[Value-Add 6plex] McGrew Grove, KS

  • Price: $395,000
  • Rent: $4,750
  • Cap Rate: 7.2%
  • Monthly NOI: $2,381
  • Monthly Expenses: $2,369
  • Type: Multi-Family Residential
  • Year: 1930
  • Bedrooms: 6
  • Bathrooms: 6
  • Floor area: 3327

Highlights:

  • Property sits in a cute neighborhood with all the private neighborhood feels, but no HOA!
  • You can short-term rent these units in addition to long-term renting
  • Recent updates: new roof, windows, plumbing, electric, HVAC, along with several interior cosmetic updates over the past 4 years

Value-add opportunity:

Five of the six units in the building are finished, four of the five units are rented under market value.

To increase the value of the property (if you aren’t familiar with how valuing a commercial property versus a residential property works, check out this video)!

  • The 5th unit can be rented out immediately
  • The four rented units are rented under current market value (averaging $725/unit) and are on month-to-month leases. Market rents are $962/month per the Housing Authority (1bd/1ba units w/ utilities paid KCK HA Website)
  • The 6th unit can be finished (rehab estimate $10,000-15,000) and rented out
  • Attached 1 car garage is currently used as maintenance storage. It can be rented separately or with one of the units for additional income. (additional large shed is on site for storage)
  • Shared laundry on site for tenants use—can be coin operated machines for secondary income

Notes:

  • Leases, rent rolls, expenses, recent property inspection report etc. will be provided during Buyers inspection period.  Proof of funds and/or proof of financing pre-approval required with all offers.
  • Owner pays all utilities at $700-1000/month (included in expenses on pro forma). Single-metered water. Single-metered gas. Three electric meters.

 

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