Multifamily

Colonial Manor Apartments

1823 Parsley Ave, Pascagoula, MS 39567

Listing Price: Request For Offer

Number of Units
88
Occupancy
77.86%
Gross SF
67,776

Investment Overview

Colonial Manor Apartments is an 88-unit multifamily asset built in 1970 located in the Jackson County seat and industrial port City of Pascagoula on the Mississippi Gulf Coast.

Location
The property is ideally located 1 mile from the beach and within 5 miles of the regions largest employers including Ingalls Shipbuilding (12,250), Chevron Pascagoula Refinery (3,600), Singing River Health System (2,300), and V Halther Marine (1,700).

Value Add Strategies Available
Potential to increase NOI by leasing 4 units currently offline resulting in a $32,400 annual increase to GPR and 5% increase to occupancy.
Operational efficiencies available as current expenses are above market rates and reflect additional costs associated with stabilization of the asset. Based on market rates, the Year 1 expenses ($448,788, or $5,100 per unit) represent a 24.65% expense reduction compared to the Trailing 12 actual expenses ($595,578, or $6,768 per unit).

Occupancy Trends
The property is currently at around 80% occupancy and continues to trend upward with more units scheduled to be leased.
This is a significant improvement over when current ownership took over the asset in May of 2019 with occupancy at around 40% with 46 units offline needing various levels of renovation.
$314,000 in capital improvements include HVAC, landscaping, resurfacing, pool, flooring, appliances, kitchen and bathroom countertops, tub surrounds, plumbing and more.
The improvements made to the property have made it an increasingly attractive option compared to other properties in the submarket and demand is apparent with the strong growth trend.
Occupancy is up 38% over the last 12 months providing investors an opportunity to take advantage of work completed and carry asset to stabilization.

Investment Highlights

  • Value-Add Strategies Available
  • Potential to Increase NOI By Leasing Four Units Currently Offline
  • Operational efficiencies available with current expenses above market rates
  • Ideally Located One Mile From Beach + Within Five Miles of Region's Largest Employers
  • Strong Occupancy Trend

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Associate

    License(s): MS: 15586

    Mississippi

Multifamily

Colonial Manor Apartments

Listing Price: Request For Offer

Number of Units
88
Occupancy
77.86%
Gross SF
67,776

Investment Highlights

  • Value-Add Strategies Available
  • Potential to Increase NOI By Leasing Four Units Currently Offline
  • Operational efficiencies available with current expenses above market rates
  • Ideally Located One Mile From Beach + Within Five Miles of Region's Largest Employers
  • Strong Occupancy Trend

Investment Overview

Colonial Manor Apartments is an 88-unit multifamily asset built in 1970 located in the Jackson County seat and industrial port City of Pascagoula on the Mississippi Gulf Coast.

Location
The property is ideally located 1 mile from the beach and within 5 miles of the regions largest employers including Ingalls Shipbuilding (12,250), Chevron Pascagoula Refinery (3,600), Singing River Health System (2,300), and V Halther Marine (1,700).

Value Add Strategies Available
Potential to increase NOI by leasing 4 units currently offline resulting in a $32,400 annual increase to GPR and 5% increase to occupancy.
Operational efficiencies available as current expenses are above market rates and reflect additional costs associated with stabilization of the asset. Based on market rates, the Year 1 expenses ($448,788, or $5,100 per unit) represent a 24.65% expense reduction compared to the Trailing 12 actual expenses ($595,578, or $6,768 per unit).

Occupancy Trends
The property is currently at around 80% occupancy and continues to trend upward with more units scheduled to be leased.
This is a significant improvement over when current ownership took over the asset in May of 2019 with occupancy at around 40% with 46 units offline needing various levels of renovation.
$314,000 in capital improvements include HVAC, landscaping, resurfacing, pool, flooring, appliances, kitchen and bathroom countertops, tub surrounds, plumbing and more.
The improvements made to the property have made it an increasingly attractive option compared to other properties in the submarket and demand is apparent with the strong growth trend.
Occupancy is up 38% over the last 12 months providing investors an opportunity to take advantage of work completed and carry asset to stabilization.

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Associate

    License(s): MS: 15586

    Mississippi

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