Cashflowing apartment in Kansas City, KS – wont last long!!
This property is zoned small apartment. It is currently 5 – 1bd/1ba units with a 6th unfinished unit in the walk-out basement. Property sits in a cute neighborhood with all the private neighborhood feels, but no HOA!
TURNKEY – Many recent updates & ALL 5 units are occupied at market rents with a gross rental income of $4,762/mo.
VALUE ADD – The lower level walkout basement is a potential 6th unit! The basement already has partial finishes, wiring, a half bathroom that is stubbed for a full bathroom. It needs to be completely finished for the unit to be rent ready. After 6th unit finish, the building should bring gross rents of $5,700+/mo.
Recent updates include exterior paint, roof, windows, plumbing, electric, HVAC, along with several interior cosmetic updates completed over the past 4 years.
Attached 1 car garage is currently used as maintenance storage, can be rented separately or with one of the units for additional income. Shared laundry on site for tenants use. Additional large shed on site for owner or tenant storage.
— Leases, income, expenses, recent property inspection report etc. will be provided during Buyers inspection period. Proof of funds and/or proof of financing pre-approval required with all offers.
Offered at 350k
Current Gross Rental Income, 5 occupied units = $57,144/yr
Owner paid utilities (08/01/21 – 07/31/22) = $11,800/yr
2021 Property taxes = $1352/yr
Insurance quote = $1700/yr
Property Management, 6% of GRI = $3427/yr
Maintenance estimate, 5% of GRI = $2857/yr
Vacancy loss estimate, 5% of GRI = $2857/yr
Net Operating Income = $33,149/yr
Gross ROI = 16.3%
Net ROI = 9.5% (before depreciation)
Market Rents – $962/mo — per Housing Authority, 1bd/1ba units w/ utilities paid KCK HA Website
Potential to use some or all of the units for Short Term Rentals. We suggest AirDNA to help forecast performance under the STR model.
Contact us today to secure this property!
Inventory is at an all time low for moderately priced cash-flowing properties, but we’ve got you covered! Act now, this property won’t last long!
Brokers/Agents welcome with your pre-qualified loan or CASH Buyers!!
Ben Walls – email@example.com
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*These are projections only performance is not guaranteed. All investments have risk and investors should do their own due diligence.