212 Gunter Street Street, Jackson, MS 39216
$1,099,000
Property Type:
Res Income Multi-Fam
Bedrooms:
12
Baths:
12
Square Footage:
6,624
Lot Size (sq. ft.):
43,560
Status:
Active
Current Price:
$1,099,000
List Date:
4/07/2024
Last Modified:
4/29/2024
Description
PLEASE DO NOT DISTURB TENANTS! Excellent opportunity to purchase a completely renovated 12 unit multi-family asset in the growing Fondren neighborhood of Jackson, MS. Boasting three buildings total, with 4 units per building, this asset presents an enticing prospect for savvy investors seeking both lucrative returns and a great long term growth location. The property includes off street parking for 15+ cars. All units are 1 bed 1 bath. Located roughly 2 blocks from the historic Capri Theatre, Highball Lanes, Walker's Drive-In, Rooster's, the nightlife, and all the fun stuff in Fondren. The property is located centrally just minutes from Belhaven University, JSU, Millsaps University, University Medical Center, St Dominic's Hospital, MS Children's Museum, MS Natural History Museum, MS Agriculture Museum, Baptist Hospital, and many of the states largest employers.
The property is currently at 92% occupancy. One unit currently vacant. This property has maintained high occupancy since ownership. Rents range from $800-$950/month per unit. Owner pays utilities for some units. Tenants with leases that have utilities included are charged a utility reimbursement fee of $150/month in addition to the monthly rent. There are no gas utility expenses with the property. Owner pays for water/sewer on all units. A dumpster is provided for waste disposal for residents. All units are independently metered.
Originally built in 1982, the buildings were completely renovated in 2022-2023. All plumbing, electrical, and HVAC was replaced. All three building's roofs were replaced in 2022 with GAF architectural shingles. All units have been updated with butcher block counter tops, stainless steel appliances, new exterior/interior doors, new windows, new molding, deep stainless steel kitchen sinks, commercial grade vinyl flooring, new electric hot water heaters, new insulation, , new paint, new fixtures, new ceiling fans, new mini split AC/heating units, etc. 220 electric outlets and washer/dryer hookups were also added in each unit. Units have all electric appliances. average roughly 600 square feet per unit. The listing photos of the interior are representative of all units.
Fencing was added around the entire property. 8 of the 12 units are completely fenced with 2 access gates for entry. 4 units are partially fenced. Extensive outdoor lighting around the property was also added. An in ground steel charcoal grill and picnic area was also installed in the courtyard as a common area/lounge space for all tenants to use. At full occupancy the property generates a gross income of $129,600 annually. This turnkey property represents more than just a real estate investment; it embodies a strategic opportunity to capitalize on the burgeoning Fondren neighborhood's growth trajectory. Whether you're seeking a lucrative cash flow investment or a promising buy-and-hold opportunity, this property warrants serious consideration. PLEASE DO NOT DISTURB TENANTS! Call the listing agent for more info or to schedule a showing.
More Information MLS# 4075916
Address and Location Information
Street Number: 212
Street Name: Gunter Street
Street Suffix: Street
County: Hinds
State: MS
Zip Code: 39216
Parcel Number: 56-44
Subdivision: Fondren
Community Of: N/A
Listing Information
Status: Active
List Date: 2024-04-07
List Price: $1,099,000
Current Price: $1,099,000
Listing Service: Full Service
New Construction: No
Co-Op and Commission Information
Buyer Agency Compensation: 3
Buyer Agency Comp Type: %
General Property Information
# of Units Included in Sale: 12
Approx Lot Size Acres: 1
Approx H/C SqFt: 6624
SqFt Source: Public Records
List Price/SqFt: 165.91
Year Built: 1981
Year Built Source: Public Records
Total Floors: 1
Bedrooms Total: 12
Bathrooms Total: 12
Bathrooms Full: 12
Furnished: No
School District: Jackson Public
Elementary School: Bailey Station
Elementary School 2: Galloway
Intermediate School: None
Middle or Junior School: Brinkley
High School: Murrah
Accessibility Features: No
Tax and Financial Information
Tax Annual Amount: 7364
Tax Year: 2024
Homestead Y/N: No
Additional Exemptions Y/N: No
Flood Insurance Required?: No
Leasehold Y/N: No
Association: No
Covenants Y/N: No
Legal Description: LOTS 3 4 & 5 BLK Q INDUSTRIAL HGTS N J
Remarks & Miscellaneous
Public Remarks: PLEASE DO NOT DISTURB TENANTS! Excellent opportunity to purchase a completely renovated 12 unit multi-family asset in the growing Fondren neighborhood of Jackson, MS. Boasting three buildings total, with 4 units per building, this asset presents an enticing prospect for savvy investors seeking both lucrative returns and a great long term growth location. The property includes off street parking for 15+ cars. All units are 1 bed 1 bath. Located roughly 2 blocks from the historic Capri Theatre, Highball Lanes, Walker's Drive-In, Rooster's, the nightlife, and all the fun stuff in Fondren. The property is located centrally just minutes from Belhaven University, JSU, Millsaps University, University Medical Center, St Dominic's Hospital, MS Children's Museum, MS Natural History Museum, MS Agriculture Museum, Baptist Hospital, and many of the states largest employers.
The property is currently at 92% occupancy. One unit currently vacant. This property has maintained high occupancy since ownership. Rents range from $800-$950/month per unit. Owner pays utilities for some units. Tenants with leases that have utilities included are charged a utility reimbursement fee of $150/month in addition to the monthly rent. There are no gas utility expenses with the property. Owner pays for water/sewer on all units. A dumpster is provided for waste disposal for residents. All units are independently metered.
Originally built in 1982, the buildings were completely renovated in 2022-2023. All plumbing, electrical, and HVAC was replaced. All three building's roofs were replaced in 2022 with GAF architectural shingles. All units have been updated with butcher block counter tops, stainless steel appliances, new exterior/interior doors, new windows, new molding, deep stainless steel kitchen sinks, commercial grade vinyl flooring, new electric hot water heaters, new insulation, , new paint, new fixtures, new ceiling fans, new mini split AC/heating units, etc. 220 electric outlets and washer/dryer hookups were also added in each unit. Units have all electric appliances. average roughly 600 square feet per unit. The listing photos of the interior are representative of all units.
Fencing was added around the entire property. 8 of the 12 units are completely fenced with 2 access gates for entry. 4 units are partially fenced. Extensive outdoor lighting around the property was also added. An in ground steel charcoal grill and picnic area was also installed in the courtyard as a common area/lounge space for all tenants to use. At full occupancy the property generates a gross income of $129,600 annually. This turnkey property represents more than just a real estate investment; it embodies a strategic opportunity to capitalize on the burgeoning Fondren neighborhood's growth trajectory. Whether you're seeking a lucrative cash flow investment or a promising buy-and-hold opportunity, this property warrants serious consideration. PLEASE DO NOT DISTURB TENANTS! Call the listing agent for more info or to schedule a showing.
Income & Expenses
Annual Net Income: 90693
Gross Operating Income: 129600
Parking Features
Parking Total: 16
Showing Requirements
Showing: Appointment Required
Property Features
Structure Type: Multi Family
Additional Type Details: Apartment Complex
Architectural Style: Traditional
Lot Features: Corner Lot; Dumpster; Fenced; Few Trees; Rectangular Lot
Levels: One
Owner Pays: See Remarks
Tenant Pays: See Remarks
Interior Features: See Remarks
Flooring: Luxury Vinyl
Cooling: See Remarks
Heating: See Remarks
Utilities: See Remarks
Sewer: See Remarks
Water Source: Public; Separate Meters
Foundation Details: Slab
Listing Terms: Cash; Conventional
Exterior Construction/Siding: Brick Veneer
Roof: Architectural Shingles
Exterior Features: Built-in Barbecue; Courtyard; Landscaping Lights; Outdoor Grill; Uncovered Courtyard
Waterfront Features: None
Listing Office: Right Size Realty, LLC
Listing Agent: Andrew Tyre
Last Updated: April - 29 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.