Units: 48
Building: 32,976 sq ft
Lot: 3.60 Acres
Occupancy: 100%
Price: $1,900,000
Price Per Unit: $39,583.33
GRM: 7.12
Cap Rate: 8.00%
Year Built: 1980
Property Description:
Guaranteed income (project-based Sect. 8) and a long
waiting list make Raintree an exceptional investment
opportunity. Excellent on-site manager wishes to stay,
enabling buyer from any part of the country to acquire
Raintree. Built in 1980, units are all electric (paid by
tenants). Many capital improvements over past 12 months,
e.g., much new floor tile and carpeting, siding on four
of the eight buildings, new windows on three buildings,
and complete remodel of seven units.
The absence of a clubhouse and pool,
as well as low property taxes keeps operating expenses
low. The owner and HUD entered into a 5-year renewal of
the HAP contract on 10/1/2007. Current rents have not
been increased since 10/06 and the owner is optimistic
they will be increased 10/08. Three buildings are
8-plexes with 2-bedroom units and four buildings are
6-plexes with 1-bedroom units. There is also a 36'X36'
office/laundry/storage building with a half bath.
Location Descrin:
ptioWarrensburg, Missouri is located just an hour' s
drive from Kansas City, allowing residents to enjoy the
attractions of a 2 million strong metropolis and the
advantages of small-town living. It is a self-contained
city of about 18,000 people that enjoys a vibrant and
growing employment base, an active cultural scene, and
is home to the University of Central Missouri with
nearly 12,000 students.
Average population growth is about 3%
a year. The University, nearby Whiteman Air Force Base
(home to the B-2 Stealth Bomber), agriculture, and a mix
of manufacturing, commercial and retail enterprises
drive Warrensburg' s diverse and stable economy.
Commission Split: 2%
Loan Description: Local bank
is interested in discussing financing with qualified
buyers.
• Always Has Long Waiting List
• Guaranteed Section 8 Income
• Many Recent Capital Improvements
• Low Operating Expenses
• Exceptional On-Site Manager Will Stay
• Well-Regarded Property in the Community
Year: 2008
Scheduled Gross Income: $266,976
Effective Gross Income: $260,827
Operating Expenses: $108,900
Net Operating Income: $151,927
1 BR / 1 Bath
24 Units
600 sq ft
Avg. Rent: $437
2 BR / 1 Bath
24 Units
720 sq ft
Avg. Rent: $490
Contact Linda Peroff at (816) 412-0223
