Jamie Perkins
REALTOR®, SRES
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BEDS0
BATHS
MLS#26009958
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONCaesars Country Acres
SCHOOLDesoto 73
Property Description
Caesar's Country Acres is an all-age community located in De Soto, Missouri, approximately 45 miles south of St. Louis. The property includes two tax parcels situated on 10.24 peaceful acres, and features 14 income producing units: 4 cottages, 8 park-owned mobile homes, and 2 pad rentals with tenant-owned mobile homes on them. See supplements or photos for details on the beds/baths, rents, and improvements done during the sellers' ownership. Outbuildings include a 40x30 storage barn (currently unused) with 16x8 garage door, and three storage sheds (two currently unused). 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.
Property Features
Property Type: Multi Unit - Multiple
Basement: None
Cooling: Ceiling Fan(s), Central Air
Home Style: Low/1-2
Lot Size: 10.24 Acres
Taxes: $4,149
Year Built: 1940
Feature Descriptions
Days on Site: 38
Exterior: Aluminum Siding, Block, Frame, Steel Siding, Vinyl Sid
Parcel#: 23-8.0-28.0-0-000-019
Parking: Driveway, Gravel, Off Street
Parking Notes: Driveway, Gravel, Off Street
Units: 14
Water: Well
Local Schools
High School: Desoto Sr. High
Middle School: Desoto Jr. High
Elementary School: Athena Elem.
School District: Desoto 73
Listed By / Shown By
Listed By
Agency Name: Worth Clark Realty
Shown By
Agent Name: Jamie Perkins
Agent Phone: (636) 675-5758
Agency Title: RedKey Realty Leaders
Estimate Your Payment
Estimated Payment
$ 3,387.85 per month $2,887.51 Principal & Interest $345.75 Property Tax $154.58 Homeowner's InsuranceChange Payment Information
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2902 Clay Street | MLS# 26009958
This multi-family property located at 2902 Clay Street, De Soto, MO 63020 is currently listed for sale with an asking price of $530,000. Clay Street is located within the Desoto 73 school district. Search De Soto real estate on www.jamieperkinshomes.com today.