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Multifamily

The Olivia

535 Bellefontaine Ave, Kansas City, MO 64124

Listing Price: $999,000

Cap Rate
6.91%
Number of Units
16
GRM
7.38
Occupancy
95.0%
Price/Unit
$62,438
Price/Gross SF
$52.37
Gross SF
19,074

Investment Overview

Marcus & Millichap is pleased to present The Olivia Apartments (“The Property”), a 16-unit apartment community located in Kansas City, MO. Developed in 1945, the property consists entirely of a 1-Bedroom x 1-Bathroom unit mix, with units averaging 525 square feet. The property includes two (2) total structures: two 8-unit buildings. The Property is currently in the process of getting brand new roofs put on both buildings, which should be completed in the coming months. The community is currently 3rd party professionally managed and has an average rent of $705. The current owner has renovated 12 out of the 16 units with new flooring, countertops, appliances, and cabinets. Select units have received upgrades to the mechanical systems.

Located in the growing, historic Northeast Kansas City, The Olivia Apartments rest just 1.5 miles from downtown Kansas City. Tenants can enjoy easy access to I-70, I-35, and I-29 along with the luxury of being close to downtown restaurants, nightlife, and arts. The property sits just 0.9 miles away from Kansas City University, a private medical school established in 1916. The Property is located just off Independence Ave, which is lined with clothing stores, bakeries, and fast-food restaurants. Less than 0.5 miles away from The Property is Kessler Park, a large green area filled with paths and a disc golf course.

With an average rent of $705, investors will have a value-add opportunity to organically increase rents $85 based on already in place rents and comparable properties in the area. Along with organic rent growth, there is an opportunity to implement a water/sewer bill-back for thirteen (13) of the sixteen (16) units. A monthly bill-back of $35/unit, at 95% occupancy, creates an opportunity to add $5,187 in other income. In September, three (3) 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

  • Stabilized Asset with Value-Add Potential
  • 1.5-Miles to Downtown Kansas City
  • 12 of 16 Units Renovated
  • Close Proximity to Shops and Restaurants

Exclusively Listed By

Broker of Record

  • Dave Saverin

    Regional Manager

    (314) 889-2500

    License(s) MO: 2008013520

    Missouri

Listing Price: $999,000

Cap Rate
6.91%
Number of Units
16
GRM
7.38
Occupancy
95.0%
Price/Unit
$62,438
Price/Gross SF
$52.37
Gross SF
19,074

Investment Highlights

  • Stabilized Asset with Value-Add Potential
  • 1.5-Miles to Downtown Kansas City
  • 12 of 16 Units Renovated
  • Close Proximity to Shops and Restaurants

Investment Overview

Marcus & Millichap is pleased to present The Olivia Apartments (“The Property”), a 16-unit apartment community located in Kansas City, MO. Developed in 1945, the property consists entirely of a 1-Bedroom x 1-Bathroom unit mix, with units averaging 525 square feet. The property includes two (2) total structures: two 8-unit buildings. The Property is currently in the process of getting brand new roofs put on both buildings, which should be completed in the coming months. The community is currently 3rd party professionally managed and has an average rent of $705. The current owner has renovated 12 out of the 16 units with new flooring, countertops, appliances, and cabinets. Select units have received upgrades to the mechanical systems. Located in the growing, historic Northeast Kansas City, The Olivia Apartments rest just 1.5 miles from downtown Kansas City. Tenants can enjoy easy access to I-70, I-35, and I-29 along with the luxury of being close to downtown restaurants, nightlife, and arts. The property sits just 0.9 miles away from Kansas City University, a private medical school established in 1916. The Property is located just off Independence Ave, which is lined with clothing stores, bakeries, and fast-food restaurants. Less than 0.5 miles away from The Property is Kessler Park, a large green area filled with paths and a disc golf course. With an average rent of $705, investors will have a value-add opportunity to organically increase rents $85 based on already in place rents and comparable properties in the area. Along with organic rent growth, there is an opportunity to implement a water/sewer bill-back for thirteen (13) of the sixteen (16) units. A monthly bill-back of $35/unit, at 95% occupancy, creates an opportunity to add $5,187 in other income. In September, three (3) 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

  • Dave Saverin

    Regional Manager

    (314) 889-2500

    License(s): MO: 2008013520

    Missouri

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