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Foxcroft Apartments 900 Madden Rd 20 Unit Apartment Building For Sale Jacksonville, AR 72076
EXECUTIVE SUMMARY
Foxcroft Apartments is a 20-unit multifamily asset located in Jacksonville, Arkansas and was originally constructed in 2002. The assets sit on 2.19 acres and slightly under half an acre has been developed and occupied with rentable units. All 20 units are 2x2.5’s and are 1,107 square feet. The property is made up of five buildings with four units per building.
Ownership has renovated approximately 8/20 units during their ownership tenure and has spent approximately $64,000 on capital expenditures over the same time frame. Four out of five roofs were replaced in 2018 while the remaining roof was replaced in 2021. Each unit is equipped with washer and dryer connections and feature stoves and refrigerators for tenants.
Current ownership achieves $139,360 in annualized NOI. Based on rental comparables new ownership can raise rents by $100/unit, which is a $0.10 square foot increase. As a result of raising rents to align with market rents, new ownership can increase annualized NOI by approximately 15% to $175,966. Foxcroft Apartments is a newer vintage, stable property with noteworthy upside in rents.
Foxcroft is currently managed by a 3rd party and pro-form financials were underwritten with a 8% management fee.
Ownership has renovated approximately 8/20 units during their ownership tenure and has spent approximately $64,000 on capital expenditures over the same time frame. Four out of five roofs were replaced in 2018 while the remaining roof was replaced in 2021. Each unit is equipped with washer and dryer connections and feature stoves and refrigerators for tenants.
Current ownership achieves $139,360 in annualized NOI. Based on rental comparables new ownership can raise rents by $100/unit, which is a $0.10 square foot increase. As a result of raising rents to align with market rents, new ownership can increase annualized NOI by approximately 15% to $175,966. Foxcroft Apartments is a newer vintage, stable property with noteworthy upside in rents.
Foxcroft is currently managed by a 3rd party and pro-form financials were underwritten with a 8% management fee.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 2.19 AC |
| No. Units | 20 | Building Size | 22,140 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 2002 |
| Building Class | C | Parking Ratio | 1.96/1,000 SF |
| Zoning | Commercial | ||
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.19 AC |
| Building Size | 22,140 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2002 |
| Parking Ratio | 1.96/1,000 SF |
| Zoning | Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Wheelchair Accessible (Rooms)
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 12J-010-00-015-03 | Improvements Assessment | $309,129 CAD |
| Land Assessment | $53,364 CAD | Total Assessment | $362,494 CAD |
PROPERTY TAXES
Parcel Number
12J-010-00-015-03
Land Assessment
$53,364 CAD
Improvements Assessment
$309,129 CAD
Total Assessment
$362,494 CAD
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Foxcroft Apartments | 900 Madden Rd
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