Santa Maria Apartments

115 & 119 W 39th St, Kansas City, Missouri, 64111

Units: 58
Price: $3,650,000
Year built: 1925

DESCRIPTION

58 units in the heart of midtown and just steps from the new Kansas City streetcar expansion. This property is comprised of two twin brick buildings with a charming courtyard space. This property is currently occupied mostly by voucher tenants but has the potential to be converted into a showpiece in a fantastic location. The potential exists to combine the mostly one-bedroom units into more spacious two-bed units with the possibility of adding in-unit laundry in the future. Common laundry is located in the basement. There are two offices at the property in addition to the 58 units and each building has a spacious common lobby area. Currently, the building has mostly street parking but there is potential to purchase the parking lot next door. Cash flow as is and wait for the certain fast appreciation along the streetcar line or rehab now into luxury housing located just minutes from the Plaza, KU Med, Power and Light, and all benefit of the downtown lifestyle. Rehabbed one beds across the street are currently renting for $825/month. Streetcar construction is in progress and will be completed by 2025.

What we love:

  • Upside on rents with strategic upgrades
  • Several different strategies to add value
  • Walking distance from 39th street corridor, KUmed, and Westport

Property Challenges:

  • 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
  • The property currently has limited parking
Buyer Detail and Financials

GALLERY

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