1031 Ivey Lane, Lebanon, MO 65536 (MLS# 60183662)

1031 Ivey Lane, Lebanon, MO 65536

$1,995,000

Property Type: MultiFamily Lot Size (sq. ft.): 193,842 Status: Closed

Current Price: $1,995,000 List Date: 2/21/2021 Last Modified: 7/02/2021

Overview

Description

Lebanon Sundance Apartments is a well maintained two building low rise apartment complex located in Lebanon, MO with easy on/off to I-44 and immediate proximity to all local services and amenities. This is an attractive affordable housing community designed to provide affordable rent to moderately low and middle income individuals and families. There is a strong rental demand for these units, hence a low vacancy rate. Property has an onsite Property Manager and office. Landlord pays water, sewer and trash, and, Tenants pay their other utilities. There is an onsite walking trail, picnic area, volley ball court and playground, plus plenty of open space. This is a stable and profitable investment showing a 5.5 cap rate and the ability to increase rents 7% per year. There is a tremendous windfall profit potential in 2028 when property is released from LIHTC program and able to achieve market rents (see LIHTC Program addendum).Shown by appointment only. Sale subject to MHDC approval.

Listing Details MLS# 60183662

Contract Information

Property Sub-Type: Apartment Building
Begin Date: 2021-02-19
Transaction Type: Sale
Historical District: No
Foreclosure/Short Sale: No
Agreement Type: Exclusive Right To Sell

Location Tax and Other Information

Street #: 1031
Street Name/Route: Ivey Lane
County: Laclede
State/Province: MO
Zip Code: 65536
Subdivision: Laclede-Not in List
Parcel ID: 13-5.0-22-001-001-007.000
Cross Street: Bus 44
Real Estate Tax: 7043
Tax Year: 2020
Zoning: RS-1

General Property Description

SqFt-Aprx: 33904
SqFt Finsh'd & Unfnsh'd: 5000 or more
Aprx Year Built: 1999
Total Monthly Rent: 20043
Number of Units: 40
# Two Bedroom Units: 32
# Three Bedroom Units: 8
Aprx Lot Size (Acres): 4.45
Lot Dimensions: Acres
Elementary School: Lebanon
Middle School: Lebanon
High School: Lebanon
Waterfront/View: None
Lake/River: None
View: No

Remarks Misc

Directions: From I-44 northbound to Lebanon take the first Lebanon exit, 127, then left at Morgan Rd and continue straight to Ivey Lane, then left about 1 block to property on right.

Status Change Info

Under Contract Date: 2021-03-01
Sold Date: 2021-06-29

Two Bed Units

Two Bed $: Over $450
Two Bed SqFt: 751 - 1,000 SqFt

More Information

Three Bedroom Units

Three Bed $: Over $400
Three Bed SqFt: 750 - 1,000 SqFt

Location, Tax and Other Information

Inside City Limits: Yes
RE Tax Provided By: Assessor Records

How to Show

Call Listing Agent: Yes

Construction

Brick: Yes
Vinyl Siding: Yes
Wood Frame: Yes

Utilities

Electricity: Yes
Gas: Yes
High Speed Internet Access: Yes
Separate Meters: Yes
Sewer: Yes
Tenant Pays Part: Yes
Trash: Yes
Water: Yes

Cooling

Central: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Oven/Range: Yes
Refrigerator: Yes
Washer: Yes

Baths

2 Per Unit: Yes

Heating

Central: Yes
Forced Air: Yes

Miscellaneous

Smoke Detector: Yes

Parking

Two or More: Yes

Roofing Material

Composition: Yes

Possession

At Closing: Yes

Will Sell

Cash: Yes
Conventional: Yes
See Remarks: Yes

Buildings

Two Buildings: Yes
Two Stories: Yes

Streets

Asphalt: Yes

Water

City Water: Yes

Sewer

City Sewer: Yes

Flood Insurance

Not Required: Yes

Type of Tenancy

Lease: Yes
Monthly: Yes

Yearly Net Oper Inc

Over $25,000: Yes

Deposits

Deposit Required: Yes

Property Features

How to Show: Call Listing Agent Baths: 2 Per Unit Appliances: Dishwasher; Disposal; Oven/Range; Refrigerator; Washer Cooling: Central Heating: Central; Forced Air Buildings: Two Buildings; Two Stories Construction: Brick; Vinyl Siding; Wood Frame Roofing Material: Composition Parking: Two or More Streets: Asphalt Miscellaneous: Smoke Detector Water: City Water Sewer: City Sewer Utilities: Electricity; Gas; High Speed Internet Access; Separate Meters; Sewer; Tenant Pays Part; Trash; Water Flood Insurance: Not Required Type of Tenancy: Lease; Monthly Yearly Net Oper Inc: Over $25,000 Possession: At Closing Will Sell: Cash; Conventional; See Remarks Deposits: Deposit Required

Listing Office: Keller Williams

Last Updated: July - 02 - 2021

Broker Attribution: klrw369@kw.com

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