Thompson Apartments

3113–3123 Thompson Ave, an 18-unit multifamily portfolio consisting of three contiguous, side-by-side buildings in Kansas City’s Historic Northeast. Offered exclusively by Lutz Sales + Investments, this classic 1920s asset features updated systems, efficient operations, and the opportunity to increase financial returns through lease-up and value-add strategies.

One 6-unit building has been fully renovated down to the studs and will be delivered vacant, ready for market-rate tenants. The remaining occupied buildings have received consistent upgrades over time, with freshened common areas completed in summer 2025. The property is all-electric, with updated plumbing throughout, including a new sewer line installed in 2023, and features low-maintenance electric baseboard heat and window A/C units.

While there is no off-street parking, the location is just 2.5 miles from downtown and close to public transportation lines. City-provided trash service helps keep operating expenses low, and there is potential to add common laundry in the basement for additional income and tenant convenience. This is a rare, cohesive multifamily offering with solid fundamentals and financial upside.

Why We Love It: We really like the mix of voucher and market rate tenants and appreciate the consistent cash flow that will result. The vacant, fully renovated 6-unit building offers significant income upside and a chance to pick your strategy – furnished mid term rentals, market rate tenants, master lease to a non-profit, lots of options. All the cap ex has been done, no appreciable investment in rehab needed for a long time.

The Challenge: No off-street parking will be an objection for tenants with cars but many folks opt to take mass transit, rideshare, and bike. Ample street parking is available!

The Value-add Play: Lease up the newly renovated vacant 6-unit building to market rate tenants or of consider a strategy with additional cash flow – master lease, voucher tenants, etc. Adding laundry machines in all or one of the basements will increase building income and provide this valuable tenant amenity.