31-Unit Brick Apartment
For Sale
Contact for pricing
409-411 E Armour Blvd, Kansas City, MO 64109
Historic brick construction and a varied studio and one-bedroom layout support a flexible multifamily offering.
Property Size24,520 SF
Price / SF$167.21
Days on Market11
Property Features for 409-411 E Armour Blvd
General Information
Standard status
Active
Size
24,520 SF
Property subtype
Multifamily
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
23 x 1BR, 8 x studio
Multifamily Units
31
Additional Details
Asking Price
$4,100,000
Building Details
Buildings
1
Stories
4
Construction
brick
Listing Agency:
Wardell & Holmes Real Estate
Listed By:
Andrea Wardell · License #2008131950
(816) 806-9492
Source:
Crexi
Added: Aug 26
Changed: Sep 4
Last Checked: Sep 4 at 2:39PM
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 Wardell & Holmes Real Estate
Investment Insights
Based on property information with market context.
Windsor Manor is a historic four-story brick apartment building containing approximately 24,520 square feet of residential space. The 31-unit configuration includes 23 one-bedroom apartments and 8 studios. Studio amenities vary, with four units offering a cooktop and oven and four equipped with a cooktop without an oven.
The property is located at 409-411 E Armour Blvd in Kansas City’s Central Hyde Park area, along the Armour Boulevard corridor. Its position provides access to Midtown, Downtown Kansas City, the Country Club Plaza, Westport, Crown Center, the Crossroads Arts District, Hospital Hill, and UMKC. The nearby KC Streetcar Armour stop at 35th & Main connects with destinations including Union Station, the River Market, and the Country Club Plaza.
The property is located at 409-411 E Armour Blvd in Kansas City’s Central Hyde Park area, along the Armour Boulevard corridor. Its position provides access to Midtown, Downtown Kansas City, the Country Club Plaza, Westport, Crown Center, the Crossroads Arts District, Hospital Hill, and UMKC. The nearby KC Streetcar Armour stop at 35th & Main connects with destinations including Union Station, the River Market, and the Country Club Plaza.
Key Highlights
- 31‑unit multifamily property with 23 one‑bedroom apartments and 8 studio apartments
- Approximately 24,520 square feet of residential space in a four‑story brick building
- Four studios include a cooktop and oven; four additional studios have a cooktop without an oven
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
$263,284
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
6.42%
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%
$5,265,680
$5.3M
Cap Rate 7%
$3,761,200
$3.8M
Cap Rate 9%
$2,925,378
$2.9M
Market Conditions
NOI Build-Up for 24,520 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
$512.0K $20.88/SF
− Vacancy
−$33.3K −$1.36/SF
EGI
$478.7K $19.52/SF
− OpEx
−$215.4K −$8.79/SF
NOI
$263.3K $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%
$5,265,680
Cap Rate 7%
$3,761,200
Cap Rate 9%
$2,925,378
Alternative Uses
Best Use
Apartment 5plus
$3.76M
$3.29M – $4.39M
NOI $263,284 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.84M
$5.11M – $6.81M
NOI $408,829 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
31
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,291
Businesses Nearby
Explore this area
Business Placement
Demographics for 64109, MO
10,290
Population
6,103
Households
1.7
Avg Household Size
34
Median Age
35%
College-Educated
85%
High-School Grad
2.1 sq mi
ZIP Area
4,900
Density / Sq Mi
$42,861
Median Household Income
$38,585
Median Earnings
$919
Median Rent
$240,000
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 - Historic brick construction and a varied studio and one-bedroom layout support a flexible multifamily offering.
Where is this apartment building located?
The property is located at 409-411 E Armour Blvd Kansas City, MO.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 31‑unit multifamily property with 23 one‑bedroom apartments and 8 studio apartments; Approximately 24,520 square feet of residential space in a four‑story brick building; Four studios include a cooktop and oven; four additional studios have a cooktop without an oven
