1110 W 11th
Property Description
The Mount Joseph Apartments project in Concordia Kansas is an enticing real estate investment opportunity, especially with its prime location. Formerly Mount Joseph Senior Village, this 54,000 sqft single level brick building is being converted to 63 apartment units, which includes a spacious on site manager unit, gym, rec center, 3 coin op laundry rooms and a large courtyard for outdoor games, BBQ's and other social gatherings. When fully completed, Mount Joseph apartments will have 3 studios, 38 - 1 bedrooms, and 22 - 2 bedroom units, with gross income of $45,000 per month. Currently 2 wings are close to completion. A-wing has seven 2 bedroom units, 6 of which are 2 bedroom 2 bath units. C-wing has nine 1 bedroom 1 bath units and a 2 bedroom 1 bath unit. Upon completion (estimated 60 days), these 17 units will begin generating income of approximately $13,000 per month while construction continues on other wings. The building is well known in the area and the entire community is excited about the transformation to apartments. Beautiful brick exterior with 63 brand new units with white shaker cabinetry, stainless appliances, granite countertops and more. These units will be the newest and nicest in town. A brand new road along the back of the property with 50+ new parking spaces was just completed. Mount Joseph sits on 6.83 acres nestled on the edge of town next to Lost Creek, which provides a serene and picturesque setting, which will be a major selling point for tenants seeking tranquility and natural surroundings. For those interested in real estate investment, Mount Joseph Apartments presents an opportunity worth considering, offering the potential for both immediate returns and long-term growth. For personal reasons, the current owner is selling as is, however construction continues. As more wings are completed, the listing price will be increased accordingly. If 50% completion is reached, the property will be taken off market permanently. This is an amazing property and could be the flagship property of any real estate portfolio. Don't wait or it will be gone one way or another. The owner is open to seller financing. When an owner is open to seller financing, it means that they are willing to provide a loan directly to the buyer rather than having the buyer obtain financing from a bank or other financial institution. This arrangement can be beneficial for both parties in certain situations, and it allows for more flexibility than traditional financing.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $999,000 |
| Year Built: | 1977 |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 0 |
| Number of Bathrooms: | 0 |
ID: 3yd-NYSMLS-12044285
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