Contacts
Zac Thomas
GREA
Sam Hewitt
GREA
Property Details
- Property Type Other
- Property Size 7,000 SF
- Units 18
- Additional Rent Contact for pricing
- Date Updated Sep 14, 2024
- Website hollystreet.sharplaunch.com
The Holly Street Two-Pack, comprised of 18 units, is situated less than a block apart from each other on Holly Street in Fayetteville. 969 Holly consists of eight one-bedroom, one-bathroom units, while 942 Holly consists of 10 studio units. The ten units at 942 Holly have been completely renovated with LVP floors, granite counters, updated appliances, and fully tiled bathrooms. 969 Holly (8 units) has also benefited from large capital expenditures averaging $10-15k per unit. Renovations include new HVACs and water heaters, as well as two units fully upgraded. Feeding off their proximity to the University of Arkansas and popular nearby retail, both properties are extremely desirable to the local tenant base and have historically remained 100% occupied. Based on nearby rent comps the properties have below market rents- 942 Holly is roughly $65 below market, and 969 Holly has $200 of rent upside with mid-level renovations. There is also an opportunity to increase ancillary income by implementing resident utility billback, pet rent, and other market-standard other income items that are not being utilized by current ownership. A buyer will also have the opportunity to develop additional units on-site by constructing city approved ADUs at 969 West Holly (plans are included in the deal).
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Highlights
- Fully-occupied investment opportunity with below market rents and value-add upside.
- Twelve fully renovated units are below market rents, and six "classic" units $200+ below achievable renovated rents with several nearby comps
- Core Fayetteville location, bikeable to University of Arkansas and one block away from popular restaurant and retail options. The properties are also situated between University bus stops.
- Meticulously maintained by the seller who deployed significant capital expenditures
- 6.0% cap rate on current operations with significant rent upside in a submarket that consistently realizes some of the strongest rent growth in the nation.
Attachments
Getting around
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68/100
Walk Score ®
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84/100
Bike Score ®
Location
- City Fayetteville, AR
- Neighborhood V. A. Hill
- Zip Code 72703
Points of Interest
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Conoco
0.13 miles
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Phillips 66
0.21 miles
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E-Z Mart
0.61 miles
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Hi-Octane Fuel Xpress
0.90 miles
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Shell
1.13 miles
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Casey's General Store
1.41 miles
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Shell
1.44 miles
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Casey's
1.53 miles
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Kum & Go
1.56 miles
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Kum & Go
1.64 miles
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Lot 44
0.76 miles
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Point 7 Parking Lot
0.77 miles
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25 cent lot
0.92 miles
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Harmon Parking Garage
1.02 miles
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Parking Deck
1.07 miles
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Spring St. Parking Deck
1.10 miles
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Municipal Parking Deck
1.38 miles
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Town Center Parking Garage
1.47 miles
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Lot 56
1.53 miles
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Parking Garage
2.13 miles
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Inn at Carnall Hall
0.72 miles
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Hi Way Inn Motel
0.91 miles
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Dickson Street Inn
1.08 miles
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Chief Motel
1.14 miles
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Graduate Fayetteville
1.35 miles
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Stay-Inn-Style Bed & Breakfast
1.46 miles
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Hilton Garden Inn
1.59 miles
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Holiday Inn Express
1.60 miles
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Homewood Suites
1.66 miles
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Comfort Inn & Suites
1.70 miles
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Harps
0.21 miles
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Freckled Hen Farmhouse
0.95 miles
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The Shops at Brick City
1.00 miles
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Ozark Natural Foods
1.20 miles
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Walmart Neighborhood Market
1.55 miles
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Harps
1.83 miles
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Walmart Neighborhood Market
2.10 miles
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Big Lots
2.29 miles
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Harps
2.42 miles
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Walmart Supercenter
2.60 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
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