115 W 39th St

Investment Overview

115 W. 39th Street is a 29-unit, three-story brick masonry building in Midtown Kansas City, the structural twin to the newly renovated 119 W. 39th Street next door. Currently in legacy condition and approximately 25% occupied as it's being prepared for redevelopment, 115 is positioned for a full renovation matching 119's completed scope, with a contractor bid already in hand. The property sits within a PIEA planning area, giving a buyer the opportunity to pursue a property tax abatement, and the renovation is also eligible for combined Missouri and federal Historic Tax Credits, both potentially reducing the net capital required to bring the building to the same stabilized standard as 119.

Investment Highlights

• Structural twin to the fully renovated, cash-flowing 119 W. 39th Street next door — 119 stands as a finished proof of concept for exactly what 115 becomes
• Renovation scope already engineered and bid by the same contractor who completed 119, matching unit finishes and systems
• Located within a PIEA planning area, opening the door to a negotiated property tax abatement, plus combined Missouri and federal Historic Tax Credits worth up to 45% of qualified rehabilitation expenditures
• Separately platted parcel keeps 115's tax basis tied to its own purchase price, easing the path to Historic Tax Credit eligibility