The Shelby Apartments consists of a 6,840 SF stately brick colonnade building and contains six spacious two-bedroom, one-bath units. This building is 100% occupied and fully renovated with clean functional aesthetic and charming original details including refinished hardwood floors located at the bustling hub where the Armour and Troost Corridors meet. Both corridors are currently undergoing a renaissance of renewed interest and re-development – with new commercial buildings, grocery stores, restaurants, and more! Very walkable location in the heart of Kansas City.
The 8,500 SF vacant lot to the south of the building is included in the sale and also has commercial zoning. This location has so much potential for value add: develop the lot to the south, add a seventh unit in the basement with city approval, or run Airbnb units without a permit due to commercial zoning. Do not miss this opportunity!
The Value Add Play: Capture the momentum of the development on the Troost and Armour corridors. Add a seventh unit, change some of the units over to short term rentals, and redevelop the lot with gated parking or a new commercial or mixed use building.
Why We Love It: Own an iconic colonnade building in Kansas City in the pass of progress, does not get better than this location!
Property Challenges: 100% renovated with mostly voucher tenants.