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SPECIAL OF THE MONTH
Here we have 3 all-brick 4-plexes with excellent cash flow located at 634/36, 638/40, and 642/44 Hardesty in Kansas City, MO. The 642/44 Hardesty building has a basement apartment for a total of 5 units in that building adding increased value.
The units are basically the same with approximately 650 sq. feet per unit consisting of a living room (13x14), dining room (11x14), 1 bedroom (9.5x15), kitchen (7x11), and bathroom (6x6) with closet space in dining room and bedroom. Each unit also has a porch to enjoy the summer afternoons. Each unit has ceiling fans and mini-blinds. Most have carpet. Most all the kitchens and bathrooms have newer vinyl flooring. The 634/36 and 638/40 buildings have electric baseboard heaters and electric ranges making them more efficient all electric units. The 642/44 building has forced air gas furnaces and gas ranges. 642/44 also contains a laundry room which brings in an average $120.00 per month!
The rents are as follows: At 634/36 Hardesty the units rent for $400.00 per month with the utility included in the rent. At 638/40 Hardesty the units rent for $350.00 per month and the tenant pays their own electric. The owner pays for water and gas (for water heater). At 642/44 Hardesty the rents are $350.00 per month for the 4 main units and the tenants pay for gas and electric and the basement unit rents for $300.00 per month and that tenant pays for their own gas. The buildings have had numerous updates including plumbing and electric, roofs less than 10 years old and several units have been painted in the last year. There have been several years of 100% occupancy with long term tenants. The 634/36 building has a basement apartment that is about half finished and could be completed rather quickly adding even more cash flow.
The total rents are $4700.00 per month (634/36 = $1,600.00, 638/40 = $1,400.00, and 642/44 = $1,700.00). This should provide for a tidy profit after debt service.
Listed at $312,500.00, that’s only $25k per door + $12.5k for the 13th (basement) unit. Figuring property taxes of $905.32 per building and hazard insurance of $656 per building per year, which by my calculations, that gives us a Cap rate of 12.9%! We have monthly work sheets with the rents and utilities expenses to aid in your analysis. For more info and pics please feel free to call or email today. Or consult with our loan officer Ms. Susan Chagalian at (818) 995-1700 x 4426 for all of your available financing options. She always does an excellent job for us!
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