David Nail - Commercial Real Estate Showcase
David Nail Property Listings
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Gluckstadt, MS 39110
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1155 Joanne Street - Castlewood Arms
Jackson, MS 39204-5233 - South/West MF Submarket
Number of Units:
1.77 AC (76,927 SF)
For Sale Price:
1.6 Parking Spaces / 1,000 SF
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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