Kilgore Apartments

206 N Spring Street sits in the original town plat of Fordyce, Arkansas, the Dallas County seat, blocks from the Main Street commercial district, the county courthouse, banks and daily retail. Fordyce is located at the junction of US-79 and US-167 in the south Arkansas timber belt, roughly 70 miles south of Little Rock, 45 miles southwest of Pine Bluff and 30 miles northeast of Camden. The local economy is anchored by Georgia-Pacific's plywood and lumber operations, the county's largest employer. Other major employers include Dallas County Medical Center (a critical access hospital with 24/7 emergency services), Millcreek Behavioral Health, the Fordyce School District and county government. The rental market is small and supply-constrained. Dallas County has not recorded a multifamily building permit in more than a decade, roughly four in ten Fordyce households rent, and the handful of apartment properties in town are closely held and rarely trade.Harmon Real Estate Company is pleased to present Kilgore Apartments, a six-unit apartment building at 206 N Spring Street in downtown Fordyce, Arkansas. Built in 1996, the two-story, 4,000 SF building offers three 2BR/1BA and three 1BR/1BA units, each with a private exterior entry and a kitchen equipped with refrigerator, range and microwave. Residents pay electric. The owner pays water and sewer. Scheduled rents are $450 per unit, or $32,400 a year. The 2BR units sit below the $500-plus achieved on other two-bedroom rentals in Fordyce, and collections over the past year ran below scheduled rent. The opportunity is operational: tighten collections, bring the 2BR units to market on renewal, and complete light interior turns. At the offering price of $200,000 ($33,333 per unit, $50 per SF), the pro forma shows an 8.4% Year 1 cap rate with third-party management. Ownership's trailing financials are available to qualified buyers. Kilgore Apartments is offered on a standalone basis by a local owner with a larger Fordyce rental portfolio. It suits a self-managing local or regional investor.