Repositioned Asset Following Renovation: Current ownership spent over $178,000 renovating the property, including new carpet/vinyl, appliances, countertops, HVAC work, outside lighting, fixtures, and more.
Expense Reduction Opportunity: Current expenses, such as payroll, administrative, maintenance and repairs, and cleaning and decorating are all above normal market levels. New ownership will have the opportunity to stabilize the expenses to market levels and increase NOI.
Improve Amenity Offering: New ownership will have the opportunity to improve the current amenity offering by utilizing green space on the property to add a dog park, improve the grilling stations, add a fire pit seating area, or add a pergola picnic station.
Proximity to Conway’s Best Retail: Rock Creek is less than 2 miles from Conway Commons, a 430,000+ SF mall anchored by Kohl’s TJ Maxx & HomeGoods, Target, Petsmart, Dick’s Sporting Goods, Old Navy, The Home Depot, and Best Buy; Kroger is within walking distance from the property; Other nearby retail includes Walmart, Hobby Lobby, Lowe’s, Harbor Freight, Bath & Body Works, Hibbett Sports, JCPenney, & CATO.
High-Quality School System: Tenants at Rock Creek will have access to a highly rated school system, including:
Well-Maintained Asset: Current ownership has done an excellent job maintaining the exterior and curb appeal of the asset.
Opportunity Zone Provides Attractive Development Opportunity: Rock Creek is located in an Opportunity Zone, providing a future roadmap for continued development.