Two-Building Multifamily
For Sale
$3,500,000
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 Market114
Property Features for 119 W 39th St
General Information
Standard status
Active
Size
30,000 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Hanover Place
Building Details
Building Size
30,000 SF
Year Built
1925
Units
29
Listing Agency:
Clemons Real Estate
Listed By:
Quinn Hahs · License #MO #2022040834
(913) 481-5727
Source:
Clemonsrealestate
Added: Jul 11
Changed: Oct 25
Last Checked: Oct 30 at 12:01PM
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
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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 / Yr
$322,126
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
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
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 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 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.15M
$6.25M – $8.34M
NOI $500,198 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,887
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 119 W 39th St Kansas City, MO.
What is the asking price?
The asking price for this property is $3,500,000.
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.
