering immediate value-add potential
- 8 Miles (16 minute drive) from Craighead Technology Park, 2,100 acres of land serving as a hub for high-tech industries bringing high-skilled jobs to
- 1.5 Miles (4 minute drive) from Arkansas State University and downtown Jonesboro
EXECUTIVE SUMMARY
Marcus & Millichap has been selected to exclusively market for sale the Drake Street Apartments in Jonesboro, AR. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in downtown Jonesboro.
Drake Street Apartments, located in Jonesboro, AR, presents an immediate value-add opportunity with current rents approximately $109 below the market rate. Situated just 1.5 miles from both Arkansas State University and downtown Jonesboro, the property benefits from strong demand drivers, including student and young professional tenants. Additionally, it is 8 miles from the 2,100-acre Craighead Technology Park, a regional employment hub attracting high-skilled labor in the tech and manufacturing sectors. The three buildings are separately metered and feature durable slab construction, Plex plumbing, and copper wiring. All units include in-unit washer and dryer appliances, enhancing tenant appeal and supporting future rent growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF THE DRAKE STREET APARTMENTS.
Drake Street Apartments, located in Jonesboro, AR, presents an immediate value-add opportunity with current rents approximately $109 below the market rate. Situated just 1.5 miles from both Arkansas State University and downtown Jonesboro, the property benefits from strong demand drivers, including student and young professional tenants. Additionally, it is 8 miles from the 2,100-acre Craighead Technology Park, a regional employment hub attracting high-skilled labor in the tech and manufacturing sectors. The three buildings are separately metered and feature durable slab construction, Plex plumbing, and copper wiring. All units include in-unit washer and dryer appliances, enhancing tenant appeal and supporting future rent growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF THE DRAKE STREET APARTMENTS.
PROPERTY FACTS
| Price Per Unit | $183,641 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.62 AC |
| Cap Rate | 6.62% | Building Size | 6,600 SF |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2022 |
| Property Subtype | Apartment | Parking Ratio | 1.97/1,000 SF |
| Apartment Style | Townhome | Opportunity Zone |
Yes
|
| Zoning | R-3 - Multi-Family High Density District. Maximum density in this zone is eighteen (18) dwelling units to an acre. | ||
| Price Per Unit | $183,641 CAD |
| Sale Type | Investment |
| Cap Rate | 6.62% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.62 AC |
| Building Size | 6,600 SF |
| No. Stories | 2 |
| Year Built | 2022 |
| Parking Ratio | 1.97/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 - Multi-Family High Density District. Maximum density in this zone is eighteen (18) dwelling units to an acre. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Ceiling Fans
- Tile Floors
- Kitchen
- Granite Countertops
- Stainless Steel Appliances
- Tub/Shower
- Carpet
- Family Room
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 6 | - | 1,100 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $171,677 CAD | |
| Land Assessment | $8,307 CAD | Total Assessment | $179,984 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$8,307 CAD
Improvements Assessment
$171,677 CAD
Total Assessment
$179,984 CAD
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