Introducing this exceptional multifamily opportunity steps away from Kansas City’s premier medical school and well located just 2.5 miles from downtown. This fully rehabbed 18-unit has been meticulously reimagined from top to bottom. New roof, parking lot, siding, windows, interiors, nearly every aspect of this property has been updated and or is in new or like-new condition.
With an assumable loan of just 3.85% for the next seven years, cash flow from day one with income upside in the future by raising rents to market rate. With an easy-to-manage design and central courtyard these 12 two beds and six one beds have stainless steel appliances, quartz counters, in-unit washer and dryer, tiled showers, and private patios or decks.
Why We Love It: The location of this property is the true gem. Literally steps away from Kansas School of Biosciences is where students earn their DO medical degree. The school also has a program for dentistry and clinical psychology. Admissions and expansion have been on a steep rise over the past 10 years and the campus has doubled admissions. (insert hyperlink https://www.kansascity.edu/) Pair this with the assumable 3.85% loan for the next 7 years (7 years left on a 10-year loan) and this one is a winner.
The Challenge: The property management has been lacking attention and it shows in the financials. The rents are much lower than of those achieved very nearby and the history of occupancy isn’t as strong as we would expect from such a stunning property. Students typically sign leases for housing in the summer and stay for at least 2 years. It could be important to cater to students as tenants as units turn and rents are raised.
The Value-Add Play: Rental rates are below the area average, and with such nice units, the new owner has a lot of income to gain. Student rentals half a block away garner a premium price and would increase income significantly.