802 Wakefield Ave Sikeston, MO 63801
- Commercial real estate
- 1.89 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 802 Wakefield Ave
- Year built
- 1978
- Lot size
- 1.89 lot acres
- Property type
- Commercial real estate
Description
This exceptional 20-unit townhome community in Sikeston, Missouri presents a compelling value-add investment opportunity. Located at 802 W Wakefield Ave, this Class C property boasts 23,376 net rentable square feet across three, two-story buildings situated on a 1.89-acre lot. Built in 1978 and extensively renovated in 2023, the property includes four one-bedroom and sixteen two-bedroom units, averaging 1,169 square feet each. Currently operating at 100% occupancy (as of July 26, 2024), the property benefits from individually metered utilities and recently completed capital improvements, including new roofs, flooring, and fresh paint. The strong local market, with a 3.7% vacancy rate, supports further rental increases, building on the current success of approximately $200 increases on new leases. This property offers a compelling 8.00% cap rate and is ideally suited for a 1031 exchange. The combination of high occupancy, recent renovations, and potential for rental growth makes this a truly attractive investment prospect. The property's location in Scott County, Missouri, provides easy access to local amenities and services. This is a turnkey opportunity for an investor seeking immediate cash flow and long-term appreciation potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Sikeston
- County
- Scott
- State
- Missouri
- Longitude
- -89.601243670766
- Latitude
- 36.884160572795
