700 – 712 North Jefferson Street
- 96-Unit Value-Add Multifamily Opportunity
- 2, Three-Story Buildings | ±75,500 SF
- 85% Occupancy with Lease-Up Upside
- $14,000 Invested Per Renovated Unit (Majority Completed)
- Over $1.5MM in Capital Improvements Deployed
- Newly Implemented RUBS Program Adding ±$56K Annual Income
- 38 Units Remaining for Renovation & Rent Growth
- Electrical Panel Upgrades Completed
- Offered Well Below Replacement Cost & Appraised Value
- Gated Community with Onsite Laundry & Resident Amenities
- Located in Belhaven Near Downtown & Medical District, Jackson
Property Description
Deville Apartments presents a compelling value-add opportunity comprised of 2, three-story multifamily buildings originally constructed in 1960 and partially renovated within the past 12 months. The property contains 96 dwelling units totaling approximately 75,500 square feet on 2.42 acres within the Belhaven neighborhood of Jackson. The unit mix consists of eighty-eight (88) 1 Bedroom / 1 Bath units and eight (8) 2 Bedroom / 1 Bath units. Additionally, the improvements include approximately 1,500 square feet of office space created from two converted 1 Bedroom / 1 Bath units. Current occupancy is approximately 85%, providing immediate operational upside through lease-up and continued renovation execution. Ownership has invested approximately $14,000 per unit in the majority of renovated units, with over $1.5 million deployed into capital improvements across both interior and exterior components. Improvements include parking lot repairs, exterior paint, railing and gutter replacements, erosion control and site work, along with upgraded electrical panels. Interior renovations in completed units feature luxury vinyl plank flooring, updated lighting and paint, new countertops, and bathroom enhancements. A new utility reimbursement (RUBS) program has been implemented, generating approximately $168,169 in potential additional annual income once the property is stablized. Recent electrical panel upgrades are projected to add approximately $30,000 in incremental value enhancement, further improving long-term operational efficiency and risk mitigation. Approximately 38 units remain unrenovated, presenting continued value creation through completion of the interior upgrade program and stabilization. The asset is being offered at a basis well below replacement cost and recent appraised value, providing investors the opportunity to acquire a recently improved asset at a significant discount to today’s development economics.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 96 |
| Year Built: | 1960 |
| Lot Size: | 2.42 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
314 N Domingue Avenue
Lafayette, Louisiana
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout