Exceptional opportunity to acquire Riverfront Apartments, a 72-unit multifamily community located at 920 N 2nd Street in Leavenworth, Kansas. Located within an Opportunity Zone 2.0 area, this property offers investors a combination of established cash flow, significant completed capital improvements, and identifiable value-add potential.
The community consists of six buildings with 12 units each, featuring 36 one-bedroom, one-bathroom apartments and 36 two-bedroom, one-and-a-half-bathroom apartments. Currently operating at 91.7% occupancy, Riverfront Apartments offers an established income-producing investment with opportunities for continued growth.
Significant capital improvements have already been completed, including new decks, concrete sidewalks, parking area improvements, and renovations to five of the six building common areas. All 72 apartments have received some level of interior updating, reducing the scope of improvements needed for a future owner.
The value-add opportunity lies in completing remaining interior upgrades, bringing rents closer to market levels where supported, renovating the final building's common areas, and maximizing operating efficiencies. With much of the major exterior and common-area capital work already completed, investors have the opportunity to focus on increasing rental income and improving net operating income through a targeted renovation and leasing strategy.
Conveniently located near downtown Leavenworth, the property provides residents easy access to local employers, shopping, dining, and major transportation routes.
Riverfront Apartments presents a compelling opportunity to acquire a well-established multifamily community with substantial improvements already in place, strong existing occupancy, and additional upside through strategic asset management. Rent roll and trailing 12-month financials available upon request.
