Deville Apartments
700 - 712 North Jefferson Street
Jackson, MS 39202
Highlights
- 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
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.
This Value-Add Opportunity Property is located in Belhaven Heights area along the eastern right-of-way line of N. Jefferson Street, just north of High Street and south of E. Fortification Street within the Belhaven Neighborhood.
