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Multifamily

Charleston Ridge Apartments

701 Warren St., Charleston, MO 63834

Listing Price: $1,999,000

Cap Rate
6.84%
Number of Units
50
Occupancy
91.7%
Price/Unit
$39,980
Price/Gross SF
$10.02
Gross SF
199,505

Investment Overview

Built in 1970 and gut rehabbed in 2012, the property consists of (50) apartment units comprised of one, two, three, and four-bedroom floor plans to easily accommodate a wide range of workforce renters. The spacious interiors average 955 sqft and offer desirable amenities including central heating and air, unit W/D hookups, newly installed hard surface flooring, newly installed appliances, private parking, among others to make this quiet neighborhood property one of the premier rental products in the local market. Charleston Ridge is a turnkey property with a couple of value-add opportunities: investors can increase rents $25-50 per month with no further improvements or capital projects & implement a RUBS program to recover unit water usage cost from the tenants. Due to the lack of workforce housing in the area and extremely limited competition for apartments, this already strong cash-flowing asset can be made even more profitable by increasing the below-market rents in select units and implementing the RUBS billback at resident renewal. 05

Investment Highlights

  • Extensive Renovations Completed Over Last 6 Years, Including New Roofs, Appliances Gutters, HVAC, Plumbing, Electrical, and Interior Unit Renovations
  • Fifty (50) Apartment Unit Turnkey Property With Stable Cash-Flow & Collections Throughout 2022
  • 7.02% Capitalization Rate
  • Extremely Limited Competition for Workforce Housing
  • Attractive Agency Financing Available – See Agent for Details

Exclusively Listed By

Multifamily

Charleston Ridge Apartments

Listing Price: $1,999,000

Cap Rate
6.84%
Number of Units
50
Occupancy
91.7%
Price/Unit
$39,980
Price/Gross SF
$10.02
Gross SF
199,505

Investment Highlights

  • Extensive Renovations Completed Over Last 6 Years, Including New Roofs, Appliances Gutters, HVAC, Plumbing, Electrical, and Interior Unit Renovations
  • Fifty (50) Apartment Unit Turnkey Property With Stable Cash-Flow & Collections Throughout 2022
  • 7.02% Capitalization Rate
  • Extremely Limited Competition for Workforce Housing
  • Attractive Agency Financing Available – See Agent for Details

Investment Overview

Built in 1970 and gut rehabbed in 2012, the property consists of (50) apartment units comprised of one, two, three, and four-bedroom floor plans to easily accommodate a wide range of workforce renters. The spacious interiors average 955 sqft and offer desirable amenities including central heating and air, unit W/D hookups, newly installed hard surface flooring, newly installed appliances, private parking, among others to make this quiet neighborhood property one of the premier rental products in the local market. Charleston Ridge is a turnkey property with a couple of value-add opportunities: investors can increase rents $25-50 per month with no further improvements or capital projects & implement a RUBS program to recover unit water usage cost from the tenants. Due to the lack of workforce housing in the area and extremely limited competition for apartments, this already strong cash-flowing asset can be made even more profitable by increasing the below-market rents in select units and implementing the RUBS billback at resident renewal. 05

Exclusively Listed By

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