221 Garfield Ave Kansas City, MO 64124
- Apartment buildings
- 14,682 SF
Current Use by Public Records
- Apartment buildings
Property Details for 221 Garfield Ave
- Year built
- 1971
- Property size
- 14,682 SF
- Property type
- Apartment buildings
Description
This stabilized Class B multifamily investment property, Lexington Crossing Apartments, presents a compelling opportunity. Located at 221 Garfield Ave, Kansas City, MO 64124, this property boasts 15 units within two 3-story buildings, totaling 14,682 square feet on a 23,959 square foot lot. Built in 1971 and extensively renovated in 2021, the property features 12,565 net rentable square feet, offering a 100% occupancy rate as of August 5, 2024. Amenities include 20 off-street parking spaces, private balconies, updated kitchens and laundry appliances, and Google Fiber access. The property's prime location in the walkable Pendleton Heights neighborhood places it within two miles of the Historic City Market, the new KC Current Soccer Stadium, Bally's Casino, and Berkley Riverfront Park. The asking price is $1,850,000, representing $123,333 per unit and $126 per square foot. The property generates a strong Net Operating Income (NOI) of $93,211, resulting in a 5.04% capitalization rate. This is an exceptional opportunity for investors seeking a well-maintained, high-performing multifamily asset in a desirable Kansas City location. The property's APN is 12-740-11-05-00-0-00-000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kansas City
- County
- Jackson
- State
- Missouri
- Longitude
- -94.5565
- Latitude
- 39.1111
