Contacts

Zac Thomas

GREA

Sam Hewitt

GREA

Property Details

Property Type Other
Units 18
Additional Rent Contact for pricing
Date Updated Dec 20, 2024

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.

Getting around

68/100
Walk Score ®
84/100
Bike Score ®

Powered by Walk Score ®

City Fayetteville, AR
Neighborhood V. A. Hill
Zip Code 72703

Points of Interest

Conoco

0.13 miles
Phillips 66

0.21 miles
E-Z Mart

0.61 miles
Hi-Octane Fuel Xpress

0.90 miles
Shell

1.13 miles
Casey's General Store

1.41 miles
Casey's

1.53 miles
Kum & Go

1.56 miles
ChargePoint

2.16 miles

Garland Avenue Parking Garage

0.49 miles
Lot 44

0.76 miles
Point 7 Parking Lot

0.77 miles
25 cent lot

0.92 miles
West Avenue Parking Deck

0.94 miles
Harmon Parking Garage

1.02 miles
Parking Deck

1.07 miles
Spring St. Parking Deck

1.10 miles
Highroller Cyclery

1.12 miles
Municipal Parking Deck

1.38 miles

Inn at Carnall Hall

0.72 miles
Hi Way Inn Motel

0.91 miles
Dickson Street Inn

1.08 miles
Chief Motel

1.14 miles
Graduate by Hilton Fayetteville AR

1.36 miles
Stay-Inn-Style Bed & Breakfast

1.45 miles
Hilton Garden Inn

1.59 miles
Holiday Inn Express

1.60 miles
Homewood Suites

1.66 miles
Comfort Inn & Suites

1.70 miles

Oak Plaza

0.11 miles
Harps

0.21 miles
Freckled Hen Farmhouse

0.95 miles
The Shops at Brick City

1.00 miles
Ozark Natural Foods

1.20 miles
Walmart Neighborhood Market

1.55 miles
University Square

2.24 miles
Big Lots

2.29 miles
Walmart Supercenter

2.60 miles
Target

2.71 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.