Current Use by Public Records
- Apartment buildings
Property Details for 241 Business
- Year built
- 1980
- Lot size
- 1.50 lot acres
- Property type
- Apartment buildings
Description
This 28-unit apartment building in Warrensburg, Missouri, presents a compelling value-add investment opportunity. Located just south of Central Missouri University at 241 SE Missouri 13 Business, this stabilized Class C property boasts a strong 95% occupancy rate and a substantial net operating income (NOI) of $175,000, yielding a 10.32% cap rate. The asking price is $1,695,000, translating to approximately $60,535.71 per unit. Built in 1980 and renovated in 2021, the complex comprises seven two-story buildings situated on a 1.5-acre lot. The property includes 28 parking spaces (one per unit). Recent upgrades include new roofs, asphalt repaving in parking areas, fresh paint, new gutters, and renovations to numerous units, along with some HVAC system upgrades. The unit mix consists of 14 two-bedroom apartments renting at $575 per month and 14 one-bedroom apartments renting at $475 per month. The property is subject to a ground lease. This multifamily investment offers significant potential for increased profitability through further value-add strategies. The property's location near Central Missouri University ensures consistent demand and strong rental income. This is a rare opportunity to acquire a well-maintained, high-performing apartment complex in a desirable location.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Warrensburg
- County
- Johnson
- State
- Missouri
- Longitude
- -93.7321
- Latitude
- 38.7243
