720 NW Walnut St
Grain Valley, MO 64029
Harmony Meadows Retirement Villas · Multifamily Property For Sale · 48 Units

The project listed for sale is a senior living community that is designed, approved and ready to build. It is named “Harmony Meadows” and is located on a 4.6 acre parcel of land in an ideal, easy-to-access location in Grain Valley, Missouri. It is a community of ranch-style fourplexes surrounding a useful community building that also functions as a storm shelter. There are a mix of one- and two-bedroom units throughout the development, which totals 48 units in 12 fourplex buildings. They range in size from 615 to 831 square feet—not including covered front and rear porches—and are estimated to rent for between $850 and $1,100 per month. All the competing senior housing facilities in the immediate area routinely have waiting lists for prospective tenants. This project has been through all the proper rezoning and replatting stages and has been approved by the city for construction. All the civil engineering and utility design documents have been approved by the city engineer and the project is ready for immediate groundbreaking. Some of the pre-cast concrete manholes are already under construction. All construction design documents and architectural drawings have been paid for in full and ownership of all those documents would be transferred to the new builder. The sale of this project consists of the following: Architectural designs and plans of all the fourplexes, including several different elevation options for each structure. Construction drawings for the fourplexes Architectural designs for community building Construction drawings for community building Foundation design drawings for all structures Civil engineering documents--approved by city engineer. Utility design documents (KCPL) 4.6 acres m/l of raw ground, rezoned and platted for this PUD. Website for Harmony Meadows Marketing materials, logos, 3D renderings, site plans, etc. Bids for infrastructure phase of project: Site development, utility installation, storm/sewer, grading plan, GPS work, city street upgrades, parking lot, curbs and sidewalks. Bids for plumbing, concrete, roofing, HVAC, insulation, lumber, framing and more (if wanted/needed) Not including the acquisition price of the property, we have conservatively estimated the construction cost at roughly $4,500,000, which includes an allowance of about $200,000 for overages and unexpected change orders. We suspect an efficient, experienced builder could come in at a lower cost than we’ve estimated for ourselves, since we are not established builders. We estimate a monthly net cash flow of $34,600 after stabilization. Currently, multi-family Class B residential cap rates are below 6%, which would indicate a value of almost $7,000,000 for the completed, stabilized property. This should be highly profitable for a builder with the ability to manage and hold this property for a long period of time. This type of housing is in high demand; all the comparable developments in this area are 100% occupied. We had intended to build this project ourselves and keep it as a long-term investment, but unfortunately it would put is in a liquidity position that I am not comfortable with. I would rather sell the opportunity to a more established and experienced builder so I can continue focusing other development plans.