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100% Leased Renovated Multifamily Community 212 Pullen Lake Rd 20 Unit Apartment Building $1,200,000 ($60,000/Unit) 10.90% Cap Rate Aberdeen, MS 39730
INVESTMENT HIGHLIGHTS
- River Oak Apartments offer a cash-flowing garden community with 20 fully occupied and renovated units near highways and retail amenities.
- These recently updated apartments include full kitchens with efficient appliances, large closets, garden tubs, and patios.
- Sitting just off Highway 8 with connections to Highways 25 and 45, the complex is easily accessible and ideal for commuting professionals.
- Nearby national retailers include Food Giant, McDonald’s, Subway, AutoZone, Western Union, and Dollar General.
EXECUTIVE SUMMARY
212 Pullen Lake Road | Aberdeen, MS – 20 Units
ASKING: $1,200,000 | 10.9% CAP (In-Place)
Summary:
I wanted to present you with an excellent investment opportunity located at 212 Pullen Lake Road, Aberdeen, MS — River Oak Village Apartments, a 20-unit, 100% occupied, garden-style complex offered for sale at a strong in-place yield. Below are the key investment highlights for your review:
This fully renovated, cash-flowing multifamily asset offers stable income with upside through rent increases, lease repositioning, or conversion to Section 8 housing. Ideally located just off Highway 8 with immediate access to Highways 25 and 45, the property is surrounded by national retailers and serves a tight rental market with limited local multifamily inventory.
Key Property Details:
* Address: 212 Pullen Lake Road, Aberdeen, MS 39730
* Price: $1,200,000
* Cap Rate: 10.9% (In-Place)
* Property Type: Multifamily – Garden-Style Apartments
* Unit Count: 20 Units (All 2 Bed / 2 Bath)
* Avg. Unit Size: 750 SF
* Total SF: 15,000
* Lot Size: 3.93 Acres
* Year Built / Renovated: 1979 / 2024
* Occupancy: 100%
* Current Gross Operating Income: $198,180
* Expenses: $67,098
* Net Operating Income (NOI): $131,081
* Pro Forma Rent: $903/month/unit
Property Features:
* Renovations: 2024 updates include new interiors, flooring, kitchens, and bathrooms
* HVAC: 50% new, remaining units 5 years old
* Roof: Asphalt – 4 years old
* Construction: Brick exterior / wood-frame
* Laundry: New community laundry room (contract with Caldwell & Gregory)
* Parking: 15 spaces (0.75 per unit)
Location Highlights:
* Connectivity: Adjacent to Highway 8; near Highways 25 & 45
* Nearby Retailers: McDonald’s, AutoZone, Subway, Dollar General, Food Giant
* Local Dining: El Jefe, Topp’s Barbeque, North Side Ice Cream Shoppe
* Surrounding Area: Quiet, residential neighborhood with low density
Investment Highlights:
* ? Cash-Flowing: Fully occupied asset with renovated interiors
* ? Value-Add: Rent increase potential to ~$903/unit or Section 8 conversion
* ? Limited Competition: Only 4% of housing stock within 10 miles is multifamily
* ? Efficient Units: Large 2/2 floor plans with energy-efficient appliances
* ? Stable Rental Market: Strong demand and minimal vacancy in submarket
Market Overview – Aberdeen, MS:
* Population: ~5,200 (City); ~34,100 (Monroe County)
* Median Rent: ~$700/month
* Rental Demographics: 36% renter population
* Vacancy Rate: ~7%
* Cost of Living: ~22% below national average
* Historic Appeal: Over 200 properties listed on the National Register
Investor’s Takeaway:
River Oak Village Apartments presents a rare chance to acquire a stabilized, cash-producing multifamily asset in a market with strong fundamentals and minimal competition. With modernized units, upside in rents, and proximity to employers and national retail, this deal offers both short-term returns and long-term growth potential.
ASKING: $1,200,000 | 10.9% CAP (In-Place)
Summary:
I wanted to present you with an excellent investment opportunity located at 212 Pullen Lake Road, Aberdeen, MS — River Oak Village Apartments, a 20-unit, 100% occupied, garden-style complex offered for sale at a strong in-place yield. Below are the key investment highlights for your review:
This fully renovated, cash-flowing multifamily asset offers stable income with upside through rent increases, lease repositioning, or conversion to Section 8 housing. Ideally located just off Highway 8 with immediate access to Highways 25 and 45, the property is surrounded by national retailers and serves a tight rental market with limited local multifamily inventory.
Key Property Details:
* Address: 212 Pullen Lake Road, Aberdeen, MS 39730
* Price: $1,200,000
* Cap Rate: 10.9% (In-Place)
* Property Type: Multifamily – Garden-Style Apartments
* Unit Count: 20 Units (All 2 Bed / 2 Bath)
* Avg. Unit Size: 750 SF
* Total SF: 15,000
* Lot Size: 3.93 Acres
* Year Built / Renovated: 1979 / 2024
* Occupancy: 100%
* Current Gross Operating Income: $198,180
* Expenses: $67,098
* Net Operating Income (NOI): $131,081
* Pro Forma Rent: $903/month/unit
Property Features:
* Renovations: 2024 updates include new interiors, flooring, kitchens, and bathrooms
* HVAC: 50% new, remaining units 5 years old
* Roof: Asphalt – 4 years old
* Construction: Brick exterior / wood-frame
* Laundry: New community laundry room (contract with Caldwell & Gregory)
* Parking: 15 spaces (0.75 per unit)
Location Highlights:
* Connectivity: Adjacent to Highway 8; near Highways 25 & 45
* Nearby Retailers: McDonald’s, AutoZone, Subway, Dollar General, Food Giant
* Local Dining: El Jefe, Topp’s Barbeque, North Side Ice Cream Shoppe
* Surrounding Area: Quiet, residential neighborhood with low density
Investment Highlights:
* ? Cash-Flowing: Fully occupied asset with renovated interiors
* ? Value-Add: Rent increase potential to ~$903/unit or Section 8 conversion
* ? Limited Competition: Only 4% of housing stock within 10 miles is multifamily
* ? Efficient Units: Large 2/2 floor plans with energy-efficient appliances
* ? Stable Rental Market: Strong demand and minimal vacancy in submarket
Market Overview – Aberdeen, MS:
* Population: ~5,200 (City); ~34,100 (Monroe County)
* Median Rent: ~$700/month
* Rental Demographics: 36% renter population
* Vacancy Rate: ~7%
* Cost of Living: ~22% below national average
* Historic Appeal: Over 200 properties listed on the National Register
Investor’s Takeaway:
River Oak Village Apartments presents a rare chance to acquire a stabilized, cash-producing multifamily asset in a market with strong fundamentals and minimal competition. With modernized units, upside in rents, and proximity to employers and national retail, this deal offers both short-term returns and long-term growth potential.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Third Party Reports
- Title and Insurance
PROPERTY FACTS
| Price | $1,200,000 | Apartment Style | Garden |
| Price Per Unit | $60,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 3.93 AC |
| Cap Rate | 10.90% | Building Size | 15,000 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1979 |
| Price | $1,200,000 |
| Price Per Unit | $60,000 |
| Sale Type | Investment |
| Cap Rate | 10.90% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 3.93 AC |
| Building Size | 15,000 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1979 |
AMENITIES
SITE AMENITIES
- Laundry Service
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $88,556 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$88,556
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100% Leased Renovated Multifamily Community | 212 Pullen Lake Rd
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