Investment Overview

Marcus & Millichap is pleased to present the Eastview Apartments for sale, located at 2120 South Ingram Mill Road in Springfield, Missouri. This property is highly profitable, boasting an average annual cash-on-cash return of 11.33 percent, even with only a modest increase in scheduled rents. The property has undergone extensive renovations, including new roofs, windows, and siding on the exterior. Additionally, the asphalt has recently been completely slurry sealed and striped. Having undergone extensive renovations, there is no deferred maintenance or major capital expenditures needed. Most of the interior units look brand new and feature updated heating, air conditioning, and water heaters. In 127 units where space allowed, washers and dryers were installed. With a prime location in the heart of the city, this 316-unit multifamily property comprises 10 two-story buildings, all constructed in 1984. The renovations have created a modern and well-maintained environment for residents. The property also includes two laundry rooms, onsite parking, and the potential for adding several outdoor amenities. With an additional upside from its unit mix and upgrade position Eastview Apartments competitively in the Springfield rental market as a promising investment with significant upside. Located in southwestern Missouri, Springfield is the third-largest city in the state and serves as the economic and cultural hub of the Ozarks region. Known for its robust local economy, educational institutions, and thriving healthcare sector, Springfield offers a blend of urban conveniences and Midwestern charm. The city is home to nearly 170,000 residents, with the wider metropolitan area hosting approximately 470,000 people. Springfield is strategically located along major transportation routes such as Interstate 44 and U.S. Route 65, facilitating easy access to nearby cities including St. Louis, Kansas City, and Tulsa. Springfield also boasts strong employment sectors, including healthcare, education, manufacturing, and retail. The city’s two largest employers, CoxHealth and Mercy, are major medical facilities. Other significant employers include Bass Pro Shops, O’Reilly Auto Parts, Jack Henry & Associates, and the Springfield Underground, a substantial underground business complex that hosts various industrial and logistics operations. Furthermore, Springfield is home to several higher education institutions, most notably Missouri State University, which has an enrollment of over 24,000 students. The Springfield multifamily market has seen steady growth due to an influx of students, young professionals, and retirees seeking affordable living options. Rental properties, ranging from student housing to modern apartment complexes, remain in high demand. Springfield offers a high quality of life, characterized by affordable housing and a low cost of living compared to other metropolitan areas. The city features a mix of urban amenities, cultural attractions, and outdoor recreational opportunities, with nearby parks, trails, and the picturesque Ozark Mountains providing residents with ample opportunities for outdoor activities. In recent years, Springfield has witnessed steady growth and development, particularly in its downtown area, which has undergone revitalization with new businesses, residential units, and cultural venues.