Well, located in the geographic heart of Kansas City is this desirable little gem of a cash-flowing investment. Comprised of four adjacent duplexes on one parcel for a total of 8 units, this investment is well poised for stable long-term rent growth. Located just blocks from the University of Kansas Medical Center, Kansas’ only medical school with over 5,100 employees and 6,000 students between its school of medicine and nursing.
The property consists of 4 single-story garden-style duplexes with courtyards in between. Each unit has a front door and a backdoor out to a small backyard patio area. Three duplexes are situated on 4+/- foot crawl spaces with one constructed on a full basement for additional space that could be utilized in many different ways such as common laundry or recreational space.
All units have been rehabbed and feature 2 bedrooms and one bathroom with a separate kitchen and living area. Tenants pay all their own utilities, including water and trash. Each duplex has access to a dedicated adjacent parking lot with parking for 2 cars per unit or additional tenant amenities like a common laundry or recreational space.
$1,098/mo is currently the highest rent being achieved, with Rentometer showing an average rent for a 2 bedroom/1 bathroom in the immediate area of $1,461 per month.
Why We Love It: Units 100% rehabbed units and cute exterior with washer dryer in 2/8 units. All units are two bedrooms with two parking spots for each unit right outside the door.
The Challenge: The new owner needs to address the operational inefficiencies of the current property manager and increase rents to market.
The Value Add Play: Get rents up to market of 1195+/mo. Add in-unit washer and dryer to the other six units. Utilize the common area in the basement for paid tenant storage or recreational space.
The post Lloyd Street Apartments first appeared on Lutz Sales & Investments.
The post Lloyd Street Apartments appeared first on Lutz Sales & Investments.
