Well-maintained 12-unit garden style apartment complex in West Plaza neighborhood. Building stands 3-stories with modern glass balconies, newer exterior paint/lighting/siding, and parking lot at the rear providing tenants 8 off-street spaces. The 12 units at the building consists of (2) one-bedroom units and (10) two-bedroom units. The property's location is anchored by the Country Club Plaza and Westport as well as universities (UMKC, Art Institute, Metropolitan CC), hospitals (KU Med & St. Luke's), local shops/restaurants and businesses.
Over the last 10 years, ownership has completed capital expenditures including decks/railings, sliding glass doors and vinyl windows, newer roof and mansard repairs, new concrete sidewalk/stairs, and updates to landscaping. All units at the property have central air, spacious floorplans, Google Fiber, balconies/patios, ample closet space, fully equipped kitchens with stainless appliances, updated flooring, updated bathroom and individual storage lockers. Select units feature decorative fireplaces and in-unit washer/dryer (2). A secured designated laundry room is offered to tenants with coin-operated machines on a month-to-month Jetz lease. The building is separately metered for gas and electric (tenant paid) and has common water and trash (landlord paid). The two 1-bedroom units are on a master meter. The building is partially broker-owned and has 3rd party management in place.
At the start of April, owner procured a new trash contract and implemented a water savings program/equipment to help reduce water expenses. Buyers could continue to manage property as-is with small incremental improvements or look to carry out enhanced make-readies on kitchens/baths and add laundry to units with RUBS implemented to maximize rents. Buyer's looking for greater scale can package this property with 4033 Oak (MLS 2483405), a 14-unit complex in Southmoreland owned/operated by the same partnership.