Nice 20 Unit Apartment Complex Sold 30% Below Market Value.

201 N Alanthus Ave, Stanberry, MO 64489

$850,000 After Repair Value -
$600,000,000 Asking Price -
$35,000 Cost of Repairs =
$0 Potential Profit

Property Details

Asking Price $600,000,000

After Repair Value $850,000

Costs of Repairs $35,000

Potential Profit $0

Living Area 17220.00 ft2

Property Type Multi-Family

Bedrooms 2

Bathrooms 1

Half Bathrooms N/A

Parking 0

Listed with Agent 0

EPI (Estimated Potential Income)

Potential Rental Income $129,128

Yearly Expenses $55,709

Property Taxes $4,665

Net Operating Income $73,419

Cap Rate 11

Property Description

Value added opportunity because rents are under market value and property is being sold 28% below market value. This property is designated as a 20 unit family apartment complex which is a mix of 14-1 bedroom units and 6-2 bedroom units. The property was constructed in two phases - twelve units were constructed in 1982 and the remaining 8 units were constructed in 1992. There is complex also has a laundry area and a common area. Owner is offering to take back a 20% 2nd mortgage. Buyer may be able to obtain 100% financing to purchase with a 80/20 loan.

Repairs Needed

1) The sidewalks and parking lots need patching. 2) A few outside globe lights need replacing. 3) A few railings need repairing. 4) Trees need trimming. 5) Replacement of a few window screens. 5) 3 vacant units need to carpeting, painting and cleaning.


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