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Multifamily

Normandy Apartments

1900 N 77th St, Kansas City, KS 66112

Listing Price: $1,600,000

Cap Rate
6.35%
Number of Units
22
Occupancy
100.0%
Price/Unit
$72,727

Investment Overview

Normandy Apartments (“The Property”) is a value-add opportunity for an investor to increase rents through interior upgrades and enhanced curb appeal. RENT ANALYSIS Current occupancy has been 100% for the past few years. There is an opportunity to increase rents to market by an average of $169 per unit through light interior upgrades on fourteen (14) units that were partially renovated with vinyl flooring and a full upgrade on the eight (8) units that have not been renovated. PHYSICAL CHARACTERISTICS The units are furnished with a refrigerator, gas-powered stove/oven, and a private deck/patio. Electric and gas are individually metered and paid by the tenant. Water is centrally metered and paid by the owner along with sewer, trash removal, and common area electric/gas. There are 2 hot water heaters per building along with 2 washers and 2 dryers per building. The Property currently staffs one part time maintenance/manager who lives on site.

Investment Highlights

  • Value-add opportunity to increase rents
  • Opportunity to implement a RUBS program to bill-back water
  • Convenient access to I-70 and Highway 435

Exclusively Listed By

Listing Price: $1,600,000

Cap Rate
6.35%
Number of Units
22
Occupancy
100.0%
Price/Unit
$72,727

Investment Highlights

  • Value-add opportunity to increase rents
  • Opportunity to implement a RUBS program to bill-back water
  • Convenient access to I-70 and Highway 435

Investment Overview

Normandy Apartments (“The Property”) is a value-add opportunity for an investor to increase rents through interior upgrades and enhanced curb appeal. RENT ANALYSIS Current occupancy has been 100% for the past few years. There is an opportunity to increase rents to market by an average of $169 per unit through light interior upgrades on fourteen (14) units that were partially renovated with vinyl flooring and a full upgrade on the eight (8) units that have not been renovated. PHYSICAL CHARACTERISTICS The units are furnished with a refrigerator, gas-powered stove/oven, and a private deck/patio. Electric and gas are individually metered and paid by the tenant. Water is centrally metered and paid by the owner along with sewer, trash removal, and common area electric/gas. There are 2 hot water heaters per building along with 2 washers and 2 dryers per building. The Property currently staffs one part time maintenance/manager who lives on site.

Exclusively Listed By

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