Kilgore Apartments

Investment Overview

Harmon Real Estate Company is pleased to present Kilgore Apartments, a six-unit apartment building at 206 N Spring Street in downtown Fordyce, Arkansas. Built in 1996, the two-story, 4,000 SF building offers three 2BR/1BA and three 1BR/1BA units, each with a private exterior entry and a kitchen equipped with refrigerator, range and microwave. Residents pay electric. The owner pays water and sewer. Scheduled rents are $450 per unit, or $32,400 a year. The 2BR units sit below the $500-plus achieved on other two-bedroom rentals in Fordyce, and collections over the past year ran below scheduled rent. The opportunity is operational: tighten collections, bring the 2BR units to market on renewal, and complete light interior turns. At the offering price of $200,000 ($33,333 per unit, $50 per SF), the pro forma shows an 8.4% Year 1 cap rate with third-party management. Ownership's trailing financials are available to qualified buyers. Kilgore Apartments is offered on a standalone basis by a local owner with a larger Fordyce rental portfolio. It suits a self-managing local or regional investor.

Investment Highlights

• 6 units: three 2BR/1BA and three 1BR/1BA, with scheduled rents of $450 per unit ($32,400 a year)
• $200,000 | $33,333 per unit | $50 per SF | 6.2x gross rent multiplier on scheduled rent
• 8.4% Year 1 pro forma cap rate (2BR to $550, 1BR to $475, third-party managed)
• 2BR rents below the $500+ achieved on comparable Fordyce rentals
• Residents pay electric; owner pays water and sewer
• 2025 real estate taxes of $948
• 1996 construction; two-story, 4,000 SF; private exterior entries
• Refrigerator, range and microwave in every unit
• FEMA Flood Zone X
• Downtown Fordyce, blocks from Main Street and the courthouse