For Sale
1027 Caroline Dr
Washington, MO 63090Multifamily
$10.15m
Price
115
Units
$88k
Per unit
7.35%
Cap rate · In-place
Highlights
  • 115-unit portfolio across two stabilized properties in growing Washington, MO submarket
  • $754,736 in-place NOI at 7.19% cap rate with proven value-add upside
  • Two-thirds of units already renovated and achieving $1,022/month market rents
  • Remaining 38 unimproved units offer immediate rent growth to $117,580/month proforma
  • 4% submarket vacancy and 2.2% population growth outpacing greater St. Louis region
  • $91,307 per unit basis in market with limited comparable inventory
  • Premium location near downtown Washington and major employers including Mercy Hospital
  • Stable 95% occupancy with utility billback income enhancing net cash flow
About the property

Sunrise Valley Apartments and Madison Place Apartments comprise two distinct rental communities totaling 115 units in Washington, Missouri. Sunrise Valley is an 89-unit garden-style complex featuring centralized laundry facilities, a children's playground, and well-maintained common areas designed to foster a traditional apartment community atmosphere. Madison Place delivers 26 two-bedroom, one-bathroom units in a quieter residential neighborhood surrounded by single-family homes. Both properties were constructed between 1970 and 1990 and present in fair overall condition. The owner has completed interior renovations across approximately two-thirds of the portfolio, modernizing finishes, fixtures, and unit interiors to current market standards. The remaining 38 units retain original or dated configurations, representing clear repositioning opportunities. Off-street parking serves both sites, with Sunrise Valley configured as a traditional three-story apartment complex and Madison Place positioned as a low-rise residential product. The properties maintain 95% occupancy and benefit from onsite management and operational infrastructure already in place.

Location
Contact the brokers
Garen Lafser
President & Designated Broker
Matthew Millslagle
Associate
Tim McCarthy
Senior Associate
For Sale
1027 Caroline Dr
Washington, MO 63090
Multifamily
$10.15m
Price
115
Units
$88k
Per unit
7.35%
Cap rate · In-place
Request info  →
Highlights
  • 115-unit portfolio across two stabilized properties in growing Washington, MO submarket
  • $754,736 in-place NOI at 7.19% cap rate with proven value-add upside
  • Two-thirds of units already renovated and achieving $1,022/month market rents
  • Remaining 38 unimproved units offer immediate rent growth to $117,580/month proforma
  • 4% submarket vacancy and 2.2% population growth outpacing greater St. Louis region
  • $91,307 per unit basis in market with limited comparable inventory
  • Premium location near downtown Washington and major employers including Mercy Hospital
  • Stable 95% occupancy with utility billback income enhancing net cash flow
About the property

Sunrise Valley Apartments and Madison Place Apartments comprise two distinct rental communities totaling 115 units in Washington, Missouri. Sunrise Valley is an 89-unit garden-style complex featuring centralized laundry facilities, a children's playground, and well-maintained common areas designed to foster a traditional apartment community atmosphere. Madison Place delivers 26 two-bedroom, one-bathroom units in a quieter residential neighborhood surrounded by single-family homes. Both properties were constructed between 1970 and 1990 and present in fair overall condition. The owner has completed interior renovations across approximately two-thirds of the portfolio, modernizing finishes, fixtures, and unit interiors to current market standards. The remaining 38 units retain original or dated configurations, representing clear repositioning opportunities. Off-street parking serves both sites, with Sunrise Valley configured as a traditional three-story apartment complex and Madison Place positioned as a low-rise residential product. The properties maintain 95% occupancy and benefit from onsite management and operational infrastructure already in place.

Location
Brokers
Contact the brokers
Garen Lafser
President & Designated Broker
Matthew Millslagle
Associate
Tim McCarthy
Senior Associate

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