Multifamily

Charleston Ridge Apartments

701 Warren St, Charleston, MO 63834

Listing Price: $1,895,000

Cap Rate
8.25%
Number of Units
50
GRM
6.08
Occupancy
95.0%
Price/Unit
$37,900
Price/Gross SF
$39.70
Gross SF
47,739

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 several 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; complete the renovation and leasing of the two down units to increase rental income.

Due to the lack of workforce housing in the area and limited competition, 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.

Investment Highlights

  • Turnkey Property With Multiple Value-Add Opportunities Upon Takeover
  • Extensive Renovations Completed Over Last 6 Years
  • Extremely Limited Competition for Workforce Housing

Exclusively Listed By

Broker of Record

  • Bradley Barham

    First Vice President Investments

    License(s): MO: 2013016939

    Missouri

Multifamily

Charleston Ridge Apartments

Listing Price: $1,895,000

Cap Rate
8.25%
Number of Units
50
GRM
6.08
Occupancy
95.0%
Price/Unit
$37,900
Price/Gross SF
$39.70
Gross SF
47,739

Investment Highlights

  • Turnkey Property With Multiple Value-Add Opportunities Upon Takeover
  • Extensive Renovations Completed Over Last 6 Years
  • Extremely Limited Competition for Workforce Housing

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 several 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; complete the renovation and leasing of the two down units to increase rental income.

Due to the lack of workforce housing in the area and limited competition, 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.

Exclusively Listed By

Broker of Record

  • Bradley Barham

    First Vice President Investments

    License(s): MO: 2013016939

    Missouri

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