Multifamily Investment Opportunity

$6,600,000

Contact Eric Brinson to view official Financials & Rent Rolls - NDA Required

Acquisition Overview

Canton Estates presents a unique investment opportunity for the acquisition of a government-subsidized multi-family complex located in Canton, Mississippi. This off-market offering consists of 120 units with a mix of one to four-bedroom apartments spread across 15 well-maintained buildings.

Property Description

• Address: 388 Ricks Dr. Canton, MS 39046

• Built: 1984

• Total Units: 120

• Building Count: 15

• Unit Mix:

• 1 Bedroom: 24 units at $557/month

• 2 Bedroom: 32 units at $663/month

• 3 Bedroom: 33 units at $745/month

• 4 Bedroom: 32 units at $895/month

Investment Highlights

• YTD Total Income at Current Rent: $1,048, 519

• YTD Total Expenses (Including Repairs & Maintenance) : $745,792

• YTD Total CapEx 2023 : $111,681

• Strong Government Support: As a HUD complex, Canton Estates benefits from consistent government subsidies, providing a stable income stream.

• Diverse Unit Mix: With 120 units ranging from one to four bedrooms, the property caters to a variety of family sizes and tenant demographics.

• On-Site Amenities: The complex includes a convenient on-site laundromat for tenant use.

• Internal Management: Currently managed by a seller-owned property management firm, offering potential for seamless transition and operational continuity.

• Value-Add Potential: Significant rental upside through strategic renovation and repositioning in line with 2024 HUD Fair Market Rents.

• Below-Market Rents: Current rents are underpriced by 50.8% to 62.4%, allowing for immediate growth potential.

Market Overview

• 2024 SAFMRs:

• Efficiency/One-Bedroom: $860/month

• Two-Bedroom: $1,000/month

• Three-Bedroom: $1,210/month

• Four-Bedroom: $1,350/month

Photos

A&R Development & Acquisitions

Eric Brinson, REALTOR and General Contractor

Mobile: 615-987-7897

ericb@andersonandryan.com

www.andersonandryan.com

*Note* You DO NOT have permission to market this property in anyway to anyone on any social media platforms, email, or direct to someone you know. You DO NOT have permission to mark up the property for your profit. If you know someone who may want to invest with us on this property contact ericb@andersonandryan.com directly to discuss. This is an off market investment opportunity.