Created date: May 8, 2023
Date last updated: November 10, 2023
The Multifamily Group is pleased to present the exclusive offering of Sherwood Park, a unique, value-add opportunity in North Little Rock, Arkansas. Constructed between 1975-1977, Sherwood Park consists of 242 units averaging 650 square feet. The property offers a diverse unit mix with 7 different one and two-bedroom floorplans including townhomes. Effective rent growth has risen for the North Little Rock area by 9% year-to-date (CoStar). Additionally, the current owner has invested over $1 million (capex document available upon request). Sherwood Park has a loan that can be assumed (see page 8 for details) or it can be purchased free and clear.
New owners should immediately work on raising occupancy rates - currently 53% with submarket rates averaging 96%. Additionally, washers and dryers should be installed in the 187 units that have connections. Roughly half of the units are vacant and should be renovated (flooring, appliances, and make-readied). There are 7 down units (see details on page 12). Furthermore, there is space behind some units to build private patios/backyards and charge a premium. The previous office was run in unit 4700-B (577 SF), which is not currently being used. The on-site laundry room is down and only needs new appliances to bring it back online.
Sherwood Park is nestled in a residential area on Arrowhead Road in beautiful North Little Rock. Only 12 minutes from Downtown Little Rock, residents have access to world-class attractions, outdoor activities, a wide array of restaurants, and the Bill and Hillary Clinton National Airport. Top tourist spots are the William J. Clinton Presidential Library, Old State House Museum, Rock Town Distillery, and the River Market District. The area is home to several colleges including the University of Arkansas at Little Rock, and Pulaski Technical College. The asset is within minutes of the Arkansas River featuring several parks for the outdoor enthusiast, such as Riverfront Park, Maumelle Park, Arkansas River Trail, and the Big Dam Bridge. The Little Rock/North Little Rock/Conway MSA population boasts over 730,000 residents with more than half of North Little Rock renting (Association of Arkansas Development Organizations & U.S. Census Bureau).