3923 State StJackson, MS 39206

Property Details for 3923 State St

Year built

194

Property size (Sq ft)

2,206 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This stabilized Class B apartment building, located in Jackson, Mississippi's vibrant Fondren District, presents a compelling investment opportunity. The property, situated at 3923 N State Street, is a single-story triplex totaling 2,206 square feet, built in 1940. It features three units: one 3-bedroom/1-bathroom, and two 1-bedroom/1-bathroom units. Currently boasting 100% occupancy, the property generates a substantial net operating income (NOI) of $20,830 annually, resulting in an attractive 8.50% cap rate. The asking price is $245,000, translating to $111.06 per square foot and $81,667 per unit. The Fondren District is known for its thriving culinary and arts scene, offering numerous restaurants and shops within walking distance. This triplex is part of a larger portfolio of five properties containing ten units, but is available for individual sale. Detailed financial information and an offering memorandum for the entire portfolio are available upon request. The property's strong occupancy history and prime location in a rapidly developing area make it an ideal addition to any investment portfolio. The Hinds County Assessor's Parcel Number (APN) is 53-117. Gross monthly rent is $2,425.

Location Insight

City

Jackson

County

Hinds

State

Mississippi

Latitude

32.3448

Longitude

-90.1758

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