Flats On 39th

Investment Overview

The Flats on 39th Street is a 60-unit, two-building portfolio positioned along the W. 39th Street corridor in the heart of Midtown Kansas City, one block off Main Street and walkable to the 39th Street streetcar stop. 58 units are in service today, with 2 more a straightforward build-out away. 119 W. 39th Street is a fully renovated, 29-unit building generating stabilized in-place income today, with over $2M invested in all-new electrical, plumbing, sewer, foundation work, and interiors, and includes a built-out office space easily converted to a 30th unit. 115 W. 39th Street is its structural twin: a 29-unit building on a separate parcel positioned for a full renovation, with a matching lobby/office space that converts to a 30th unit the same way. Because the buildings sit on individual parcels, 115 carries its own low cost basis, putting the qualified rehabilitation spend needed to access Missouri and federal historic tax credits well within reach. A buyer acquires cash-flowing real estate and a de-risked historic renovation opportunity in a single transaction, with 119 serving as a proven, working blueprint for what 115 can become.

Investment Highlights

• Fully occupied, income-producing 29-unit building (119) offsets carry costs while 115 is renovated
• Steps from Main Street and the 39th Street streetcar stop, in a corridor with active reinvestment
• Separate parcels support a low tax basis on 115, easing the path to Missouri and federal Historic Tax Credit eligibility
• Each building includes a bonus office/lobby space convertible to a 30th unit, bringing the portfolio to 60
• Blended price of $73,333/unit reflects one finished building and one legacy building; seller will consider offers on individual buildings