3035 Harrison St - Apartments FOR SALE


Kansas City, MO 64109- Longfellow
$3,200,000 USD
913-219-7074
3035 Harrison St, Kansas City, MO for Sale
$3,200,000 USD
Apartments - FOR SALE
1/20
null | Request Cap Rate

3035 Harrison St
Kansas City, MO 64109
Longfellow


HIGHLIGHTS

  • Assumable Loan at 3.22% - Maturity in 2031
  • Excellent Location near Hospital Hill & Crown Center - Longfellow Neighborhood
  • 30 off-street parking spaces, Virtual Doorman at Entry & Updated Common Areas/Hallways
  • Laundry Care Center in basement (Jetz Lease - multiple coin-op machines)
  • All-Electric Building with Central Air
  • Stabilized Asset with Value-Add Potential - 98% Occupancy

OVERVIEW

Located in the historic Longfellow neighborhood of Midtown Kansas City, Missouri, the Harrison Haus Apartments are a stately, 43-unit complex anchored just south of Hospital Hill and east of the Crown Center District. Built in 1926, Harrison Haus stands 2-stories with an all-brick exterior and provides 30 off-street parking spaces. The asset’s loan is eligible for assumption with an interest rate of 3.22% and maturity in 2031. Of the 43 units in the building, 24 are studio units and 19 are one-bedroom units with five total floorplans. The studio units have an average unit size of 444 square-feet (+/-) and the one-bedrooms units have an average size of 576 square-feet (+/-). The building is all-electric with a virtual doorman service upon entry and provides a laundry care center for tenants in the basement (multiple coin-operated machines – Jetz Lease). All units at the complex feature keycode entry and the common area always have been updated. All units at the complex have been lightly upgraded to varying degrees and consist of LVT flooring, central air, individual hot water heaters, Google Fiber, fully equipped kitchens, double-pane windows, blinds and functional floorplans. Select units have in unit laundry (3 units) and stainless-steel appliances or have been renovated to a higher level (3 units). Ownership/management have implemented monthly RUBS/water fees to all units ranging from $60-$70. The property is stabilized at 100% occupancy after transitioning management teams/structures. The building has updated electrical service (100-amp with updated meter/panel boxes) and a TPO roof. The property boasts an excellent location near the shops at Crown Center, Martini Corner and the new KC Streetcar Extension Line (multiple stops within close proximity to subject). The asset presents an appeal to both the stabilized and value-add investor. Buyer could continue to manage property as-is with small incremental improvements to present a uniform product across all units or look to carry out a more significant rehab to all units with updates to kitchens/bathrooms and adding washers/dryers to the remaining units (40). The value-add project allows a new owner maximum flexibility to bring their vision to a great building.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$148 USD /SF

# OF UNITS

43

PRICE/UNIT

$74,419

CAP RATE

Request Cap Rate

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Harrison Haus

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1926

PARKING SPACES

30

LAND DETAILS

LAND ACRES

0.59 AC

LAND SF

25,700 SF

ZONING

B4-5 & R-0.5

APN/PARCEL ID

29-810-33-04-00-0-00-000,29-810-33-05-00-0-00-000,29-810-33-06-00-0-00-000

ASK ABOUT THIS PROPERTY

Brice BradshawKCCommercial.netMore Info
913-219-7074

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Brice BradshawKCCommercial.netMore Info
913-219-7074

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.