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1500 E 29th St
Kansas City, MO 64109
Lakeview II Apartments · Multifamily Property For Sale
·
48 Units
Investment Highlights
- VALUE ADD OPPORTUNITY - VIA MANAGEMENT & LEASING
- STEADY TENANT DEMAND - DEMONSTRATED RECENT RENT CAPTURE
- MOST UNITS RENOVATED - REDUCED CAPITAL RISK
- MITIGATED CAPITAL RISK - RECENT IMPROVEMENTS (ROOF 2017)
- ABUNDANT PARKING -SURFACE & COVERED
Executive Summary
Crossroads Real Estate Group has been exclusively retained to offer Lakeview II Apartments, a 48-unit, three-story multifamily community in the heart of Kansas City, Missouri. The property features updated one-bedroom, one-bathroom units that compete well within the market and is offered at $75,000 per unit, or $115.38 per square foot -well below replacement cost.
Lakeview II offers a value-add opportunity supported by its lakeside setting and potential for operational improvement through focused leasing and management. The property presents an opportunity for a new owner to evaluate targeted capital improvements and operational initiatives over time.
Management has accelerated leasing by developing relationships with housing-focused nonprofit organizations that lease units directly and refer qualified residents. This differentiated demand channel can help support occupancy through market cycles, while the recent increase in self-pay residents further demonstrates the property’s appeal and value.
Current occupancy reflects the benefits of the renovated units, efficient layouts, and elevator access. In-place rents are supported by comparable properties, creating an opportunity to build additional market share.
Lakeview II offers a value-add opportunity supported by its lakeside setting and potential for operational improvement through focused leasing and management. The property presents an opportunity for a new owner to evaluate targeted capital improvements and operational initiatives over time.
Management has accelerated leasing by developing relationships with housing-focused nonprofit organizations that lease units directly and refer qualified residents. This differentiated demand channel can help support occupancy through market cycles, while the recent increase in self-pay residents further demonstrates the property’s appeal and value.
Current occupancy reflects the benefits of the renovated units, efficient layouts, and elevator access. In-place rents are supported by comparable properties, creating an opportunity to build additional market share.
Property Facts
| Price Per Unit | $103,420 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.39 AC |
| Cap Rate | 7.96% | Building Size | 31,200 SF |
| No. Units | 48 | Average Occupancy | 75% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1987/2022 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | B1-1, R-0.5 | ||
| Price Per Unit | $103,420 CAD |
| Sale Type | Investment |
| Cap Rate | 7.96% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.39 AC |
| Building Size | 31,200 SF |
| Average Occupancy | 75% |
| No. Stories | 3 |
| Year Built/Renovated | 1987/2022 |
| Opportunity Zone |
Yes |
| Zoning | B1-1, R-0.5 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Bay Window
- Tile Floors
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Recycling
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 48 | $1,593 CAD | 650 |
Property Taxes
| Parcel Number | 29-720-14-13-00-0-00-000 | Improvements Assessment | $395,294 CAD |
| Land Assessment | $57,226 CAD | Total Assessment | $452,520 CAD |
Property Taxes
Parcel Number
29-720-14-13-00-0-00-000
Land Assessment
$57,226 CAD
Improvements Assessment
$395,294 CAD
Total Assessment
$452,520 CAD
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