Mount Joseph Apartments 1110 W 11th St 63 Unit Apartment Building $1,150,000 ($18,254/Unit) Concordia, KS 66901

Welcome to Mount Joseph Apartments in Concordia Kansas! 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 have been partially converted. 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, these 17 units alone will begin generating income of approximately $13,000 per month while construction can continue on other wings. The building is well known in the area and the entire community is excited about the transformation to apartments. The entire building features a beautiful brick exterior and sits on approx. 7 acres on the edge of town... A town that is in need of affordable housing. Upon completion, there will be 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 is mostly completed.
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.