115-Unit Brick Apartment
For Sale
Under Contract
$10,500,000
1027 Caroline Drive, Washington, MO 63090
Residential Income, Washington, MO
Property Size105,000 SF
Price / SF$100
Days on Market47
Property Features for 1027 Caroline Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bathroom 2
Subdivision
Sunrise Valley & Madison Place Apartments
Elementary school
South Point Elem.
Middle school
Washington Middle
High school
Washington High
Elementary school district
Washington
Middle school district
Washington
High school district
Washington
Directions
GPS is Best!
Standard status
Active Under Contract
APN
10-7-26.0-2-011-077.001
Size
105,000 SF
Utilities
Cooling system
Central Air, Wall Unit(s)
Building Details
Year built
1974
Floors in Building
2
Number of units
115
Building materials
Brick
Architectural style
Other
Listing Agency:
Salient Realty Group, LLC
(314) 374-3687
Listed By:
Garen Lafser · License #2015014613
(314) 451-7471
Added: Jul 22
Changed: Sep 5
Last Checked: Sep 6 at 7:06AM
MLS# 26038016
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Investment Insights
Based on property information with market context.
This 115-unit multifamily portfolio comprises two apartment communities in Washington, Missouri: an 89-unit primary complex and a 26-unit garden community. The properties contain approximately 105,000 square feet across brick construction completed in 1974, with central air and wall-unit cooling represented in the portfolio. Two-bedroom apartments account for 80% of the unit mix.
Renovation work has been completed on approximately two-thirds of the units, leaving the remaining apartments within an established renovation program. Non-renovated units have a stated market rent spread of at least $137 per unit per month. The portfolio carries an 8.05% in-place T3 cap rate and a 9.41% pro forma stabilized cap rate. It is located in Franklin County, where the stated vacancy rate is 4% and annual population growth is 2.2%.
Renovation work has been completed on approximately two-thirds of the units, leaving the remaining apartments within an established renovation program. Non-renovated units have a stated market rent spread of at least $137 per unit per month. The portfolio carries an 8.05% in-place T3 cap rate and a 9.41% pro forma stabilized cap rate. It is located in Franklin County, where the stated vacancy rate is 4% and annual population growth is 2.2%.
Key Highlights
- 115‑unit portfolio with an 89‑unit flagship complex and a 26‑unit garden community
- Approximately 105,000 square feet across brick apartment buildings constructed in 1974
- 80% of units are two‑bedroom apartments
Property Analytics
Property Profile
Current Use
Lease Details
115
Residential units
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 63090, MO
22,843
Population
9,745
Households
2.3
Avg Household Size
43
Median Age
33%
College-Educated
94%
High-School Grad
81.5 sq mi
ZIP Area
280
Density / Sq Mi
$83,966
Median Household Income
$46,556
Median Earnings
$873
Median Rent
$260,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily portfolio with a predominantly two-bedroom unit mix and a substantial completed renovation program.
Where is this apartment building located?
The property is located at 1027 Caroline Drive Washington, MO.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 115‑unit portfolio with an 89‑unit flagship complex and a 26‑unit garden community; Approximately 105,000 square feet across brick apartment buildings constructed in 1974; 80% of units are two‑bedroom apartments
