The complex at 4448-4450 Virginia is a 13 unit, low-rise apartment complex located in an Opportunity Zone near the University of Missouri-Kansas City (UMKC) in Kansas City, Missouri. Built in 1925, this non-stabilized complex stands 2-stories with a brick, stucco and masonry construction and features a new roof (November 2017), large interior hallways, and shared balcony/patio areas for tenants. The lower level of the building can be accessed via a pull-in garage on the south side of the building or from within the building, and provides access to coin-operated laundry machines (owner-owned) and additional storage space. The complex provides front and rear secured access with each unit possessing keycode entry. Of the 13 units at 4448 Virginia, 12 are studios and 1 is a one-bedroom/one-bathroom unit. The studio units have an approximate unit size of 425 square feet and the one-bedroom/one-bathroom unit has an approximate unit size of 600 square feet (basement unit). Units at 4448 Virginia feature charming hardwood floors, new PTAC units for heating and cooling, Google Fiber, tub/shower, and den areas for additional storage. In the fall of 2018, the property was converted from boiler heat to PTAC/window units and the owner began implementing a monthly RUBS charge of $30 to tenants covering water, hot water, and gas. The complex is separately metered for electric and has common water (gas). Tenants are responsible for electric and the landlord is responsible for water, hot water, gas and trash. On-street parking is available to tenants, however, there is no off-street parking. Directly next door to 4448 Virginia, on the west side, you will find the properties sister building (mirror image).
4448 Virginia is currently operating as a non-stabilized asset with 1 down unit currently being made-ready (one-bedroom unit). The asset provides investors a value-add opportunity in a historic neighborhood/Opportunity Zone experiencing tremendous revitalization efforts (see Neighborhood & Submarket Summary page for more details).
