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Buy&Hold (Multifamily): (120 Unit) 388 Ricks Dr. Canton, MS 39046 - AVAILABLE

Updated: Jan 20

Multifamily Investment Opportunity









Price $6,600,000


Contact us to view official Financials & Rent Rolls - NDA Required



Acquisition Overview

Canton Estates presents a unique investment opportunity for the acquisition of a government-subsidized multi-family complex located in Canton, Mississippi. This off-market offering consists of 120 units with a mix of one to four-bedroom apartments spread across 15 well-maintained buildings. Please submit all offers to sarter@promiselandrealtyllc.com .



Property Description


  • Address: 388 Ricks Dr. Canton, MS 39046

  • Built: 1984

  • Total Units: 120

  • Building Count: 15

  • Unit Mix:

  • 1 Bedroom: 24 units at $557/month

  • 2 Bedroom: 32 units at $663/month

  • 3 Bedroom: 33 units at $745/month

  • 4 Bedroom: 32 units at $895/month

Investment Highlights


  • YTD Total Income at Current Rent: $1,048, 519

  • YTD Total Expenses (Including Repairs & Maintenance) : $745,792

  • YTD Total CapEx 2023 : $111,681

  • Strong Government Support: As a HUD complex, Canton Estates benefits from consistent government subsidies, providing a stable income stream.

  • Diverse Unit Mix: With 120 units ranging from one to four bedrooms, the property caters to a variety of family sizes and tenant demographics.

  • On-Site Amenities: The complex includes a convenient on-site laundromat for tenant use.

  • Internal Management: Currently managed by a seller-owned property management firm, offering potential for seamless transition and operational continuity.

  • Value-Add Potential: Significant rental upside through strategic renovation and repositioning in line with 2024 HUD Fair Market Rents.

  • Below-Market Rents: Current rents are underpriced by 50.8% to 62.4%, allowing for immediate growth potential.

Market Overview


  • 2024 SAFMRs:

  • Efficiency/One-Bedroom: $860/month

  • Two-Bedroom: $1,000/month

  • Three-Bedroom: $1,210/month

  • Four-Bedroom: $1,350/month


Property Map


"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"




PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*

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