walnuts east apartments...walnuts east apartments 2 1205-1207 e armour blvd., kansas city, mo 64109...
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WALNUTS EASTWALNUTS EASTAPARTMENTSAPARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9
THOMAS SKEVINGTONMULTI-FAMILY & INVESTMENT [email protected]
CLEMONS REAL ESTATE, LLC 3543 BROADWAY BLVD. 816.774.4250 CLEMONSLIFE.COM
F O R S A L E
22WALNUTS EAST APARTMENTSWALNUTS EAST APARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9 CL
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43 B
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E X E C U T I V E S U M M A R Y33
P R O P E R T Y D E S C R I P T I O N44
C O M P L E T E H I G H L I G H T S55
R E G I O N A L M A P66
A E R I A L M A P77
D E M O G R A P H I C S M A P & R E P O R T88
U N I T M I X S U M M A R Y99
E X T E R I O R P H O T O S1 01 0
E X T E R I O R P H O T O S1 11 1
I N T E R I O R P H O T O S1 21 2
I N T E R I O R P H O T O S1 31 3
I N T E R I O R P H O T O S1 41 4
F L O O R P L A N1 51 5
C O N F I D E N T I A L I T Y & D I S C L A I M E RAll materials and information received or derived from Clemons Real Estate, LLC its directors,officers, agents, advisors, affiliates and/or any third party sources are provided withoutrepresentation or warranty as to completeness , veracity, or accuracy, condition of the property,compliance or lack of compliance with applicable governmental requirements, developability orsuitability, financial performance of the property, projected financial performance of the propertyfor any party’s intended use or any and all other matters.
Neither Clemons Real Estate, LLC its directors, officers, agents, advisors, or affiliates makesany representation or warranty, express or implied, as to accuracy or completeness of the anymaterials or information provided, derived, or received. Materials and information from anysource, whether written or verbal, that may be furnished for review are not a substitute for aparty’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. Clemons Real Estate, LLC will not investigate or verify any suchmatters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including throughappropriate third party independent professionals selected by such party. All financial datashould be verified by the party including by obtaining and reading applicable documents andreports and consulting appropriate independent professionals. Clemons Real Estate, LLC makesno warranties and/or representations regarding the veracity, completeness, or relevance of anyfinancial data or assumptions. Clemons Real Estate, LLC does not serve as a financial advisor toany party regarding any proposed transaction. All data and assumptions regarding financialperformance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to aparty do not necessarily mean that rents can be established at or increased to that level.Parties must evaluate any applicable contractual and governmental limitations as well asmarket conditions,vacancy factors and other issues in order to determine rents from or for theproperty.
Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition ofthe property and whether the property complies with applicable governmental requirementsshould be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by ClemonsReal Estate, LLC in compliance with all applicable fair housing and equal opportunity laws.
TABLE OF CONTENTSTABLE OF CONTENTS
33WALNUTS EAST APARTMENTSWALNUTS EAST APARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9 CL
EMON
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43 B
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6.77
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Sale Price: $1,450,000
Building Size: 26,000 SF
Lot Size: 20,157 SF
Number Of Units: 21
Price / SF: $55.77
Year Built: 1919
Renovated: 2006
Zoning: R-0.5
Submarket: Squier Park
OFFERING SUMMARY PROPERTY OVERVIEWThe subject offering, Walnuts East Apartments, is a three-building low-rise apartment complexideally located in the Midtown area of Kansas City, Missouri. The three buildings at 1205-1207 EArmour stand 3-stories with brick exteriors, and include a parking lot and common area in therear. 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 whichare 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 3two-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 torchdown roofs on all three buildings, parapet wall flashings, and stucco & trim on rear exteriors. Atthe time, all interior hallways and units were given new texture and paint, new carpet, most unitshad new vinyl in the bathrooms and kitchens, over 35 new appliances were installed, and newfront doors were put on 11 units. Over $30,000 in electronic key entry, intercom, and digitalsecurity systems with cameras were also added.
This property is currently master-leased to reStart, a non-profit housing program. The assetprovides investors a value-add opportunity in a historic neighborhood (Squier Park) experiencing atremendous influx of young professionals and families, as well as other revitalization efforts.
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EXECUTIVE SUMMARYEXECUTIVE SUMMARY
44WALNUTS EAST APARTMENTSWALNUTS EAST APARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9 CL
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LOCATION DESCRIPTIONThe asset is located in Squier Park, in the heart of Midtown Kansas City. Encompassing sixteen blocks--bounded by ArmourBoulevard on the north, 39th Street on the south, Troost Avenue on the west, and Paseo Boulevard on the east--Squier Park inKansas City is a beautiful neighborhood listed on the National Register of Historic Places. Today, it has matured into a vibrantand active area full of young professionals and families. It is a tight-knit community, and the neighborhood hosts a number ofevents each year, including an Easter Egg Hunt, Fall Festival, and Homes Tour. Just one block east of the Offering is the site ofMac Properties' multi-million dollar development of the four corners of Armour and Troost. This transformative project will addover 25,000 square feet of retail and office space, as well as 300+ luxury apartment units to the Squier Park neighborhood.
Midtown Kansas City is a historic vibrant residential/commercial community where businesses, neighborhoods, and institutionsreinforce one another. The Country Club Plaza is Kansas City’s premier retail, dining and entertainment destination and is locatedjust southwest of Squier Park. The Country Club Plaza is the south border of Kansas City’s commerce corridor which extendsthrough Midtown north to Downtown Kansas City. The corridor is home to the World Headquarters of Hallmark Cards, AmericanCentury Investments, Lockton Insurance and Russell Stover Candies.
1205-1207 E Armour is just minutes away from the Kemper Museum of Modern Art, the Kansas City Art Institute, and the NelsonAtkins Museum. The complex is conveniently situated only minutes from Downtown, the Crossroads, Westport, St. Luke’sHospital, Crown Center, Union Station, the University of Kansas Medical Center, Children’s Mercy Hospital, Truman MedicalCenter, Penn Valley Community College, the Federal Reserve Bank, the Stowers Institute for Medical Research, RockhurstUniversity the University of Missouri Kansas City (UMKC) main campus and the separate campuses of UMKC Schools ofDentistry, Nursing, Pharmacy and Medicine.
LOCATION DETAILSLOCATION DETAILS
LOCATION INFORMATIONBuilding Name Walnuts East Apartments
Street Address 1205-1207 E Armour Blvd.
City, State, Zip Kansas City, MO 64109
County Jackson
Sub-market Squier Park
Signal Intersection No
BUILDING INFORMATIONOccupancy % 100.0%
Year Built 1919
Year Last Renovated 2006
Free Standing No
PROPERTY HIGHLIGHTS• Prime location, adjacent to large redevelopment projects
• Spacious and unique interior layouts
• Separately metered, and each unit includes individual furnace
• Current master-lease rents range from $721/month for 1BR's and $893/month for 2BR's
• All utilities are currently paid by the owner (water, sewer, electric, trash removal, gas)
• Includes outdoor gazebo for common-area tenant use, limited access entry, common on-site laundry rooms
• Security cameras in common areas & grounds
• Onsite parking for 12 spaces or more with a reconfigured layout
• Significant rent upside can be found by updating interior finishes and adding in-unit laundry for market-rate rents
• Moving to market rate rents would also allow utility expenses to become tenants' responsibility
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COMPLETE HIGHLIGHTSCOMPLETE HIGHLIGHTS
66WALNUTS EAST APARTMENTSWALNUTS EAST APARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9 CL
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1205-1207 E Armour Blvd.1205-1207 E Armour Blvd.
REGIONAL MAPREGIONAL MAP
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AERIAL MAPAERIAL MAP
88WALNUTS EAST APARTMENTSWALNUTS EAST APARTMENTS1 2 0 5 - 1 2 0 7 E A R M O U R B L V D . , K A N S A S C I T Y , M O 6 4 1 0 9 CL
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POPULATION 1 MILE 3 MILES 5 MILESTotal population 15,220 117,039 256,751
Median age 35.5 35.5 35.1
Median age (Male) 34.2 33.9 34.4
Median age (Female) 35.4 36.2 35.4
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILESTotal households 6,749 55,796 111,526
# of persons per HH 2.3 2.1 2.3
Average HH income $41,206 $48,949 $55,247
Average house value $161,722 $173,911 $211,409
* Demographic data derived from 2010 US Census
DEMOGRAPHICS MAP & REPORTDEMOGRAPHICS MAP & REPORT
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UNIT TYPE COUNT%
TOTALSIZE(SF)
RENT MIN RENT MAX RENT RENT/SFMARKET
RENT
MARKETRENT/
SFDEPOSIT
1BR/1BA 6 28.6 551 $721.00 $721.00 $721.00 $1.31 $795.00 $1.44
1BR/1BA 3 14.3 647 $721.00 $721.00 $721.00 $1.11 $795.00 $1.23
1BR/1BA 6 28.6 691 $721.00 $721.00 $721.00 $1.04 $795.00 $1.15
2BR/2BA 3 14.3 1,164 $893.00 $893.00 $893.00 $0.77 $1,050.00 $0.90
2BR/1BA 3 14.3 1,100 $893.00 $893.00 $893.00 $0.81 $995.00 $0.90
Totals/AveragesTotals/Averages 2121 100%100% 15,47715,477 $16,173.00$16,173.00 $16,173.00$16,173.00 $16,173.00$16,173.00 $1.04$1.04 $18,060.00$18,060.00 $1.17$1.17 $0$0
UNIT MIX SUMMARYUNIT MIX SUMMARY
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EXTERIOR PHOTOSEXTERIOR PHOTOS
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EXTERIOR PHOTOSEXTERIOR PHOTOS
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INTERIOR PHOTOSINTERIOR PHOTOS
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INTERIOR PHOTOSINTERIOR PHOTOS
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INTERIOR PHOTOSINTERIOR PHOTOS
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TWO BEDROOM - TWO BATHTWO BEDROOM - TWO BATH