Post on 19-Jul-2020
transcript
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HILLCREST APARTMENTSC O M M U N I T Y O F F E R I N G
SETH WILSON 402-218-6973
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OFFERING OVERVIEWSierra Whiskey Properties is pleased to present HillCrest Apartments, a 44 unit multifamily community located in Riverside, Missouri. The property is very well located and positioned in its submarket—minutes away from downtown Kansas City and seconds away from Argosy Casio, the highly ranked Park Hill South High School, New Horizons Business Park and the Briarcliff Village development.
In the recent years the ownership has added nearly $400,000 in capital improvements, a full list may be seen on the Property Description page.
PROPERTY HIGHLIGHTS
• Property and current management are in great shape and high performance.
• Two blocks away from Riverside City Hall and community center.
• Located just off of I-635 and highway 9 adding to the desirability of the location.
• Top rated Park Hill South school district.
• Three floor plans available--Dedicated office and maintenance space.
• Brokers Protected at 3%.
PROPERTY SUMMARY
Asking Price $3,000,000
TermsFree & Clear or Long-term Freddie Mac
loan assumption available
Property Address4800 NW Cliff View Drive
Riverside, MO 64152
Year Built 1956
Units 44
Occupancy 95%
Rentable Area 39,222 ft2
Average Unit Size 805 ft2
Average Rent Ft2 $0.80
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AERIAL VIEW
SUBJECT PROPERTY
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PROPERTY DEMOGRAPHICS
POPULATION 1 MILE 3 MILE
Total Population 2,691 39,386
2022 Population 2,856 41,888
Pop Growth 2017-2022 6.13% 6.35%
Average Age 38.70 38.00
HOUSEHOLDS
2017 Total Households 1,205 16,628
HH Growth 2017-2022 6.06% 6.36%
Median Household Inc $40,425 $57,165
Avg Household Size 2.10 2.30
2017 Avg HH Vehicles 1.00 2.00
HOUSING
Median Home Value $170,348 $167,397
Median Year Built 1969 1974
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PROPERTY DESCRIPTION
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PROPERTY DEMOGRAPHICS
PROPERTY DESCRIPTION
Address4800 NW Cliff View Drive Riverside, MO 64152
Year Built 1956
Number of Units 44
Rentable Area 39,222ft2
Average Unit 860 ft2
Land Area 2.87 Acres
Number of Buildings 4
Floors per Building 2
Parking Spaces 48
Parking Density 1.09
Zoning R3
UTILITY DESCRIPTION
SERVICE PAID BY
Electricity Tenant
Gas Tenant
Water/Sewer Owner
Trash Owner
CAPITAL IMPROVEMENTS
Parking Lot Resurfacing (2017)
All New Windows (2016)
All Interiors Rehabbed (2016-2017)
Numerous HVACs Replaced (>75%)
Painted Building Exterior (2016)
Replaced Retaining Walls, Steps and Building Entrances
Replaced Roofs, Guttering, Stairs, Landings and Decks
Replaced All Electrical Panels in Units (2014)
Exterior Light Enhancements (2017)
Landscaping & Tree Removal (2016-17)
Replaced Many Exterior Doors (2014)
Enhanced Storage and Laundry Facilities (2017)
CONSTRUCTION DESCRIPTION
Exteriors Partial Brick
Roofs Pitched Shingle
Windows Single-Hung all new 2016
Foundation Full Basements Poured Foundation
Framing Wood
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PROPERTY DEMOGRAPHICS
INTERIOR DESCRIPTION
Flooring Wood Grain Sheet Vinyl-Carpet and Pad in Bedrooms
Kitchens Updated Appliances, and hardware
UNIT MIX
UNIT TYPE NUMBER RENT SQ FT TOTAL SQ FT
1 BR / 1 BA 8 $665 660 5,280
2 BR / 1 BA 20 $715 840 16,800
2 BR / 1.5 BA 16 $730 985 15,760
TOTAL/AVG 44 $711 860 37,840
REAL ESTATE TAXES
Tax Jurisdiction Platte County
Parcel IDs23-2.0-04-300-002-004.00023-2.0-04-300-002-003.000
TOTAL REAL ESTATE TAX $11,360
MECHANICAL DESCRIPTION
HVAC Electric Central Air-Forced Air Gas
Hot Water Individual Gas
Laundry Two On-Sight Locations
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RENT COMPARABLES
UNIT STYLE # OF UNIT UNIT SQ FT RENT RENT PER FT2
1 BD / 1 BA 18 725 $700 $0.83
2 BD / 1 BA 45 980 $800 $0.78
2 BR / 1 BA 45 980 $850 $0.78
Rivermont4424 Hon Dr.
Riverside, MO 64150
Year Built: 1970
# of Units: 108
Utilities Water, Sewer and Trash Paid by Owner
Unit Features Balcony*, dishwasher, fireplace*, garbage disposal
Amenities Clubhouse, Pool
UNIT STYLE # OF UNIT UNIT SQ FT RENT RENT PER FT2
1 BD / 1 BA 60 650 $776 $1.19
2 BD / 1 BA 15 865 $863 $1.00
2 BD / 1 BA 14 975 $1,023 $0.95
2 BD / 2BA 1 1020 $1,050 $0.97
Year Built: 1970
# of Units: 60
Utilities Paid for by Owner
Unit Features Dishwasher, Garbage Disposal
Amenities Pool
Chateau D’Mons4403 NW D’Mons Dr Riverside, MO 64150
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RENT COMPARABLES
UNIT STYLE # OF UNIT UNIT SQ FT RENT RENT PER FT2
Studio 10 458 $491 $1.07
1 BD / 1 BA 80 640 $550 $0.86
2 BD / 1 BA 120 850 $650 $0.76
2 BD/ 1.5 BA 20 900 $680 $0.76
El Chaparral4921 NW Gateway Ave Riverside, MO 64150
Year Built: 1970
# of Units: 230
Utilities Water, Sewer, Trash paid for by Owner
Unit Features Dishwasher, Garbage Disposal
Amenities Clubhouse, Pool, Playground
UNIT STYLE # OF UNIT UNIT SQ FT RENT RENT PER FT2
Studio 28 459 $461 $0.96
1 BD / 1 BA 78 678 $510 $0.75
2 BD / 1 BA 45 805 $608 $0.75
Year Built: 1970
# of Units: 151
Utilities Water, Sewer, Trash paid for by Owner
Unit Features Balcony*, Dishwasher, Disposal
Amenities Clubhouse, Tennis Court, Pool
Northcrest5135 NW Kalivas Dr. Riverside, MO 64150
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LOCATION REVIEW
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ABOUT RIVERSIDE, MOIt’s All UpstreamWith a healthy mix of new and existing homes, a highly rated school district, lots of open space, extensive walking/biking trails and no property, real estate or earnings taxes, it all adds up to life less ordinary.
Strong SchoolsRiverside is part of the Park Hill School District and home to Park Hill South High School. Park Hill received the Missouri Quality Award for dedication to exceptional performance, the first district to receive the prestigious award.
Healthy CitizensThanks to the City’s 75 percent subsidy on membership fees at three area community and fitness centers, more than 25 percent of residents are involved in the citywide Healthy Citizens initiative.
Connected NeighborhoodsRiverside continues to build a planned trail system that will soon loop around the entire community and link with Platte County, Kansas City and Parkville trails.
RELEVANT NUMBERS
County Platte
Square Miles 5.3
Population Approx. 3,000
Median Citizen Age 35.1
Average Age of Housing 32.1
Average Home Value $121,709
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Safety and SecurityThe Public Safety Department is comprised of a full-time police division and a full-time fire division, allowing faster response times and an even higher level of service to residents and merchants.
SustainabilityMore than 70 percent of single-family homes in Riverside participate in the City’s free curbside recycling program. Drop-off bins on the City Hall campus help more citizens recycle paper, cardboard, plastic, aluminum and glass. The Riverside composting program allows residents to drop off yard waste at no charge.
Satisfied StakeholdersAccording to the most recent ETC DirectionFinder Survey, 89 percent of Riverside residents are satisfied with their overall quality of life, which exceeds the national average of 77 percent.
FOR MORE INFORMATION, CONTACT SETH WILSON: 402-218-6973