The subject offering, Walnuts East Apartments, is a three-building low-rise apartment complex ideally located in the Midtown area of Kansas City, Missouri. The three buildings at 1205-1207 E Armour stand 3-stories with brick exteriors, and include a parking lot and common area in the rear. Access to the on-site parking lot (12 spaces) is provided off of Forest Ave; a quiet, south-running one-way street. Additional parking is available on both Armour Blvd. and Forest Ave.
In total, the Walnut East Apartments consist of 15 one-bedroom and 6 two-bedroom units which are separately metered for gas and electric. There are 5 differing layouts with the one-bedroom, one-bathroom units ranging in size from approximately 551 to 691 (+/-) square feet. There are 3 two-bedroom, two-bathroom units of approximately 864 (+/-) square feet, and 3 two-bedroom, one-bathroom (two-story townhome) units of approximately 1,164 (+/-) square feet.
The buildings were completely renovated in 2005/2006. These improvements included new torch down roofs on all three buildings, parapet wall flashings, and stucco & trim on rear exteriors. At the time, all interior hallways and units were given new texture and paint, new carpet, most units had new vinyl in the bathrooms and kitchens, over 35 new appliances were installed, and new front doors were put on 11 units. Over $30,000 in electronic key entry, intercom, and digital security systems with cameras were also added.
This property is currently master-leased to reStart, a non-profit housing program. The asset provides investors a value-add opportunity in a historic neighborhood (Squier Park) experiencing a tremendous influx of young professionals and families, as well as other revitalization efforts.
