$1,995,000

1031 Ivey Lane

Lebanon MO, 65536

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.

Details

MLS#60183662
Listing TypeFor Sale
Sub-TypeResale
Status17SOCY6CGI3U
Year1999
Days On Site61

Features

Units40
Building(s)2
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Area Information
StateMO
CityLebanon
Zip Code65536
Listing VS Median (in 65536)
Price:
$1,995,000
low | high
Med:
$674,500
100% of Average
On Site:
61
low | high
Med:
92
66.304347826087% of Average
Sourced by Back At You
Listing Updated: April 22, 2021 1:29:22 AM PDT
David Waln LogoMLS Number: 60183662
Listing Provided By:
David Waln  of  Keller Williams
All information is deemed reliable; however, it is not guaranteed and should be independently verified. Real Estate offerings are subject to error, omissions, prior sale, change, withdrawal without notice and approval of seller. Properties are provided courtesy of Springfield MLS. 
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