Rare Large-Scale Asset Within Red Bridge/Martin City Submarket 

The Flats at Minor Park provides the opportunity to break into the highly sought area of Kansas City. With 250 units, the asset provides enough scale to be independently operated and support full-time staffing. The Flats at Minor Park allows investors new to the Kansas City market to obtain an immediate foothold with significant upside potential – and provides additional efficiencies for local owners – all while generating ideal economies of scale and maximum operating efficiencies.

Operations-Focused Value Add Play 

The Flats at Minor Park presents a compelling value-add play with significant operational upside for new ownership. The current owner has only started to reach post renovation occupancy of above 90% in recent months and has not yet burnt through the significant loss to lease created during lease up. Strategic initiatives such as improving occupancy rates, reducing loss-to-lease, reducing controllable expenses, and tapping into additional income opportunities are poised to significantly boost the property’s performance. Fully stabilized, these value-add strategies are projected to boost NOI by over $820,000!

$190,000+ in Loss to Lease & Rental Upside Potential

By minimizing the difference between the current effective rents and market rents, investors can amplify their monthly rental income and bolster overall cash flow. Average effective rents currently amount to $990, trailing behind stabilized target rents after renovations at $1,067. Bridging this gap only requires renovations on the final 25 classic units, allowing for ~$142,000 in annual scheduled rent. Furthermore ~$50,000 of upside is available by reducing the loss to lease on the current target rents to a market level of 1%.