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9730-9768 Locust St
Kansas City, MO 64131
Holmesbrook Townhomes · Multifamily Property For Sale
·
28 Units
Investment Highlights
- 28-unit townhome style apartment complex
- Located in quaint neighborhood close to schools
- 23/28 have received renovations, leaving some value-add for next investor
- Large, recently renovated, majority 2x1.5 units
- Quick Highway access to several major employers in Kansas City
- 10 units are on LURA (expires 2032) although impact on rent received is minimal
Executive Summary
The Holmesbrook Townhomes is a 28-unit townhome style community located in the Willow Creek neighborhood of Kansas City, MO. The property has seen over $350,000 in capital improvements throughout the duration of ownership (2022-present) and has received renovations in 23 out of the 28 units. Vast majority of the water heaters and HVAC have been replaced within the last four years leaving only five units in classic condition. This leaves investors with a small value add play to renovate the remaining units and bring rent up to market across the board. The property does have a LURA in place, lasting until 2032, but only 10 of the units are affected by it. However, 4/10 are labeled as “Low Income” which 2026 rent cap is higher than current market rent. 6/10 units are labeled as “Very Low Income” which 2026 rent cap is lower than current market rent.
The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program -- it is not LIHTC and has no involvement from MHDC or KHRC. Compliance consists of straightforward annual income verification coordinated directly between Phoenix and the property manager. It is a fraction of the administrative lift associated with traditional affordable housing programs, and Phoenix's staff actively assists owners through the process.
The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program -- it is not LIHTC and has no involvement from MHDC or KHRC. Compliance consists of straightforward annual income verification coordinated directly between Phoenix and the property manager. It is a fraction of the administrative lift associated with traditional affordable housing programs, and Phoenix's staff actively assists owners through the process.
Property Facts
| Price Per Unit | $151,786 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.00 AC |
| Cap Rate | 6.50% | Building Size | 33,368 SF |
| No. Units | 28 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1984/2022 |
| Apartment Style | Garden | Parking Ratio | 1.79/1,000 SF |
| Zoning | R-5 | ||
| Price Per Unit | $151,786 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.00 AC |
| Building Size | 33,368 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1984/2022 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | R-5 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Sprinkler System
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 27 | - | 990 |
| 1+1.5 | 1 | - | 990 |
Property Taxes
| Parcel Number | 48-540-10-10-00-0-00-000 | Improvements Assessment | $180,912 |
| Land Assessment | $145,745 | Total Assessment | $326,657 |
Property Taxes
Parcel Number
48-540-10-10-00-0-00-000
Land Assessment
$145,745
Improvements Assessment
$180,912
Total Assessment
$326,657
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