Corby Place St. Joseph, MO

Investment Highlights

• Significant Demand for 55+ Independent Living Housing
• High Quality Adaptive Reuse in Downtown St. Joseph
• Robust Amenities Package and Unique Features
• Limited Supply of Senior Housing in St. Joseph
• Prime Location Near Employment, Retail, & Entertainment
• Compelling Value Add Opportunity and Prime Positioning Among Comparable Communities
• Offered Free and Clear or With Attractive Assumable Financing

Significant Demand for 55+ Independent Living Housing

The U.S. active adult (55+) community market size was valued at $565.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.01% from 2022 to 2030. Increasing demand from baby boomers, reduction in the stigma of retiring, and growing interest of investors in senior living facilities are driving the market. Additionally, many 55+ workers elected to retire early due to Covid-19, which has led to increased demand in the short-term as well.

High Quality Adaptive Reuse in Downtown St. Joseph

Exceptionally high-quality construction is evident throughout Corby Place, which is the product of a 1986 Historical Rehabilitation where no stone was left unturned. Built in 1909 by former mayor and railroad executive John Corby, this pioneering multistory building has long dominated St. Joseph’s downtown skyline. An additional story was added in 1927 to house the St. Joseph Grain Exchange.

Robust Amenities Package and Unique Features

Corby Place offers a wide array of amenities for residents to enjoy. The first floor houses a common area with a library, parlor, dining room, and more, while the second floor features a full-service beauty shop and vending machines. The seven apartments on each floor include both one-bedroom and two-bedroom layouts with full kitchens and a mix of carpeted and tiled/vinyl spaces. Two elevators add convenient access to the 14th-floor ballroom and penthouses. The property’s 14th-floor observation deck offers stunning views of the Missouri River and St. Joseph.

Tenant Services