Park Place Apartments is a 22,250 SF apartment building on two legal parcels. These three-story brick 1960s construction buildings contain a desirable mix of 16 two-bedroom, 16 one-bedroom, and two studio units. Additionally, permits are already pulled with the City to add two additional one-bedroom units on the lower level. Park Place Apartments has aample on site parking behind the building and laundry rooms in each building. Building exteriors are in great shape and a security camera system monitors the parking lot.
The largely market-rate tenant base enjoys the functional floorplans, upgraded kitchens and bathrooms, and granite countertops. 14 of the 34 units have been freshly renovated in the last year and are achieving a $200/mo premium over non-renovated units.
The growing Swope Park neighborhood supports both workforce and professional housing and has easy freeway access to anywhere in Kanas City. Additionally, the property will qualify for a MOBUCK$ loans for a below-market interest rate and funds to rehab the remaining units.
The Value Add Play: Renovate units as tenants move out to achieve proven rental upside of $200/mo+ per unit. Permits are already pulled to add two one-bedroom units on the lower level. Improving laundry rooms will also increase revenue from on-site laundry.
Why We Love It: Individual central heat and AC in each unit, mostly updated, onsite laundry with stable tenant base in a consistent, stable, property. The only vacancies are due to renovation.
Challenges: Workforce housing, no garages.