48-Unit Studio Apartment
For Sale
$4,250,000
2950 Summit St, Kansas City, MO 64108
Newly delivered 48-unit all-studio community built in 2023 with individually metered electric and in-unit laundry.
Property Size17,280 SF
Days on Market207
Property Features for 2950 Summit St
General Information
Standard status
Active
Size
17,280 SF
Property subtype
Multifamily
Site & Location
Neighborhood
Westside South
Additional Details
Multifamily Units
48
Amenities
floor-to-ceiling windows
in-unit laundry
individually metered electric
Building Details
Building Size
17,280 SF
Year Built
2023
Units
48
Construction
shipping container
Listing Agency:
Clemons Real Estate
Listed By:
Quinn Hahs · License #MO #2022040834
(913) 481-5727
Source:
Clemonsrealestate
Added: Apr 1
Changed: Oct 23
Last Checked: Oct 23 at 5:09AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Signal Hill Studios is a 48-unit, all-studio apartment community delivered in 2023. The property was built as the first shipping container multifamily development of its kind in Kansas City and follows a modern micro-living design with approximately 360 SF studio floor plans, floor-to-ceiling windows, in-unit laundry, and individually metered electric service.
The address is 2950 Summit St in Kansas City’s Midtown corridor. The surrounding area includes the Crossroads Arts District and the Power & Light District, with Penn Valley Park and the National World War I Museum and Memorial nearby.
For current operations, in-place rents average $902 per month against a stated market of $995, and the offering lists a current NOI of $265,125 with a pro forma NOI of $350,712 as rents stabilize toward market.
The address is 2950 Summit St in Kansas City’s Midtown corridor. The surrounding area includes the Crossroads Arts District and the Power & Light District, with Penn Valley Park and the National World War I Museum and Memorial nearby.
For current operations, in-place rents average $902 per month against a stated market of $995, and the offering lists a current NOI of $265,125 with a pro forma NOI of $350,712 as rents stabilize toward market.
Key Highlights
- 48‑unit all‑studio community at 2950 Summit St in Kansas City’s Midtown corridor
- Delivered in 2023 with 360 SF studio floor plans and floor‑to‑ceiling windows
- In‑unit laundry in each studio and individually metered electric
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,545
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,710,900
$3.7M
Cap Rate 7%
$2,650,643
$2.7M
Cap Rate 9%
$2,061,611
$2.1M
Market Conditions
NOI Build-Up for 17,280 SF
Gross rent
$360.8K $20.88/SF
− Vacancy
−$23.5K −$1.36/SF
EGI
$337.4K $19.52/SF
− OpEx
−$151.8K −$8.79/SF
NOI
$185.5K $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%
$3,710,900
Cap Rate 7%
$2,650,643
Cap Rate 9%
$2,061,611
Alternative Uses
Best Use
Apartment 5plus
$2.65M
$2.32M – $3.09M
NOI $185,545 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.12M
$3.60M – $4.80M
NOI $288,114 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Lease Details
48
Residential units
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 64108, MO
9,839
Population
6,141
Households
1.6
Avg Household Size
35
Median Age
51%
College-Educated
90%
High-School Grad
3.7 sq mi
ZIP Area
2,659
Density / Sq Mi
$74,462
Median Household Income
$53,521
Median Earnings
$1,422
Median Rent
$286,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly delivered 48-unit all-studio community built in 2023 with individually metered electric and in-unit laundry.
Where is this apartment building located?
The property is located at 2950 Summit St Kansas City, MO.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 48‑unit all‑studio community at 2950 Summit St in Kansas City’s Midtown corridor; Delivered in 2023 with 360 SF studio floor plans and floor‑to‑ceiling windows; In‑unit laundry in each studio and individually metered electric
