Holly Street 2-Pack

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).