Walnut Ridge Apartments

Welcome to Parkville’s Walnut Ridge Apartments, a mid-century gem located in the highly rated Park Hill School District. Parkville, Missouri has both its own thriving economy and downtown in addition to being a bedroom community to Kansas City. Parkville is home to Park University, a private college founded in 1875 with ~7,000 students. The Walnut Ridge Apartment’s location has broad appeal, being walkable to charming downtown Parkville and Park University with easy freeway access to I-29, the commute to anywhere in the Kansas City metro is a breeze.

The Walnut Ridge Apartments are located in a private park-like setting surrounded by mature trees. The apartments are comprised of nine well-maintained brick buildings, originally built in 1965. The 42 units are 33 two-bedroom units and nine spacious one bedroom units. There is ample on-site parking with fresh paving and a dedicated laundry room on site. All the buildings have new windows and brick exteriors are in impeccable shape. The grounds could easily support future tenants amenities – dog run, gazebo, and BBQ areas.

Residents enjoy central heat and air, on site laundry, and on-site storage. The easy commute to anywhere in the metro is a major benefit. There are several Park University students who currently live at the property but efforts to attract students could be greatly expanded. Upside on rents are very possible with cosmetic renovations, market rental rates presented are just for current unit finishes. There is always a premium rent from stone counters and in-unit laundry, well beyond the average rents currently being achieved.

Do not miss the opportunity to acquire this asset with assumable debt well below replacement cost in an incredible location!

The Value Add Play: Increase rents through cosmetic renovation and consider in-unit washer/dryer. Broadly market the available units for rent to Park University students.

Why We Love It: Several viable strategies to increase income, low-maintenance brick buildings, mostly two bedroom units, and on-site laundry. The current assumable debt with five more years fixed is icing on the cake.

Challenges: Some cosmetic renovations will be needed to get the rent roll up to it’s full potential and this property needs a consistent property manager on-site several days per week to ensure the grounds are in good shape