Description

Campus Cottages is a 44-unit multifamily community at 119 North 35th Avenue in Hattiesburg, Mississippi. The property is fully occupied and positioned near the University of Southern Mississippi, providing an established resident base and access to consistent housing demand from the university and surrounding employment centers.

The two-story community was developed in 1968 and contains approximately 30,679 square feet on 1.65 acres. Its unit mix includes 30 one-bedroom apartments and 14 two-bedroom apartments, with an average unit size of approximately 731 square feet. Thirty units were recently renovated, and 2024 improvements included repaving and restriping the parking areas. Additional resident features include on-site laundry with three washers and three dryers, solar window screens, air conditioning, kitchens, refrigerators, dishwashers, and outdoor space.

Campus Cottages is located within Hattiesburg’s Midtown area and an Opportunity Zone. The University of Southern Mississippi campus is less than one-half mile away, while Forrest General Hospital and Interstate 59 provide additional employment and regional-access advantages. The property is zoned R-3 and identified by parcel number 2-028L-07-190.00.

The community is offered at $3,550,000, or approximately $80,682 per unit. Current marketed financials report net operating income of $265,747 and a 7.49% capitalization rate. With full occupancy, completed unit renovations, below-market rents, and proximity to Southern Miss, Campus Cottages offers an investor stabilized income together with an opportunity to continue improving rental performance.