Founders Park Lofts | 331 E Water St
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Founders Park Lofts 331 E Water St
32 Unit Apartment Building $3,300,000 ($103,125/Unit) Springfield, MO 65806
Investment Highlights
- Stabilized Offering Featuring Significant Value-Add Upside Potential
- Attractive Historic Renovation
- Unique Springfield Market Dynamics
- Walkable Downtown Springfield Location
- Long-Term Local Ownership
- Offered Free & Clear of Existing Debt
Executive Summary
As exclusive advisor, MMG Real Estate Advisors is pleased to offer the opportunity to acquire Founders Park Lofts, a historic 32-unit
multifamily asset located in downtown Springfield, MO. Built in 1875, Founders Park Lofts was painstakingly restored and converted into loft apartments in 2004. This beautiful historic asset provides investors with sustainable renter demand, durable cash flow, and multiple value creation opportunities.
Stabilized Offering Featuring Significant Value-Add Upside Potential:
Founders Park Lofts features strong historic occupancy and performance and is being sold by the original developer. The asset offers a clear path to unlocking additional upside through light value-add modernizations and operational efficiencies.
Exceptional Downtown Springfield Location – Countless Restaurants, Bars, Breweries, & Shops Within Walking Distance:
Located in the heart of the downtown district, Founders Park Lofts provides tenants with the ultimate amenity – the ability to walk minutes to coffee shops, bars, casual and fine dining, local shops, theaters, and countless other businesses in and around downtown.
Attractive Historic Renovation – Fully Gut-Renovated with 20-Year-Old Systems:
Built in 1875 and redeveloped in 2004, Founders Park Lofts is a stunning rehabilitation of one of the oldest buildings in Springfield. This unique asset appeals to a wide variety of tenants seeking the charm and character of a historic building.
Long-Term Local Ownership:
The ownership team redeveloped Founders Park Lofts in 2004, offering the next investor a clear opportunity to capitalize on low-hanging fruit to boost top-line revenue and create strong and sustainable cash flow.
Unique Springfield Market Dynamics:
With extremely limited available building sites and very limited new construction in the pipeline, Founders Park Lofts is a unique asset that can be acquired well below today’s replacement cost in a submarket with limited competition.
Offered Free & Clear of Existing Debt:
Founders Park Lofts is being offered free and clear of existing debt, providing the opportunity for a new investor to take advantage of the competitive financing markets and long-term debt with interest-only options and maximum leverage, which helps bolster exceptional returns on investment.
multifamily asset located in downtown Springfield, MO. Built in 1875, Founders Park Lofts was painstakingly restored and converted into loft apartments in 2004. This beautiful historic asset provides investors with sustainable renter demand, durable cash flow, and multiple value creation opportunities.
Stabilized Offering Featuring Significant Value-Add Upside Potential:
Founders Park Lofts features strong historic occupancy and performance and is being sold by the original developer. The asset offers a clear path to unlocking additional upside through light value-add modernizations and operational efficiencies.
Exceptional Downtown Springfield Location – Countless Restaurants, Bars, Breweries, & Shops Within Walking Distance:
Located in the heart of the downtown district, Founders Park Lofts provides tenants with the ultimate amenity – the ability to walk minutes to coffee shops, bars, casual and fine dining, local shops, theaters, and countless other businesses in and around downtown.
Attractive Historic Renovation – Fully Gut-Renovated with 20-Year-Old Systems:
Built in 1875 and redeveloped in 2004, Founders Park Lofts is a stunning rehabilitation of one of the oldest buildings in Springfield. This unique asset appeals to a wide variety of tenants seeking the charm and character of a historic building.
Long-Term Local Ownership:
The ownership team redeveloped Founders Park Lofts in 2004, offering the next investor a clear opportunity to capitalize on low-hanging fruit to boost top-line revenue and create strong and sustainable cash flow.
Unique Springfield Market Dynamics:
With extremely limited available building sites and very limited new construction in the pipeline, Founders Park Lofts is a unique asset that can be acquired well below today’s replacement cost in a submarket with limited competition.
Offered Free & Clear of Existing Debt:
Founders Park Lofts is being offered free and clear of existing debt, providing the opportunity for a new investor to take advantage of the competitive financing markets and long-term debt with interest-only options and maximum leverage, which helps bolster exceptional returns on investment.
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Property Facts
| Price | $3,300,000 | Building Class | B |
| Price Per Unit | $103,125 | Lot Size | 0.60 AC |
| Sale Type | Investment | Building Size | 26,821 SF |
| No. Units | 32 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1875 |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $3,300,000 |
| Price Per Unit | $103,125 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.60 AC |
| Building Size | 26,821 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1875 |
| Opportunity Zone |
Yes |
Walk Score®
Very Walkable (75)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 13-24-208-001 | Improvements Assessment | $339,960 |
| Land Assessment | $19,780 | Total Assessment | $359,740 |
PROPERTY TAXES
Parcel Number
13-24-208-001
Land Assessment
$19,780
Improvements Assessment
$339,960
Total Assessment
$359,740
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Founders Park Lofts | 331 E Water St
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