Updated over 8 years ago on . Most recent reply
OFF-MARKET 61-UNIT APARTMENTS IN KANSAS CITY METRO
OFF-MARKET 61-UNIT APARTMENTS IN KANSAS CITY METRO
- $2.75M
- Class B asset in Class B neighborhood
- 61 units, all 2 bedroom
- Average rent = $610/mo
- 8.4% cap rate
- 90% occupied
- Riverside, MO just north of downtown Kansas City
- Upside potential if interiors are upgraded (granite, fixtures, cabinets)
This apartment complex is being sold by an experienced property company who bought it nearly vacant, rehabbed it (new windows, roofs, exterior work), and stabilized it. Interiors are dated; additional value-add upside is possible by upgrading interiors one at a time.
This is an excellent opportunity for a 1031 exchange or investor looking for stable income, or a buyer with value-add experience. Gradual upgrades over time can yield additional returns. Property is currently managed internally; buyer will need to provide professional property management.
Property is being sold off-market before being offered to the public. All potential buyers must demonstrate proof of ability to close: pre-approval, proof of funds, or proven experience in similar deals. Buyers will complete a Confidentiality/Non-Circumvent Agreement, pre-screening interview, and references will be checked before property data is shared.