Fondren Hill 770 Lakeland Dr 96 Unit Apartment Building $11,499,000 ($119,781/Unit) 6.75% Cap Rate Jackson, MS 39216

The Lofts at Fondren Hill is a gated apartment community which is situated in just an iconic location in Jackson, sitting on Lakeland Drive, immediately across the street from the University of Mississippi Medical Center and within easy walking distance to the trendy Fondren Hill Business Center. The community is also quite close to Baptist Medical Center, Merit Health River Oaks, Merit Health Center St. Dominic's Hospital. The community was originally constructed in 1973, and was renovated in 2015. It has a favorable mix of apartments with 48 one bedrooms, 45 two bedrooms and 3 studios. The average units size is 916 square feet. Because the community is built in two square structures, all units overlook either a lovely courtyard, or our sparkling pool. The property has in-place rents of $1,046, and market rents of $1,227, meaning that rents have room to grow by 17%. The property has also just begun billing for trash, which will add an additional $24,000 annually to the income generated. The property has 3.5 years left on assumable debt which carries an interest rate of only 4.32. And with a balance of $9,400,000, at list price the debt ratio is a generous 67%. This property may be purchased either via loan assumption, or it may be bought free and clear.