University Meadows 4822 Paseo Blvd

Located in the historic Troostwood neighborhood of Kansas City, Missouri, University Meadows is a stately 52-unit fenced complex sitting on over an acre of land. The complex's location is anchored by both the University of Missouri-Kansas City and Rockhurst University campuses which neighbor the property to the west and south. University Meadows is comprised of three buildings, two 8-plexes and one 36-unit building, and are classified as condominiums with each individual unit having its own tax record. A gated parking lot with new asphalt sealant is available at the rear of 4840 Paseo building providing residents 21 spaces. The buildings stand 3-stories with brick veneer exteriors, newer vinyl windows and a designated office (4822-1BR unit) with on-site management. Three laundry care centers (Jetz lease) and 12 total storage lockers are provided across basements at the complex. The grounds and landscaping have been meticulously cared for providing tenants excellent greenspace for pets. The buildings are separately metered for gas/electric with common water/hot water in 16 units and individual hot water heaters in 36 units.
University Meadows consist of 12 studio units with an approximate size of 400 square-feet. The 1-bedroom units consist of two floorplans, 16 with an approximate size of 530 square-feet and 24 with an approximate size of 520 square-feet. All studio units are on the ground floor of the 4840 building. 16 units (4822 building & 4838 building) have central air while the other 36 (4840 building) are cooled with window units. The 4840 building (36 units) possess individual hot water heater and new panel boxes. All building entrances, stairwells, hallways and common areas have been updated and all units are provided Google Fiber. Units feature functional floorplans, hardwood or tile flooring (studios), good closet space, gas stoves, tubs/baths and utility closets. The property has a history of high occupancy with excellent 3rd party management in place. New ownership can add value by remodeling kitchens & bathrooms, converting the remaining 36 units to central air, installing washer/dryer in units and raising rents to market rates, or continue to manage the property as-is with small incremental improvements over time to present a more uniform product. The Troostwood neighborhood is well positioned to take advantage of stops on the new KC Streetcar Extension line (ending at UMKC) with areas along the line seeing extensive real estate development/investment over the last several years.