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The Bluffs on McCain I and II 431 McCain Blvd 183 Unit Apartment Building $7,500,000 ($40,984/Unit) North Little Rock, AR 72116
Investment Highlights
- Irreplaceable debt: Assuming the 2.26% HUD loan vs. financing new at ~5.5% saves an estimated $185K+ in annual interest in early years
- Clear loss-to-lease upside: Rents roll toward LIHTC max-allowable levels (50%/60% AMI) that remain below true market.
- No New Competitive Supply: Workforce/affordable product in the corridor faces limited new construction
- Below-market basis: $7,500,000 Purchase Price (~$41k per door) offering an attractive entry level basis
- Occupancy + collections runway: The submarket/affordable demand is deep so the value-add is operational execution, not market timing.
Executive Summary
183 Affordable Units in North Little Rock, AR. List Price $7,500,000 or approx. $41K per unit. Attractive assumable HUD financing at 2.26% Interest.
Property Facts
| Price | $7,500,000 | Building Class | C |
| Price Per Unit | $40,984 | Lot Size | 4.07 AC |
| Sale Type | Investment | Building Size | 154,106 SF |
| No. Units | 183 | Average Occupancy | 84% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1975 |
| Apartment Style | Garden | Parking Ratio | 1.83/1,000 SF |
| Price | $7,500,000 |
| Price Per Unit | $40,984 |
| Sale Type | Investment |
| No. Units | 183 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.07 AC |
| Building Size | 154,106 SF |
| Average Occupancy | 84% |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 1.83/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Tennis Court
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 62 | - | 667 - 710 |
| 2+1 | 70 | - | 850 |
| 2+1.5 | 31 | - | 964 |
| 3+1.5 | 20 | - | 1,076 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
20/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 33N-030-00-011-00 | Improvements Assessment | $323,145 |
| Land Assessment | $179,115 | Total Assessment | $502,260 |
Property Taxes
Parcel Number
33N-030-00-011-00
Land Assessment
$179,115
Improvements Assessment
$323,145
Total Assessment
$502,260
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