Pinecrest Apartments

With award-winning schools and a central location, the Overland Park submarket always has strong renter demand. Pinecrest Apartments features 23 units in three buildings with dedicated parking in the rear. Constructed in the mid-1960s, the buildings are comprised of five units, six units, and 12 units on two parcels totaling one full acre of space at the corner of Lowell and 85th in the heart of Old Overland Park. 19 of the units are 2-bedroom units, and the remaining 4 are spacious 1 bedrooms. 14 of the 23 units have been renovated, achieving an average upside of $448 per month over non-renovated units. Renovations include luxury finishes and an in-unit stackable washer and dryer. Non-renovated units have common laundry in each building.

Why We Love It: 83% two-bedroom units, dedicated off-street parking, laundry in-unit (renovated) or on-site (unrenovated), great A+ Overland Park location with excellent schools. All major CapEx has been completed. Just cosmetic renovations to go, and those come with a huge proven upside.

Challenges: Overland Park real estate always trades at a premium in the metro. The new owner still needs to rehab 9 of the 23 units. The 12-unit building has master water and master hot water. During rehab, the hot water heaters can be separated by units, but water will always be master metered.