Welcome to Chestnut Apartments, a charming residential enclave containing four brick six-plex buildings, one duplex, and two parking lots. The 26 units and 31 parking spaces are spread over six parcels and 1.15 acres of land. The sixplex buildings were originally built in 1930 and have been extensively renovated in the last 3 years. Nestled conveniently next to Downtown Kansas City in the desirable Pendleton Heights neighborhood, these well-crafted residences boast spacious floor plans and solid construction. The in-unit washer/dryer hookups add convenience, while the large dedicated parking lot enhances accessibility for residents.
Cash flow with these properties now while making a valuable land play. These lots have zoning to build a total of 70 units by right.
Why we love it: Central heat and air, in-unit laundry, and on-site parking. Even better, these qualify for low-rate MOBUCK$ financing.
The Challenge: Old buildings do come with challenges, most of those have been overcome with extensive renovation, including updated electrical and plumbing, new roofs, and a luxury finish.
The Value Add Play: Start charging for parking and push rents to market. Long-term consider redevelopment of part or all of the parcels – very favorable high-density zoning allows for 70 units by right.
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