Welcome to the Santa Maria Apartments offering the perfect investment opportunity in Kansas City, Missouri. This 58-unit multifamily property consists of two adjacent 29-unit buildings in the heart of midtown Kansas City, steps from the expanded Kansas City streetcar line. Both buildings boast brick exteriors, charming common spaces, and a prime location near the Plaza, KU Med, Power and Light, and downtown amenities. The 119 Building is just finishing up a 2M renovation – the entire building is new! New drywall, new electrical, new plumbing, new tile bathrooms, new kitchens, and new mini-split systems. Renovations are wrapping up now and the new owner can rent up the building as a new master lease, individual voucher tenants, or market rate tenants. Electric is submetered and heat and cooling are powered by new electric mini-split systems, while landlord pays for water, trash, and gas hot water heaters.

The 115 building is currently occupied, primarily by voucher tenants, and generating steady income. The building is in a well-maintained classic condition. Laundry hookups in the basement. The electric is submetered. Heating is through a boiler system while cooling is window units. The landlord pays for gas for the boiler and hot water, water and trash. This building can be renovated at any time similar to the 119 building or it can continue to function in its current finish for years to come.

The value-add play: Eventually rehab the 115 building to match the luxury feel of the new 119 building next door.

Why we love it: Upside on rents with strategic upgrades, several different strategies to add value and walking distance from 39th street corridor, KU med, and Westport.

The challenge: Many of the tenants are currently voucher tenants, heating is with boiler and window ACs – with renovations could go to mini splits or central heat and air and limited on-site parking. Consider buying or leasing the parking lot across the street to offer parking as a tenant amenity.