Park Place Apartments

The Park Place Apartments is a rehabbed 34-unit multifamily property in the heart of Kansas City offering stable in-place income with opportunities for income upside. Originally built in 1963, the property has been thoughtfully updated through the years with granite countertops and LVP flooring in all units. Park Place Apartments presents a compelling opportunity for workforce and voucher housing cash flow with income upside.

Every unit has been renovated with modern finishes, including luxury vinyl plank flooring, dishwashers, central heat and A/C, granite countertops, and updated kitchens and bathrooms. Tenants enjoy ample off-street parking just steps from their doors. Two common-area spaces provide additional upside, with the opportunity to convert them back to on-stie laundry, boosting income and tenant convience. Each unit is separately metered and features its own furnace, water heater, and A/C condenser, keeping maintenance costs low and operations straightforward.

Whether you’re looking for steady returns or a platform for community impact, Park Place Apartments offers updated units with steady cash flow.

Why We Love It: Solid 1960s construction with functional unit layouts, a desirable unit mix, ample on-site parking, and a central location to all of the Kansas City Metro. 

The Challenge: The parking lot has an issue with illegal dumping and would benefit from gated access. Some leases include utilities which is an added cost to the landlord and currently there is no laundry on site. 

The Value-Add Play: Previously laundry rooms were offered on site. Those machines were removed but the empty laundry rooms remain. The new owner can sign a laundry lease or buy laundry machines to provide laundry as both tenant amenity and added income.