28-Unit Townhome-Style Multifamily
For Sale
Contact for pricing
9730-9768 Locust Street, Kansas City, MO 64131
Townhome-style multifamily with renovations in 23 of 28 units and recent HVAC and water heater replacements.
Property Size27,720 SF
Price / SF$153.32
Days on Market111
Property Features for 9730-9768 Locust Street
General Information
Standard status
Active
Size
27,720 SF
Class
B
Property subtype
Multifamily
Occupancy
93%
Investment Type
Stabilized
Net Operating Income
$276,335
Additional Details
Multifamily Units
28
Building Details
Year Built
1984
Year Renovated
2022
Buildings
4
Units
60
Tenancy
Multi
Listing Agency:
Peak Real Estate Partners
Listed By:
Nick Ambrosio · License #2019045481
Source:
Crexi
Added: May 5
Changed: Aug 14
Last Checked: Aug 22 at 9:54AM
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 Peak Real Estate Partners
Investment Insights
Based on property information with market context.
The Holmesbrook Townhomes is a 28-unit townhome-style community. Since 2022, the property has completed more than $350,000 in capital improvements, with renovations in 23 of the 28 units. Vast majority of water heaters and HVAC have been replaced within the last four years, leaving only five units in “classic” condition.
The property is located in the Willow Creek neighborhood of Kansas City, Missouri, at 9730–9768 Locust Street. A LURA is in place until 2032, and only 10 units are affected.
Of the affected units, 4/10 are labeled as “Low Income” and 6/10 are labeled as “Very Low Income.” The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program, and it is described as not LIHTC with no involvement from MHDC or KHRC. Compliance is described as straightforward annual income verification coordinated between Phoenix and the property manager.
The property is located in the Willow Creek neighborhood of Kansas City, Missouri, at 9730–9768 Locust Street. A LURA is in place until 2032, and only 10 units are affected.
Of the affected units, 4/10 are labeled as “Low Income” and 6/10 are labeled as “Very Low Income.” The LURA is administered by Phoenix Revitalization Corp under the FDIC Affordable Housing Disposition Program, and it is described as not LIHTC with no involvement from MHDC or KHRC. Compliance is described as straightforward annual income verification coordinated between Phoenix and the property manager.
Key Highlights
- 28‑unit townhome‑style multifamily community in the Willow Creek neighborhood of Kansas City, MO
- Year built: 1984
- Renovations completed in 23 of 28 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
$297,645
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
7.00%
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%
$5,952,900
$6.0M
Cap Rate 7%
$4,252,071
$4.3M
Cap Rate 9%
$3,307,167
$3.3M
Market Conditions
NOI Build-Up for 27,720 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
$578.8K $20.88/SF
− Vacancy
−$37.6K −$1.36/SF
EGI
$541.2K $19.52/SF
− OpEx
−$243.5K −$8.79/SF
NOI
$297.6K $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%
$5,952,900
Cap Rate 7%
$4,252,071
Cap Rate 9%
$3,307,167
Alternative Uses
Best Use
Apartment 5plus
$4.25M
$3.72M – $4.96M
NOI $297,645 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.60M
$5.78M – $7.70M
NOI $462,183 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
28
Residential units
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 64131, MO
21,837
Population
11,005
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
91%
High-School Grad
8.5 sq mi
ZIP Area
2,569
Density / Sq Mi
$63,374
Median Household Income
$41,999
Median Earnings
$1,139
Median Rent
$217,700
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 - Townhome-style multifamily with renovations in 23 of 28 units and recent HVAC and water heater replacements.
Where is this apartment building located?
The property is located at 9730-9768 Locust Street 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: 28‑unit townhome‑style multifamily community in the Willow Creek neighborhood of Kansas City, MO; Year built: 1984; Renovations completed in 23 of 28 units
