The Phoenix Apartments is a 13,562 Sq Ft building constructed in 1962 with all 24 units under one roof. The desirable unit mix is comprised of eleven 2-bed, eight 1-bed, and four studio units. The current ownership has renovated 18 of the 24 units and are achieving a nice premium over non-renovated units. Of these 18 units, eight have a luxury finish with new flooring, granite countertops, new cabinets, and stainless-steel appliances. Ten of the units have had significant upgrades including countertops, flooring, and paint. Exterior recently redone with modern color pallet and parking lot just resurfaced with enough parking for each tenant to have a space. Common areas are updated with new paint and flooring accenting the mid-century charm of the building. The new owner has the opportunity to optimize the rent roll, update the remaining six classic units, and turn the laundry room into a revenue source.
The Phoenix apartments is workforce housing with very strong tenant demand in this central, walkable area of Kansas City, Kansas. Residents enjoy walking to dining and shopping plus easy freeway access for employment throughout the Kansas City area.
The Value Add Play: Cosmetic renovations to remaining six of 24 units to achieve rental premium. Get the on-site laundry room back in service as a source of revenue and a desirable tenant amenity.
Why We Love It: Proven rental upside with cosmetic renovations and high rental demand.
Property Challenges: The laundry room needs a cosmetic refresh and to be put back into service, this will be a tenant amenity along with an income source for the landlord.