A fantastic mix of 78 mostly 1 and 2-bed units centrally located in Kansas City. A great opportunity to do cosmetic upgrades and increase rents or just keep the current plan in place and cash flow from day one. Off-street parking in dedicated parking lots, the ability to add laundry in the basements, and the charming common courtyard makes this an ideal place for residents to call home.
Currently occupied by a mix of voucher and market-rate tenants, this property is fully occupied with the exception of the 9 units currently being upgraded with new paint, flooring, and fixtures. The 55,760 SF building is compressed of seven low-rise buildings on one legal parcel.
This property is utilizing one of the units as an on-site property management office. This solid 1960s construction, value-add opportunity has so much potential!
The value-add play:
82 West has plenty of upside in income for the new owner to realize now or in the future. The complex could use on-site laundry in the basements both as a tenant amenity and a source of income. New voucher tenants can be charged the 2022 FMR on new leases. Market rate tenants also have a rental premium with unit renovations of at least $60/mo, however, lease-up of newly renovated units may prove this upside is even more sizable!
Why we love it: So much potential in a sizable 78-unit property, we love that it’s located directly across the street from the bus line and minutes from a major highway. Currently, this property has no laundry on-site, but it would be so easy to add in the basements while increasing income and adding to tenant amenities. So nice that this property has separate meters for gas and electric, and each unit has central AC and heat. Great bones to work with. Once the operational efficiencies and property management is worked out, this property will be increasingly appealing for both residents and owners.
The challenge: This property has struggled with property management for some time, and the tenant base here needs some weeding out. An active manager could add laundry on site, attract a different tenant base and be a stable presence in the community.Buyer Detail and Financials