Off Market New Construction. 1 to 10 Doors. Metro Kansas City

Lee's Summit,
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Overview

  • Updated On:
  • July 19, 2022
  • Year Built: 2021

Read First

  1. This is new construction – should be fully completed by now.
  2. Dani Beit-Or was on-site Mon. 10/4/2021 – see video below.
  3. This property can be purchased in a few ways:
    1. One transaction: one buyer buys the 10 units as one title/one property (commercial loan will be required).
    2. Three transactions: one or more buyer/s buy one or more building/s, i.e. one duplex, one fourplex, or more than one building*.
    3. 10 transactions: one or more buyer/s buy one or more units, i.e. four buyers each buy one unit and three buyers each buy 2 units – a total of 7 buyers.
  4. Each unit has its own meter/s.
  5. 6 units are rented

* In case of multiple transactions (option 3.2. & 3.3. above), an HOA will need to be created and established which will add approx. $15k-20K to the price (estimated $1500-$2000 more per unit).

 

Buying Preference

  • Priority will be given to a one-buyer who can buy all the units (either as 1, 3, or 10 separate transactions).
  • Secondary priority will be given to a buyer that can buy multiple units. The more units you can buy, the higher on the list you will be.

 

Pricing

Building Type # of units Asking Per Door
05 4-plex 4 $1,080,000 $270,000
03 4-plex 4 $1,080,000 $270,000
01 2-plex 2 $540,000 $270,000
Total 10 $2,700,000

 

About the City/Area

  • Schools are B (B+)
  • Located approx. 45 mins from downtown Kansas City
  • Growth is coming from nearby cities where people feel it is getting too crowded and they want more space.
  • Located 10 minutes drive from the City Lake (a 100-acre park)

 

Current Occupancy

  1. There are 6 units that have been leased.
  2. Lease rates are $1750 per unit per month.
  3. Projected market rents are $1850-$1950 per unit per month.

 

Each unit is equipped with

  • 3 bedrooms and 3 full baths:
    • Main floor: kitchen, living room, 2 bedrooms, 2 bathrooms
    • Basement: 1 bedroom, 1 bath, 2nd living room
  • Stainless Steel appliances, granite countertops, large living areas with open floor plans, LVP (Luxury Vinyl Plank) throughout (basement included)

 

About the image below

  • The satellite image is NOT up-to-date.
  • Units dividers (dashed lines) are not exact and are for illustration only.
  • The “future playground” will be developed at a later time, possibly in the spring/after the winter – The seller is willing to escrow funds for it.

 

Site tour – Oct. 4 2021

Video #1

Video #2

 

Financial Analysis – Important

  • This analysis shows the performance of 4 units (one building) and NOT the entire 10 doors.
  • Rents used in the analysis are $1750-$1950 per unit per month.
  • HOA is not factored in as it is either $0 or unknown at this time.

Property Specifications

4 Per Door
 Bedrooms 12 3
 Bathrooms 12 3
 Square Feet 6800 1700
 Year Built 2020
 Garage Size 4 1

 

Purchase Assumptions

Per Door
Asking $1,080,000 $270,000
Suggested Offer $1,080,000 $270,000
 Market Value $1,080,000 $270,000
 Improvements (Lower) $1,500
 Improvements (Upper) $2,500
 Estimated Closing Costs $6,000
 Estimated Mortgage Costs $6,000

 

Financing Assumptions

 Down Payment (%) 25%
 Down Payment Amount $270,000
 Financed Amount $810,000
 Interest Rate 3.50%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $3,637
 Cash Outlay (Total Out of Pocket) $284,000

 

Financial Assumptions

Monthly Yearly
Rent (Upper) $7,400 $7,800 $93,600
Rent (Lower) $7,000 $84,000
 Property Tax Rate (Approx.) 1.40%
 Property Taxes $1,008 $12,096
 Insurance $220 $2,640
 Repairs $220 $2,640
Variable-Cost PM 7.2%
Property Management Fee $529 $6,349
 Leasing Fee 68% $208.1 $2,498
 HOA $0 $0
 Vacancy Rate 4.0%
 Total Fixed Expenses $2,460 $29,521
 Total Expenses (Fixed + Mortgage) $6,097 $73,168

 

Financial Analysis / Deal Attractiveness

Years: 5 10
 Cap Rate 6.4% 7.5%
 Net Cash Flow $90,256 $212,620
 Equity Increase $317,439 $701,506
 Total Gain $407,695 $914,126
 Average Cash Flow/Year $18,051 $21,262
 Average Cash Flow/Month $1,504 $1,772
 Average Gain/Year $81,539 $91,413
 Average ROI 143.6% 321.9%
 Annual ROI 28.7% 32.2%
 Projected Property Value $1,313,985 $1,598,664
Per unit/yr $4,513 $5,316
Per unit/mo $376 $443

 

Availability

Type Building # Status
Duplex 01 A
01 B
4-plex 03 A
03 B
03 C
03 D
4-plex 05 A
05 B
05 C
05 D

 

 

FAQ

  • How much is the HOA?
    • We don’t know yet but anticipate not high as it needs to maintain common grounds.
  • Is any warranty provided?
    • No warranty is offered by the builder.
  • Can I buy with a mortgage?
    • Yes, and we have preferred lenders for you to use if you wish.
  • Do you have a local property manager we can use?
    • Yes, we sure do.
  • Can I buy cash?
    • Yes, of course.
  • Can I buy more than 1 property?
    • Yes.
  • Is there a way for me to buy all and get financing for all of them under 1 mortgage?
    • Generally speaking yes, and we have a lender who may be able to do it.

 

 

 

 

Disclaimer

Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.

The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info.

 

 

 

Address: Lee's Summit
State/County:
Country: United States
Open In Google Maps
Property Id : 38321
Year Built: 2021

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