3214-3237 Harrison St
Kansas City, MO 64109
Harrison Village · Multifamily Property For Sale · 52 Units

Kavanaugh Apartments is a value-add, non-stabilized 52-unit apartment complex in Midtown Kansas City, Missouri. The property consists of seven adjacent buildings – four 6-plexes, two 12-plexes and one 4-plex. Kavanaugh is in the middle of interior unit by unit and common area rehab. The units are composed of 12 one-bedroom units, with an average unit size of 520 sf, and 40 two-bedroom units with an average unit size of 960 sf. Kavanaugh features 52 off-street parking spaces between two lots and ample additional on-street parking. The property presents a unique opportunity to investors to continue the unit by unit rehab and significantly increase rents in the rapidly gentrifying area of North Hyde Park. The Hyde Park/Midtown area is one of Kansas City’s strongest rental markets and continues to improve with recent new developments including the Troost corridor. Kavanaugh is approximately 50% occupied with many units in various stages of rehab with 15 units still “down” needing rehab. 3214 Harrison, a 12-unit all two-bedroom complex, is completely “down” and out of service as well as three other units. 21 units at Kavanaugh have been renovated and include new flooring, paint, cabinets (new or repainted), fixtures & lighting and fully equipped kitchens. Kavanaugh had a “to the studs” rehab done in what is estimated to be the early 1990s. In that earlier rehab, lath and plaster were removed, kitchens and bathrooms were redone, windows replaced, electrical upgraded, HVAC upgraded, plumbing supply and drain lines were updated, common areas and basements were also updated and redone. The current rehab has focused mostly on unit interiors, common areas and HVAC work. Current ownership purchased the property in 2017 with plans to do unit by unit rehab, but ownership now has other priorities leaving investors an ideal value-add opportunity in North Hyde Park. The Midtown market doesn’t offer many large complex listings and very few value-add opportunities remain in the Hyde Park/Midtown area. Comparable sales can range in the $85,000 to $125,000 per door range, and as a value-add investor, you can select finishes and unit amenities to achieve intended price point rents. Current ownership focused on mid range rents and are not installing washers/dryers, high end appliances and granite/quartz in the units. However, value-add investors might well decide to go higher end on the rehab to achieve higher rents.