Rehabbing & Flipping Churches - Narthex - Rob Boyer

Rob Boyer, CEO and founder of Narthex Properties, joins Impact Investing Roadshow to discuss his firm’s mission of acquiring and repositioning underutilized historic church properties as thriving faith-based community hubs—illustrated through the Our Lady of Lords transaction in Raytown, Missouri.

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Guests:

Rob Boyer: CEO and Founder, Narthex Properties

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Deal Highlights:

The Our Lady of Lords Catholic Church in Raytown, Missouri—a multi-building compound on three acres near Arrowhead Stadium—had been vacated by the Archdiocese and left largely unused. Narthex acquired the property in 2023 for $1,290,000 after negotiating down from a $1.9 million asking price, then invested approximately $910,000 in renovations including HVAC upgrades, bathroom additions, and general refurbishment, bringing the total all-in cost to roughly $2.2 million.

The project was financed at a 50/50 equity-to-debt ratio, with $1.1 million in investor equity. Narthex secured City KC—a rapidly growing Kansas City congregation led by Pastor Armor Stevenson II, whose membership has grown from approximately 1,000 to nearly 2,000 since moving in—as the anchor tenant.

Under a two-year lease structure, City KC is under contract to purchase the property for $2.5 million, generating a projected 15% IRR and approximately 50% cash-on-cash return for investors over a three-year hold.

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