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Flats on 39th 2 Multifamily Properties Offered at $4,400,000 in Kansas City, MO
Investment Highlights
- Fully occupied, income-producing 29-unit building (119) offsets carry costs while 115 is renovated
- Separate parcels support a low tax basis on 115, easing the path to Missouri and federal Historic Tax Credit eligibility
- Blended price of $73,333/unit reflects one finished building and one legacy building; seller will consider offers on individual buildings
- Steps from Main Street and the 39th Street streetcar stop, in a corridor with active reinvestment
- Each building includes a bonus office/lobby space convertible to a 30th unit, bringing the portfolio to 60
Executive Summary
The Flats on 39th Street is a 60-unit, two-building portfolio in Midtown Kansas City, walkable to the 39th Street streetcar stop; 58 units are in service today, with 2 more a straightforward build-out away. 119 W. 39th Street is fully renovated and cash-flowing, with over $2M invested in new electrical, plumbing, sewer, foundation, and interiors. 115 is its structural twin, positioned for renovation eligible for Missouri and federal Historic Tax Credits.
Property Facts
| Price | $4,400,000 | Number of Properties | 2 |
| Price / SF | $148.75 / SF | Individually For Sale | 0 |
| Cap Rate | 6.96% | Total Building Size | 29,579 SF |
| Sale Type | Investment | Total Land Area | 0.36 AC |
| Status | Active |
| Price | $4,400,000 |
| Price / SF | $148.75 / SF |
| Cap Rate | 6.96% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 29,579 SF |
| Total Land Area | 0.36 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
The Flats on 39th
119 W 39th St, Kansas City, MO 64111 |
Multifamily | 15,579 SF | 1924 | - |
| 115 W 39th St, Kansas City, MO 64111 | Multifamily | 14,000 SF | 1925 | - |
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