Chestnut Apartments

Welcome to The Chestnut Apartments, a charming residential enclave containing three brick six-plex buildings and one duplex with a 21-spot parking lot. The buildings were originally built in 1930 and have undergone extensive renovations in the last three years. Nestled conveniently next to Downtown Kansas City in the desirable Pendleton Heights neighborhood these well-crafted residences boast spacious floor plans and desirable two-bedroom layouts with luxury renovations and in-unit washer/dryer hookups. 19/20 units are renovated with a luxury finish while one has a classic finish but still brings in rent not very far below market.

Cash flow with these properties now while making a valuable land play, these five parcels can house a total 65 units by right. The vacant lot could be developed as mixed use, commercial, and allows up to 16 units by right. These parcels are a valuable future development opportunity.

Why we love it: 19/20 units are renovated with a luxury finish, Central heat and air, in-unit laundry, and two bedrooms in all units.

The challenge: Parking can be rented from owner very nearby but is not truly on site.

The Value Add Play: Get all units up to market rent and consider development of the vacant 541 Chestnut lot. Favorable zoning and 149 feet of frontage along Independence Ave.