Royal Court Apartments

  • $4,810,000
Featured For Sale
8313 Lowell Ave, Overland Park, KS 66212
  • Apartments
  • Property Type
  • 37
  • Rooms
  • 14,634
  • Sq Ft
  • 1960
  • Year Built
Featured For Sale
8313 Lowell Ave, Overland Park, KS 66212
  • $4,810,000

Overview

  • Apartments
  • Property Type
  • 37
  • Rooms
  • 14,634
  • Sq Ft
  • 1960
  • Year Built

Description

Overland Park is an A-class submarket in Johnson County, Kansas. Known for its high quality of life and great schools, Overland Park always has strong renter demand. The Royal Court Apartments is in the heart of Overland Park within the Shawnee Mission West School District and comprises six garden-style buildings with 37 total units.

Ample parking rings the property exterior while the interior features a courtyard with a large, fenced pool. The property has a nearly even mix of 18 large two-bedroom 1.5 bath units and 19 one-bedroom one bath units. The Royal court’s oversized units all have central heat and air and a large balcony overlooking the courtyard. Ten of the 37 units have received modest updates, giving the new owner the chance to achieve significant income upside via several viable value add avenues.

Why we love it: A class submarket, desirable unit mix, ample parking, central location to all of Kansas City, and several viable value-add avenues. 

The challenge: 10/37 units have gotten modest upgrades so most units need to be turned as leases expire to achieve income upside. The pool is a great tenant amenity but also has an operational cost, it could be replaced by something lower maintenance such as a gazebo and BBQ area. 

The Value Add Play: This property will support a straightforward value-add play to get the units up to market rent as currently configured one and two bedrooms. Additionally, the two bedroom units can be converted to three bedroom two full bath and the one bedrooms can be converted to two bedrooms. 

  • Address 8313 Lowell Ave, Overland Park, KS
  • City Overland Park
  • State/county Kansas
  • Zip/Postal Code 66212
  • Country United States

Details

Updated on April 10, 2024 at 7:08 pm
  • Price: $4,810,000
  • Property Size: 14,634 Sq Ft
  • Rooms: 37
  • Bathroom: Built In 1960
  • Garages: 37 Units
  • Year Built: 1960
  • Property Type: Apartments
  • Property Status: For Sale

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Michelle Lutz
  • Michelle Lutz