The Gardens on 31st consists of two 1970s construction buildings totaling 19,574 SF. The Gardens contains a desirable unit mix of 18 2 bed/2 bath units & nine 1 bed/1 bath units. The residents enjoy the spacious floorplans & convenient on-site laundry. Dedicated parking spots with automatic gate & keypad is also a huge plus for tenants, and carports protect cars from the elements. While working folks and young professionals are often priced out of downtown Kansas City, this central Kansas City, KS, location offers an affordable alternative.
Why We Love It: Gated parking, many large 2/2 units with balconies, and proven rent upside with just cosmetic upgrades, lots of CapEx completed. This property just needs a steady, experienced property management hand to increase operational efficiency and increase NOI.
Challenges: KCK is a C/C+ submarket, and this building is located in a nicer quiet pocket of KCK. Although rehab is well on its way, 60% of units still need cosmetic rehab, and the exterior could use a refresh. The buyer will need to be actively involved in finishing the plan for rehab and reposition.Buyer Detail and Financials