W Apartments 3824 Warwick Blvd 12 Unit Apartment Building $1,600,000 ($133,333/Unit) 6.98% Cap Rate Kansas City, MO 64111
INVESTMENT HIGHLIGHTS
- 100% occupied demonstrating high tenant demand, average rents of $1,052 are below average KC market rents of $1,324
- Renovated interiors include flooring, cabinets, stainless steel appliances and granite countertops
- Kansas City was ranked the #2 most sought-after city for renters in 2023 (RentCafe)
- Fully renovated in 2020 with fully replaced roofs, mechanical, electrical, and plumbing
- Located within walking distance to the Main Street Expansion of the KC Streetcar
- Surrounded by several higher education institutions including the Kansas City Art Institute, Rockhurst, UMKC, and MCC
EXECUTIVE SUMMARY
Zimmer Real Estate Services, as exclusive advisor, is pleased to present the opportunity to acquire The W Apartments (the “Property”). The W Apartments consists of 12 one-bedroom units that are 100% occupied and are offered at $1,600,000 ($133,333/Unit). The Property is located in the highly desirable Midtown submarket of Kansas City, Missouri within walking distance to many of Kansas City’s most popular restaurant and entertainment districts.
The Property went through a full renovation in 2020, including new roofs, solar panels, mechanical, electrical, and plumbing. Interior renovations included new flooring, cabinets, stainless steel appliances and granite countertops. Situated within walking distance of the newly expanded $350M Kansas City Streetcar line, the properties Midtown location offers residents easy access to transportation, shops, and restaurants. Kansas City’s multifamily market has seen strong growth over the past year, with 3.7% annual rent growth, significantly outpacing the national average of 0.9%.
The Property went through a full renovation in 2020, including new roofs, solar panels, mechanical, electrical, and plumbing. Interior renovations included new flooring, cabinets, stainless steel appliances and granite countertops. Situated within walking distance of the newly expanded $350M Kansas City Streetcar line, the properties Midtown location offers residents easy access to transportation, shops, and restaurants. Kansas City’s multifamily market has seen strong growth over the past year, with 3.7% annual rent growth, significantly outpacing the national average of 0.9%.
PROPERTY FACTS
| Price | $1,600,000 |
| Price Per Unit | $133,333 |
| Sale Type | Investment |
| Cap Rate | 6.98% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,200 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1921/2020 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 619 |
1 of 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 30-220-28-15-00-0-00-000 | Improvements Assessment | $236,664 |
| Land Assessment | $8,341 | Total Assessment | $245,005 |
ZONING
| Zoning Code | C2 |
CONTACTS
-
Christopher Robertson, CCIM -
Christian Roustic -
Michael VanBuskirk SIOR, CCIM,CRE -
Raegen Root -
Newmark Zimmer