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The Wesley Lofts 222 Union St 11 Unit Apartment Building $2,650,000 ($240,909/Unit) 7.40% Cap Rate Jonesboro, AR 72401
Investment Highlights
- Gated downtown living. First class living in Downtown Jonesboro. Nice, safe, quiet and one block from Main Street.
Executive Summary
Exceptional multi-family investment opportunity located in the Downtown Jonesboro Entertainment District. This fully occupied property features 11 loft-style residential units and 8 gated parking spaces, generating over $200,000 in gross annual income with potential for increased revenue. The property offers a unique loft living experience within the historic Massinelli's Dry Cleaning Building, combining character with modern amenities. Features include secure gated access, fire sprinkler system, tankless water heaters, and a rooftop patio for tenant only use. Situated in a strong rental market (approximately 52% renter-occupied), this asset provides immediate cash flow and long-term investment stability. One of the few downtown properties offering both loft-style units and dedicated gated parking. Nine 2 bed, 2 bath and Two 1 bed, 1 bath. Perfect for a 1031 Exchange. Financials and additional property details available upon request.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$205,800
|
$25.73
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$205,800
|
$25.73
|
| Taxes |
$5,670
|
$0.71
|
| Operating Expenses |
$26,756
|
$3.34
|
| Total Expenses |
$32,426
|
$4.05
|
| Net Operating Income |
$173,374
|
$21.67
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $205,800 |
| Annual Per SF | $25.73 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $205,800 |
| Annual Per SF | $25.73 |
| Taxes | |
|---|---|
| Annual | $5,670 |
| Annual Per SF | $0.71 |
| Operating Expenses | |
|---|---|
| Annual | $26,756 |
| Annual Per SF | $3.34 |
| Total Expenses | |
|---|---|
| Annual | $32,426 |
| Annual Per SF | $4.05 |
| Net Operating Income | |
|---|---|
| Annual | $173,374 |
| Annual Per SF | $21.67 |
Property Facts
| Price | $2,650,000 | Building Class | C |
| Price Per Unit | $240,909 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 8,000 SF |
| Cap Rate | 7.40% | Average Occupancy | 90% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2015 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Price | $2,650,000 |
| Price Per Unit | $240,909 |
| Sale Type | Investment |
| Cap Rate | 7.40% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 8,000 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 2015 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Loft Layout
Site Amenities
- Fenced Lot
- Gated
- Grill
- Roof Terrace
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 01-144183-50100 | Total Assessment | $131,267 (2025) |
| Land Assessment | $9,900 (2025) | Annual Taxes | $5,670 ($0.71/SF) |
| Improvements Assessment | $121,367 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
01-144183-50100
Land Assessment
$9,900 (2025)
Improvements Assessment
$121,367 (2025)
Total Assessment
$131,267 (2025)
Annual Taxes
$5,670 ($0.71/SF)
Tax Year
2024
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The Wesley Lofts | 222 Union St
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