Plaza 36

Welcome to Plaza 36, a beautifully fully renovated 36-unit complex in the heart of Kansas City! These spacious 2 Bed/ 1 Bath units include custom cabinetry, granite countertops, stainless steel appliances, and gorgeous hardwood floors. Each unit has been fully updated, complete with new mechanical systems ensuring hassle-free ownership for years to come. In-unit washers and dryers add to the convenience, making Plaza 36 a top choice for tenants & buyers.

Plaza 36 is situated in a prime location, just minutes from the famed Country Club Plaza and next to the upcoming completion of the new Streetcar line in 2025, adding convenience to this already highly walkable neighborhood, on top of the on-site parking. The property is also located near the world-famous Nelson-Atkins Museum of Art.

Further adding to its appeal is the property’s proximity to key medical and employment hubs. It is less than 2.5 miles from KU Medical Center, the area’s largest hospital and medical school, and less than 3 miles from Children’s Mercy Hospital, the city’s second-largest employer.

A great assumable loan rate of 4.95%, with a balance of $2.2M makes this an even smarter investment opportunity. There can be no secondary loan with this assumption. The difference between purchase price and loan balance must be paid in cash for loan assumption with agency debt. Alternatively, you can finance 75% of the purchase price with a local or regional lender. Count on 25% down, 6.5% interest on a 25-year amortization with half point origination.

The Value Add Play: Get all units up to market rents, and manage for operational inefficiencies. Consider doing some medium-term furnished rentals for traveling nurses to capitalize on the key medical, university and employment hubs nearby.

Why We Love It: All units have been renovated, including mechanicals, which makes this an incredible turnkey asset with an assumable loan opportunity for buyers. Fantastic location is the cherry on top. Headquarters for American Century, H&R Block and Russell Stover Chocolate just down the street.

Challenges: A mostly stabilized asset, with a great assumable loan rate at 4.95%. Agency debt assumptions can be tricky. If you’re looking for a large value add turn-around project this is not it.