Bluejay Apartments is a 37-unit/52-bedroom multi-family development located in the City of Lawrence, home of the University of Kansas. The project consists of two 450-sf studio apartments, twenty 550-sf one-bedroom apartments, and fifteen 700-sf two bedroom apartments completed in 1964 and renovated extensively in 2014. The solidly constructed units feature granite countertops, new carpet and laminate, new refrigerators, microwaves, dishwashers, electric ranges, and double stainless steel sinks. Each unit is pre-wired for telephone, cable, and high speed Internet. Each unit also feature private balconies and patios. For the investor, the Bluejay Apartments offers a newly renovated multi-family development among significantly dated student housing complexes. Moreover, there is value-add potential through capitalizing on below market rental rates. Bluejay Apartments is currently 100% leased for the fall semester. Based on in-place rents for the current school year, the acquisition price represents a 7.50% cap.
Converted home into a triplex. 3 bedroom, 1 bath on main level and 2 studios in the basement. Each addressed separately.