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Multifamily

The Gabriel & Olivia Apartments

535 Bellefontaine Ave, Kansas City, MO 64124

Listing Price: $1,798,000

Cap Rate
6.34%
Number of Units
29
Occupancy
95.0%
Price/Unit
$62,000
Price/Gross SF
$62.01
Gross SF
28,996

Investment Overview

Marcus & Millichap is pleased to present The Gabriel and Olivia Apartments (“The Property”), a 29-unit apartment community located in Kansas City, MO. Developed in 1929 and 1945, the property consists entirely of a 1-Bedroom x 1-Bathroom unit mix, with units averaging 572 square feet. The property includes three (3) total structures: One 13-unit building and two 8-unit buildings. The community is currently 3rd party professionally managed and has an average rent of $693. The current owner has renovated 20 out of the 29 units with new flooring, countertops, appliances, and cabinets. Aside from interior renovations, the owner also invested capital to upgrade the exterior and security of the property. With an average rent of $693, investors will have a value-add opportunity to organically increase rents around $100 based on already in place rents and comparable properties in the area. Along with organic rent growth, there is also an opportunity to implement a water/sewer bill-back for nineteen (19) of the twenty-nine (29) units. A monthly bill-back of $35/unit, at 95% occupancy, creates an opportunity to add $7,581 in other income. In September, ten (10) of the units were put on a master lease at $857/unit with utilities included. The Property presents investors with an opportunity to add-value through increasing rents with continued renovations, or through putting more units on a master lease.

Investment Highlights

  • 20 of 29 Units Renovated
  • 1.5 Miles from Downtown KC
  • Opportunity to Bill-Back Water/Sewer
  • Opportunity for More Efficient Operating Structure

Exclusively Listed By

Broker of Record

  • David Saverin

    Regional Manager

    (314) 889-2500

    License(s) MO: 2008013520

    Missouri

Financing By

Multifamily

The Gabriel & Olivia Apartments

Listing Price: $1,798,000

Cap Rate
6.34%
Number of Units
29
Occupancy
95.0%
Price/Unit
$62,000
Price/Gross SF
$62.01
Gross SF
28,996

Investment Highlights

  • 20 of 29 Units Renovated
  • 1.5 Miles from Downtown KC
  • Opportunity to Bill-Back Water/Sewer
  • Opportunity for More Efficient Operating Structure

Investment Overview

Marcus & Millichap is pleased to present The Gabriel and Olivia Apartments (“The Property”), a 29-unit apartment community located in Kansas City, MO. Developed in 1929 and 1945, the property consists entirely of a 1-Bedroom x 1-Bathroom unit mix, with units averaging 572 square feet. The property includes three (3) total structures: One 13-unit building and two 8-unit buildings. The community is currently 3rd party professionally managed and has an average rent of $693. The current owner has renovated 20 out of the 29 units with new flooring, countertops, appliances, and cabinets. Aside from interior renovations, the owner also invested capital to upgrade the exterior and security of the property. With an average rent of $693, investors will have a value-add opportunity to organically increase rents around $100 based on already in place rents and comparable properties in the area. Along with organic rent growth, there is also an opportunity to implement a water/sewer bill-back for nineteen (19) of the twenty-nine (29) units. A monthly bill-back of $35/unit, at 95% occupancy, creates an opportunity to add $7,581 in other income. In September, ten (10) of the units were put on a master lease at $857/unit with utilities included. The Property presents investors with an opportunity to add-value through increasing rents with continued renovations, or through putting more units on a master lease.

Exclusively Listed By

Broker of Record

  • David Saverin

    Regional Manager

    (314) 889-2500

    License(s): MO: 2008013520

    Missouri

Financing By

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