🏘 Olathe, 66061 - Under rented 4-Plex in Olathe! Great condition, With Amazing Income Potential! πŸ’΅

1306 East 123rd Terrace, Olathe, KS 66061
$580,000
1337 sq ft
Sold

Facts and Features

Type
Multi family
Parking
Assigned
Year build
1980
Lot size
0.31 acres
Bedrooms
3
Sq. Footage
1337
Bathrooms
2

Summary

PURCHASE PRICE - $580,000

PRICE Per Door - $145,000

MARKET RENTAL INCOME - $1,200-$1,400 PER MONTH! πŸ’°πŸ’°



  • 3 Bedrooms
  • 2 Bathrooms
  • 1,137 sq ft
  • Built in 1980


Current Tenant Rate: $850-$925/month

Should be : $1,300-$1,400/month


This property overall is in good condition, does need updated fixtures, but the income potential is AMAZING!!


πŸ”₯ Townhomes in the area: $180-220k/Door


Recent Comps


1424 E Mart-Way Cir, Olathe, KS 66061 (6 Plex)

  • 3/2.5 per unit
  • $150k/Door
  • Sold for $900K!
  • No updates and poor finishes


17546 W 111th Pl Olathe, KS 66061 (Duplex)

  • 3/2.5 per unit
  • $200k/Door
  • Pending for $400K!


547 E Spruce St. Olathe, KS 66061 (4 Plex)

  • 3/2.5 per unit
  • $205k/Door
  • Sold for $820K!


1336 N Martway Dr. Olathe, KS 66061 (Duplex)

  • 3/2 per unit
  • $280k/Door
  • Sold for $560K!


Cap rate sits at 7.2% after adjusting for an avg 10% vacancy rate & increased rent to $1,250/unit at a $580k purchase price.


Operating expenses: $13,234


πŸ“… Tenants currently paying month to month.


Please review included pics for current rent roll and known age of mechanicals. πŸ“


Property is currently on MLS - We are under contract! We completely intend to close ourselves as we also own several multi-unit buildings... However, wanted to give our investor community an opportunity to own this asset as well.


ο»Ώο»ΏπŸ“ž CALL STANLEY OR SHOOT HIM A πŸ“² TEXT FOR MORE INFO ON THIS KILLER DEAL!

(816) 937-3563



Videos

1306 E 123rd Ter Olathe, KS 66061 (Part 1)

1306 E 123rd Ter Olathe, KS 66061 (Part 2)

Street View

Location and Comparables

Bedrooms
Bathrooms
Sq. footage
Last Sale Date
Last Sale Price
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