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Westwood Acres Apartments 195 County Road 137 20 Unit Apartment Building $988,888 ($49,444/Unit) 6.24% Cap Rate Corning, AR 72422
Investment Highlights
- 20 Units
- Potential for rent improvement
- New mini-splits
- Room to build on additional 1.0 acre lot for purchase
- Located near future I-57
- Additional coin laundry income
Executive Summary
20-doors! Three all brick buildings on +/-1.5 acres. Take a look at this investment opportunity offering not only a solid income stream but also the potential for expansion. Positioned near the future I-57 interstate, this complex is convenient for commuters, enhancing its desirability and long-term value. All 20 apartments were upgraded with new mini-split heating and air units in 2024, offering tenants comfort and energy efficiency. Additional revenue income from on-site coin-operated laundry. Room for value add and rate improvements. An additional +/- 1.0 acre with appproxmimatly 240 ft of highway frontage is available to purchase providing an excellent opportunity for further development, allowing you to capitalize on the demand for additional rental units or other business ventures.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $988,888 | Property Subtype | Apartment |
| Price Per Unit | $49,444 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.24% | Lot Size | 1.50 AC |
| Gross Rent Multiplier | 0.1 | Building Size | 9,632 SF |
| No. Units | 20 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1967 |
| Price | $988,888 |
| Price Per Unit | $49,444 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| Gross Rent Multiplier | 0.1 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.50 AC |
| Building Size | 9,632 SF |
| No. Stories | 1 |
| Year Built | 1967 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Range
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Walking/Biking Trails
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | $575.00 | - |
| 1+1 | 8 | $625.00 | - |
1 1
Not walkable
10/100
Exceptionally drivable
100/100
Not bikeable
10/100
Property Taxes
| Parcel Number | 722-01396-001C | Total Assessment | $63,080 (2025) |
| Land Assessment | $5,590 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $57,490 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
722-01396-001C
Land Assessment
$5,590 (2025)
Improvements Assessment
$57,490 (2025)
Total Assessment
$63,080 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Contact the Sale Advisor
Westwood Acres Apartments | 195 County Road 137