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802 W Wakefield Ave, Sikeston, MO 63801
- 20 Units
- 6.59% Cap
- 9.25% Proforma Cap
- 100% Occupancy
- Sikeston, MO
The Waller Group is proud to present the 100% occupied, 20- unit value-add property in Sikeston, MO. The property is available because current ownership is looking to reinvest proceeds. The roofs on the property are 10 years old and the property has central heat and air. All of the wiring at the property is copper and the parking lot is concrete with no covered parking. Current ownership is achieving $98,849 in annual NOI. New ownership, based upon area rent comps, can raise rents up tp $200 / unit, which is a $0.17 / sqft bump. With this bump, new ownership can achieve an annual NOI of $138,700. Additionally, there is the opportunity to implement lease violation fees, pet fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills. New ownership also has the opportunity to convert the maintenance units to market lease units going forward and refine the existing ratio utility billing system to collect $284.36 per month. The property is currently self-managed. Proforma financials were underwritten with a 8% management fee.