1 Church DrKimberling City, MO 65686

Property Details for 1 Church Dr

Year built

1993

Lot size

2.10 AC

Property size (Sq ft)

21,188 SF

Property type

Apartment buildings

Description

This exceptional 24-unit apartment complex, situated on a 2.1-acre lot in Kimberling City, Missouri (65686), presents a compelling investment opportunity. The property consists of four three-story buildings, totaling 21,188 square feet, constructed in 1993. Currently boasting an 87.5% occupancy rate (as of October 12, 2023), the property offers significant upside potential. Each of the 24 units features two full bedrooms, one and three-quarter bathrooms, a fully equipped kitchen (including refrigerator, dishwasher, and oven), and a private deck overlooking the adjacent Table Rock Lake. Washer and dryer hookups are included in each unit, and two parking spaces are provided per unit. The property benefits from permitted nightly rentals, allowing for increased revenue generation. Recent improvements include new roofs installed in 2021 and a comprehensive record of updated HVAC systems is available. Individual electric meters are installed for each unit, simplifying utility management. While trash removal is currently covered by the landlord, water and sewer charges will be added to new and renewed leases after October 15, 2023. New base lease amounts are set at $925 per month, with an additional $100 monthly average for water and sewer (based on 2023 data). The property is offered at $3,075,000, representing a price per unit of $128,125 and a cap rate of 7.09%. Convenient public lake access is nearby. Property records are available for due diligence. This is a turnkey operation with existing management available if desired.

Location Insight

City

Kimberling City

County

Stone

State

Missouri

Latitude

36.6418

Longitude

-93.4236

FAQs

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