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Listed by Nicholas Ambrosio • Peak Real Estate Partners, LLC
$ 2,950,000
Est. payment /mo
Pending
7402 Overton AVE Raytown, MO 64133
1.56 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home, Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Subdivision Park Farm
MLS Listing ID 2622533
Year Built 1965
Annual Tax Amount $24,922
Lot Size 1.560 Acres
Acres 1.56
Property Sub-Type Apartment
Source hmls
Property Description
The Overton Apartments is a 40-unit apartment complex located in Raytown, MO. The property is strategically located right off 350 Highway, giving tenants easy access to both 435 and 470 Highways, making it a strong fit for workforce housing. The current ownership group has owned and managed the property for roughly 15 years and have passionately taken care of the property throughout their duration of ownership. 14 furnaces and 14 HVAC's systems have been replaced since 2019, with the majority being replaced in the last 3 years. One roof was replaced in 2017, two roofs were replaced in 2021 and the final roof was replaced in 2022. The current owner has two voucher tenants, five mid-term rental tenants, while the rest are market rate tenants. The units have received renovations sporadically throughout ownership, but majority leave value add potential for the next owner. The large spacious units, combined with the exposed brick and balconies, allow for a premium to be achieved in the market, as well as winning tenants in general. There is also room to add an additional two units in each basement, but this would remove the laundry facilities from the property.
Location
State MO
County Jackson
Zoning R2.5
Interior
Heating Forced Air
Cooling Electric
Fireplace N
Exterior
Parking Features false
Utilities Available Cent Water Heater, Separate Meters
Roof Type Synthetic
Building
Story 3
Sewer Unknown
Water City/Public - Verify
Structure Type Brick/Mortar
Schools
School District Raytown
Others
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
