Two-Building Multifamily
For Sale
$4,400,000
115-119 W 39th St, Kansas City, MO 64111
Fully occupied 29-unit building plus an additional 29-unit building on separate parcels with office/lobby convertible to a 30th unit.
Property Size30,000 SF
Days on Market60
Property Features for 115-119 W 39th St
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Multifamily
Building Details
Building Size
30,000 SF
Year Built
1925
Listing Agency:
Clemons Real Estate
Listed By:
Quinn Hahs · License #MO #2022040834
(913) 481-5727
Source:
Clemonsrealestate
Added: Jul 11
Changed: Sep 2
Last Checked: Sep 8 at 6:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Clemons Real Estate
Investment Insights
Based on property information with market context.
The Flats on 39th Street is a two-building multifamily portfolio totaling 60 units, positioned along the W. 39th Street corridor. One building (119 W. 39th Street) is a fully renovated 29-unit property generating stabilized in-place income, with over $2M invested in electrical, plumbing, sewer, foundation work, and interior improvements. It also includes built-out office space that is easily convertible to an additional 30th unit. The second building (115 W. 39th Street) is a structural twin on a separate parcel with 29 units and an office/lobby area that converts to a 30th unit in the same manner, positioned for renovation.
Both properties are located within walking distance of the 39th Street streetcar stop and one block off Main Street, in a corridor described as supporting active reinvestment.
Because the buildings sit on individual parcels, 115 W. 39th Street is set up with its own low cost basis. The seller indicates the portfolio is 58 units in operation today, with 2 additional units a straightforward build-out away. The seller will consider offers on individual buildings.
Both properties are located within walking distance of the 39th Street streetcar stop and one block off Main Street, in a corridor described as supporting active reinvestment.
Because the buildings sit on individual parcels, 115 W. 39th Street is set up with its own low cost basis. The seller indicates the portfolio is 58 units in operation today, with 2 additional units a straightforward build-out away. The seller will consider offers on individual buildings.
Key Highlights
- 60‑unit, two‑building portfolio (1925) along W. 39th Street in Midtown Kansas City, one block off Main Street.
- 119 W. 39th Street: fully renovated 29‑unit building generating stabilized, in‑place income; over $2M invested in electrical, plumbing, sewer, foundation, and interiors.
- Both buildings include bonus office/lobby space that can be converted to a 30th unit, bringing each building to 30 potential units.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$322,126
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,442,520
$6.4M
Cap Rate 7%
$4,601,800
$4.6M
Cap Rate 9%
$3,579,178
$3.6M
Market Conditions
NOI Build-Up for 30,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$626.4K $20.88/SF
− Vacancy
−$40.7K −$1.36/SF
EGI
$585.7K $19.52/SF
− OpEx
−$263.6K −$8.79/SF
NOI
$322.1K $10.74/SF
Area
Kansas City, MO
Vacancy
6.50%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,442,520
Cap Rate 7%
$4,601,800
Cap Rate 9%
$3,579,178
Alternative Uses
Best Use
Apartment 5plus
$4.60M
$4.03M – $5.37M
NOI $322,126 @ 7.0% cap · market cap 7.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.15M
$6.25M – $8.34M
NOI $500,198 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 64111, MO
17,112
Population
12,430
Households
1.4
Avg Household Size
33
Median Age
64%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
6,338
Density / Sq Mi
$61,802
Median Household Income
$49,942
Median Earnings
$1,184
Median Rent
$269,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 29-unit building plus an additional 29-unit building on separate parcels with office/lobby convertible to a 30th unit.
Where is this apartment building located?
The property is located at 115-119 W 39th St Kansas City, MO.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 60‑unit, two‑building portfolio (1925) along W. 39th Street in Midtown Kansas City, one block off Main Street.; 119 W. 39th Street: fully renovated 29‑unit building generating stabilized, in‑place income; over $2M invested in electrical, plumbing, sewer, foundation, and interiors.; Both buildings include bonus office/lobby space that can be converted to a 30th unit, bringing each building to 30 potential units.
