Magnolia Square Apartments – Fully Renovated
- Comprehensive renovation delivers top-of-market interior finishes and strong curb appeal.
- 100 units make it the city’s largest apartment complex, giving buyers immediate scale.
- Latest leases and renewals are achieving a $75 average rent increase over in-place levels.
- In-place rents below the comp set support well above market cash-on-cash return potential.
- Fully renovated, turnkey property offers a compelling basis versus new construction costs.
- Expansive open land across the 14-acre site allows for enhanced community amenities ahead.
Property Description
Matthews™, in collaboration with RealInsight Marketplace, is pleased to present the opportunity to acquire Magnolia Square Apartments, in McComb, MS; a 100-unit multifamily asset located in the heart of McComb. Magnolia Square is the largest market-rate apartment complex in the city and offers investors immediate scale in a limited-supply market. The property features a diverse unit mix of 1-bed, 2-bed, 3-bed, 4-bed, & 5-bed units, catering to a variety of tenant profiles. The property has been fully renovated and offers top-of-market interior finishes and exterior curb appeal. McComb’s primary grocery and retail options, as well as the local schools, are all within a 3-min drive of the property. Magnolia Square’s in-place rents sit below the prevailing comp set and have seen healthy, organic rent premiums achieved on the latest leases and renewals. In addition to the organic rent upside, the property sits on over 14 acres, which includes large open spaces, ideal for enhanced community amenities. The asset presents future ownership with a terrific cost basis for a fully renovated, turn-key asset and well above market cash-on-cash returns. The operational upside waiting to be captured with hands-on management, only further amplifies the already compelling return profile.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $1,000,000 |
| No. of Units: | 100 |
| Lot Size: | 14.00 Acres |
| Opportunity Zone: | No |
| Price per unit: | $10,000 |
| Property Website | Click Here |
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