Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace Marcus & Millichap and RI Marketplace are proud to offer for sale Southgate Apartments, a 100-unit apartment community located at 1404 Ashley Street in McComb, Mississippi (the “Property”). The ±92% occupied Property presents investors an excellent opportunity to acquire a cash-flowing multifamily asset that is both generating income and offers future upside opportunities through aggressive lease-up at market rates and continued modernization. Southgate Apartments is comprised of 22 one and two-story buildings totaling ±89,160 rentable square feet, with an average unit size of ±892 square feet. All buildings have brick exteriors and shingle roofs. The Property features a leasing office, on-site maintenance, and professional landscaping. The Property is situated on one parcel totaling ±14.29 acres and offers 170 parking spaces for residents and guests. Southgate Apartments offer tenants a variety of different floor plans to choose from and contains twenty-two (22) 1 bed/1 bathroom units, thirty-six (36) 2 bed/1 bathroom units, thirty (30) 3 bed/1 bathroom units, eight (8) 4 bed/1.5 bathroom units, and four (4) 4 bed/2 bathroom units. Throughout the years, the Property has been extensively renovated and well maintained. Ownership has completed $1,376,172 in capital improvements since 2022 and totally rehabbed 48 units. A new owner can increase NOI by renovating the remaining units and leasing up the Property at market rates. The Property is positioned within a federal opportunity zone with significant potential tax savings; by investing realized capital gains in a qualified opportunity zone, real estate investors can reduce their existing capital gains tax liability. A new owner can further increase NOI through implementation of RUBS (Ratio Utility Billing Systems) to recover appropriate utility costs. McComb benefits from its prime location along major transportation routes. Situated approximately 100 miles north of New Orleans, 80 miles from the state capital of Jackson, and 75 miles from Hattiesburg, McComb is easily accessible via Interstate 55 and US Highway 98. The city has a diversified economy and is a thriving regional hub for healthcare and retail trade. The Property benefits from its central location near downtown and approximately a mile from I-55 and US Hwy 98. In addition to easily accessible neighborhood amenities, residents enjoy easy access to dining, shopping, entertainment, and employment centers just a few miles away. Residents are minutes away from numerous employment and economic drivers including Southwest Mississippi Regional Medical Center (±1.5-mile), Walmart (±2.5-miles), and Lowe’s (±2.8-miles). The Property has a population of ±22,094 residents within a 5-mile radius and an average HH income of ±$43,832.