David Nail - Commercial Real Estate Showcase

David Nail Property Listings
David Nail
No Address Provided
Gluckstadt, MS 39110

1155 Joanne Street - Castlewood Arms

Jackson, MS 39204-5233 - South/West MF Submarket

Property Type:Multi-Family Number of Units:60 Status:Existing Year Built:1969
Stories:2 Building Size:56,112 SF Land Area:1.77 AC (76,927 SF)
For Sale Price:$990,000 Price/Unit:$16,500.00 Cap Rate:8.90 % GRM:-

Parking:1.6 Parking Spaces / 1,000 SF

Sale Notes:
Castlewood Arms Summary

" Castlewood Arms is owned and operated by Steve Nail
" 60 total units.
" Castlewood was bought to improve the area given that Mr. Nail owns the apartment across the street (Apple Manor)
" Castlewood is 70% occupied. The other 30% needs renovation.
" Castlewood has a waiting list, pre existing manager and tenant base.
" The apartment was last renovated 10 years ago and has not been updated since.
" The primary purpose of buying Castlewood was to use tax credits to update the apartment, which have not been obtained.
" Rents are low and could be raised.
" 8.9% Cap Rate
" Appraised for $1,400,000.00 March 17, 2016
1155 Joanne Street
Jackson, MS 39204

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