Wyandotte Apartments

Introducing the Wyandotte Apartments, a garden-style complex centrally located in the heart of Kansas City, Kansas. Originally built in 1944 these six solid brick buildings each contain eight units with an even mix of two and one bedrooms. The current ownership has renovated only 10 of the units leaving significant upside potential. The majority of the leases are MTM or with under 6 months remaining, leaving the opportunity to turn units and increase rent roll.
Each spacious unit features built-in storage, ceiling fans, and all-electric kitchens. The ten recently renovated units were upgraded with new paint, updated flooring, new ceiling fans and light fixtures, and new appliances. Currently, the buildings have central heat and window AC they are also master metered for gas and water. The owners currently charge a utility fees on some of the units but the utility billback program could be expanded significantly for additional income. These properties are desirable for voucher or market-rate tenants alike.

The Wyandotte Apartments location is central to all of Kansas City’s attractions but with a walkable park-like feel. Located along two major along bus lines and near freeways and within only two miles of some of the region’s largest employers. Nearby Greenspace including Kensington Park, Clifton Park and Westheight Park.

The Value Add Play: Increase operational efficiencies, and implement a more robust utility billback program. Consider master leasing buildings to charitable organizations to guarantee monthly income.

Why We Love It: Charming brick buildings with incredible income potential at a great price of less than $65k per door.

Challenges: Master metered for all utilities except electric and buildings do not have central air. The buildings have a history of operational inefficiency which can be corrected with dedicated management.