$1,995,000
Lebanon, MO 65536
MLS# 60183662
Status: Closed
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Property Description
Lebanon Sundance Apartments is a well maintained two building low rise apartment complex located in Lebanon, MO with easy on/off to I-44 and immediate proximity to all local services and amenities. This is an attractive affordable housing community designed to provide affordable rent to moderately low and middle income individuals and families. There is a strong rental demand for these units, hence a low vacancy rate. Property has an onsite Property Manager and office. Landlord pays water, sewer and trash, and, Tenants pay their other utilities. There is an onsite walking trail, picnic area, volley ball court and playground, plus plenty of open space. This is a stable and profitable investment showing a 5.5 cap rate and the ability to increase rents 7% per year. There is a tremendous windfall profit potential in 2028 when property is released from LIHTC program and able to achieve market rents (see LIHTC Program addendum).Shown by appointment only. Sale subject to MHDC approval.
Details
Maps
Contract Information
Transaction Type: Sale
Historical District: No
Foreclosure/Short Sale: No
Property Sub-Type: Apartment Building
Begin Date: 2021-02-19
List Price: $1,995,000
Agreement Type: Exclusive Right To Sell
Location, Tax and Other Information
Inside City Limits: Yes
RE Tax Provided By: Assessor Records
General Property Description
SqFt-Aprx: 33904
SqFt Finsh'd & Unfnsh'd: 5000 or more
Total Monthly Rent: 20043
# Two Bedroom Units: 32
# Three Bedroom Units: 8
Waterfront/View: None
View: No
Lake/River: None
Aprx Year Built: 1999
Number of Units: 40
Aprx Lot Size (Acres): 4.45
Lot Dimensions: Acres
Elementary School: Lebanon
Middle School: Lebanon
High School: Lebanon
How to Show
Call Listing Agent: 1
Construction
Brick: 1
Vinyl Siding: 1
Wood Frame: 1
Two Bed Units
Two Bed $: Over $450
Two Bed SqFt: 751 - 1,000 SqFt
Utilities
Electricity: 1
Gas: 1
High Speed Internet Access: 1
Separate Meters: 1
Sewer: 1
Tenant Pays Part: 1
Trash: 1
Water: 1
Cooling
Central: 1
Three Bedroom Units
Three Bed $: Over $400
Three Bed SqFt: 750 - 1,000 SqFt
Appliances
Dishwasher: 1
Disposal: 1
Oven/Range: 1
Refrigerator: 1
Washer: 1
Baths
2 Per Unit: 1
Heating
Central: 1
Forced Air: 1
Miscellaneous
Smoke Detector: 1
Parking
Two or More: 1
Roofing Material
Composition: 1
Possession
At Closing: 1
Will Sell
Cash: 1
Conventional: 1
See Remarks: 1
Buildings
Two Buildings: 1
Two Stories: 1
Streets
Asphalt: 1
Water
City Water: 1
Sewer
City Sewer: 1
Flood Insurance
Not Required: 1
Type of Tenancy
Lease: 1
Monthly: 1
Yearly Net Oper Inc
Over $25,000: 1
Deposits
Deposit Required: 1
Location Tax and Other Information
Street #: 1031
Street Name/Route: Ivey Lane
County: Laclede
State/Province: MO
Zip Code: 65536
Subdivision: Laclede-Not in List
Parcel ID: 13-5.0-22-001-001-007.000
Cross Street: Bus 44
Real Estate Tax: 7043
Tax Year: 2020
Zoning: RS-1
Remarks Misc
Directions: From I-44 northbound to Lebanon take the first Lebanon exit, 127, then left at Morgan Rd and continue straight to Ivey Lane, then left about 1 block to property on right.
Status Change Info
Status: Closed
Under Contract Date: 2021-03-01
Sold Date: 2021-06-29
Property Features
How to Show: Call Listing Agent
Baths: 2 Per Unit
Appliances: Dishwasher; Disposal; Oven/Range; Refrigerator; Washer
Cooling: Central
Heating: Central; Forced Air
Buildings: Two Buildings; Two Stories
Construction: Brick; Vinyl Siding; Wood Frame
Roofing Material: Composition
Parking: Two or More
Streets: Asphalt
Miscellaneous: Smoke Detector
Water: City Water
Sewer: City Sewer
Utilities: Electricity; Gas; High Speed Internet Access; Separate Meters; Sewer; Tenant Pays Part; Trash; Water
Flood Insurance: Not Required
Type of Tenancy: Lease; Monthly
Yearly Net Oper Inc: Over $25,000
Possession: At Closing
Will Sell: Cash; Conventional; See Remarks
Deposits: Deposit Required
Listing Office: Keller Williams
Last Updated: July - 02 - 2021
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