2902 Clay ST De Soto, MO 63020
10.24 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type 5 Family or More
Listing Status Active
Purchase Type For Sale
Subdivision Caesars Country Acres
MLS Listing ID 26009958
Style Low/1-2
Year Built 1940
Annual Tax Amount $4,149
Lot Size 10.240 Acres
Acres 10.24
Property Sub-Type 5 Family or More
Property Description
Caesars Country Acres is served by a well system and a wastewater stabilization lagoon system, both of which are in good working order. The lagoon, located at the rear of the property, is a septic 3-cell treatment plant that is tested quarterly. Zoning is R-40 (see supplements for full detail). Potential value add plays could include raising lot rents, selling park-owned homes to tenants (on contract or outright) to lower operating costs, improving insurance costs, improving garage to rent as secured storage, renting the unused sheds, and updating unrenovated units / raising rent as units turn. The park-owned mobile homes are unattached and thus taxed as personal property – a savings for the buyer. Occupancy rates are very high, retention is strong, and unit turns are short. The homes are older but many are newly renovated and in good shape. Current monthly rents total $8920; there is currently one vacancy, a cottage that's being renovated by a laborer/tenant in lieu of rent. With existing rents and a pro forma $820 for the cottage, the annual operating income is $116,880. Less operating expenses of $53,241, that's an NOI of $63,739 – a 12.02% cap rate at asking price. De Soto is in Jefferson County, is one of the fastest growing counties in state. The city is known as “Fountain City” because of the numerous artesian wells. Union Pacific Railroad, Wal-Mart and De Soto SD are the largest employers.
Location
State MO
County Jefferson
Area 399 - Desoto
Rooms
Basement None
Interior
Cooling Ceiling Fan(s), Central Air
Fireplace N
Exterior
Parking Features false
View Y/N No
Private Pool false
Building
Water Well
Structure Type Aluminum Siding,Block,Frame,Steel Siding,Vinyl Siding
Schools
Elementary Schools Athena Elem.
Middle Schools Desoto Jr. High
High Schools Desoto Sr. High
School District Desoto 73
Others
Acceptable Financing 1031 Exchange, Cash, Conventional, Private
Listing Terms 1031 Exchange, Cash, Conventional, Private
Special Listing Condition Listing As Is
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Agent | License ID: 2017020072